Loan Officers Go Back to List Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.

Technology used in this occupation:
	Financial analysis software

Tasks
	Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
	Meet with applicants to obtain information for loan applications and to answer questions about the process.
	Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
	Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
	Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
	Review and update credit and loan files.
	Review loan agreements to ensure that they are complete and accurate according to policy.
	Compute payment schedules.
	Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
	Submit applications to credit analysts for verification and recommendation.

Skills
	Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
	Speaking - Talking to others to convey information effectively.
	Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
	Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
	Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
	Service Orientation - Actively looking for ways to help people.
	Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
	Writing - Communicating effectively in writing as appropriate for the needs of the audience.
	Mathematics - Using mathematics to solve problems.
	Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.

Knowledge
	Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
	Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
	English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
	Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
	Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
	Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
	Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
	Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
	Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
	Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

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Education & Training   Education:   Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.   Related Experience:   Previous work-related skill, knowledge, or experience is required for these occupations. For example, an electrician must have completed three or four years of apprenticeship or several years of vocational training, and often must have passed a licensing exam, in order to perform the job.

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Wage Information
	Region Average Entry Level  Mid-Range  Annual  Hourly  Statewide $79,059.00 $38.01  $23.07  $27.21 - $39.75  Bridgeport/Stamford $80,772.00 $38.84  $24.29  $30.45 - $39.78  Danbury $93,490.00 $44.94  $25.33  $30.98 - $54.95  Hartford $76,030.00 $36.55  $22.46  $24.97 - $39.75  New Haven $81,344.00 $39.11  $22.64  $25.55 - $45.01  New London/Norwich $76,897.00 $36.97  $22.61  $25.83 - $40.52  Waterbury $77,876.00 $37.44  $21.82  $24.51 - $39.89  Torrington $79,345.00 $38.14  $24.66  $30.58 - $39.97

Occupation Outlook ( 2016 - 2026 ) Average Annual Job Openings:   185   Employment in this occupation is expected to grow more slowly than average, but the number of annual openings will offer good or favorable job opportunities.

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	Some of the occupational information on this page is formulated from O*NETTM v17.0 data. O*NETTM is a trademark of the U.S. Department of Labor, Employment and Training Administration.