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LOAN OFFICERS
 
Occupation Description:
 
  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.
 
Career Video:
  Video Icon  Loan Officers
  Open-captioning or video transcript included for the hearing impaired. Career videos brought to you by CareerOneStop. Copyright © 2017 All Rights Reserved.
 
Typical 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.
 
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..
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience..
 
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..
 
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Education & Training:
 
  Bachelor's degree
 
      View Related Programs on Connecticut's Education & Training ConneCTion site
 
Wage Information:
 
 
Region Average Annual Average Hourly Entry Level (hourly) Mid-Range  (hourly)
Statewide $89,165.00 $42.87 $21.25 $25.41 - $55.72
Bridgeport/Stamford $107,338.00 $51.60 $20.53 $26.07 - $70.49
Danbury $102,736.00 $49.39 $25.25 $29.69 - $61.72
Hartford $72,930.00 $35.06 $21.19 $24.52 - $40.57
New Haven $97,206.00 $46.74 $22.95 $26.59 - $68.79
New London/Norwich $76,246.00 $36.65 $22.85 $25.67 - $47.81
Waterbury $71,215.00 $34.24 $11.84 $12.95 - $52.38
Torrington $74,879.00 $36.00 $27.45 $33.35 - $41.40
      
Select a town to see its region Not sure which Region applies to you?
    

 
Occupation Outlook:
 
 
Region Employment Average Annual Growth Rate Average Annual Job Openings
2014 2024
State of Connecticut 2,300 2,280 0% 38
 
 
Chart of Growth Rate and Annual Openings   Employment in this occupation is expected to grow more slowly than average, but the number of annual openings will offer very good job opportunities.
Key:
  N/A = Not Applicable, ***** = Over $60.00 per hour, ##### = Over $124,821
 
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