Loan Officer Salary

Kundan Pandey Apr 10, 2019
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Being a loan officer is a lucrative career option for students interested in working for banking and financial institutions. Read on to know how much salary a loan officer fetches.
In the United States, finding jobs in diversified sectors of various industries is always competitive. Besides the plethora of career opportunities in the medical and legal field, there are various employment opportunities in the banking field as well.
Generally, there are many budding entrepreneurs, students, and business firms in the US, who seek out monetary help from financial institutions like banks, etc., by obtaining loans from them. Taking loans from private and public sector institutions has been a traditional way of managing the needs of large amounts of money for the layman.
Loan officers are professionals who are experts in the field of loans, and they act as an interface between the party seeking the loan, and the banks providing them. In a way, they are hired by banks to carry out various duties and tasks pertaining to loans.

Job Description

Among the large group of bank employees handling various responsibilities, no one represents the banks in a way loan officers do. This is because they are usually the first ones to meet clients and customers, greet them, and welcome them to the bank.
To be an officer in this profession, it requires an extensive knowledge of mortgage loans and various facets of the banking world. Generally, they work as mortgage, commercial, and bank loan officers. Depending on the field of work, the salary is decided. Loan bank officers must have excellent customer service and negotiation skills.

Salaries

Overall, all salaries depend on working location and work experience of candidates. Educational qualifications do play a major role in increasing the earning potential of loan officers. Although in initial months they are trained, good academic knowledge helps candidates to grasp the basics of this subject.

Based on Work Experience

The earning potential of a professional is directly dependent on number of years he/she has been working. In every field, people with work experience are paid relatively more than others. The salary for officers having work experience of less than a year to four years is between US$ 26,940 and US$ 63,102 annually.
Those who have worked for more than five years and less than nine years earn between about US$ 31,370 and US$ 80,160. As work experience progresses, the salaries increase significantly. The salary for those who have worked for about 20 years can be as high as US$ 110,900.

Based on Working City

The work location of a job is another significant parameter that governs the earning limit of a professional. Depending on the working city and its cost of living, the salary varies. For instance, a loan officer working in New York may fetch on an average of US$ 50,860 while the one working in Los Angeles may fetch on an average of US$ 65,956 per year.
The career development path of a loan officer is extremely bright, and with work experience they move on to handle larger positions in the firm. These officers are very well paid and the salary fluctuates with various market factors. Over all, this career choice can be a good option for students who are really interested to work for banks.
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