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LOAN OFFICERS
An Occupation in
 
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, loan underwriters, and payday loan officers.
 
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:
 
 
  • Review billing for accuracy.
  • 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.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Submit applications to credit analysts for verification and recommendation.
  • Review loan agreements to ensure that they are complete and accurate according to policy.
 
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..
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process..
  • 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..
 
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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 $97,668.00 $46.95 $24.28 $29.03 - $48.96
Bridgeport/Stamford $101,294.00 $48.71 $24.61 $30.61 - $52.24
Danbury $98,150.00 $47.19 $25.14 $28.80 - $62.71
Hartford $89,965.00 $43.26 $24.55 $28.85 - $47.35
New Haven $99,061.00 $47.63 $24.38 $29.21 - $51.47
New London/Norwich $122,989.00 $59.13 $24.61 $29.20 - $47.25
Waterbury $105,105.00 $50.53 $25.51 $28.68 - $71.64
Torrington $112,029.00 $53.86 $25.70 $32.37 - $54.61
      
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
2022 2032
State of Connecticut 3,090 3,050 0% 201
 
 
Chart of Growth Rate and Annual Openings   Employment in this occupation is expected to grow more slowly than average, and the number of annual openings will offer limited job opportunities.
Key:
  N/A = Not Applicable, ***** = Over $60.00 per hour, ##### = Over $124,821
 
Similar Occupations:
 
 
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