Alabama Department of Labor

Labor Market Information Division
SOC: 13-2072 Loan Officers
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Include mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
Education: Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.
OJT: Employees in these occupations usually need one or two years of training involving both on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with these occupations.
Tasks: Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans. Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information. Meet with applicants to obtain information for loan applications and to answer questions about the process. Explain to customers the different types of loans and credit options that are available, as well as the terms of those services. Review loan agreements to ensure that they are complete and accurate according to policy. Approve loans within specified limits, and refer loan applications outside those limits to management for approval. Handle customer complaints and take appropriate action to resolve them. Stay abreast of new types of loans and other financial services and products to better meet customers' needs. Review and update credit and loan files. Submit applications to credit analysts for verification and recommendation. Compute payment schedules. Analyze potential loan markets and develop referral networks to locate prospects for loans.
License: License not required.
Outlook: Satisfactory
Alabama Employment Outlook
Alabama Wage Data
Hourly Wage   Annual Wage
Entry $17.93   Entry $37,289.00
Mean $34.12   Mean $70,972.00
Experience $42.22 Experience $87,814.00

The data is based on the May 2017 Occupation Employment Survey employment and wage estimate file. The wages have been aged using the most current ECI factors reflecting wages as of June 2018.

Alabama Projections
Estimated Employment 2016Projected Employment 2026Annual Average OpeningsAnnual Growth Rate
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Occupational Videos
13-2072.00 Loan Officers