Agricultural Loan Officer Salary
The average salary for an Agricultural Loan Officer is $53,652 per year. Most people with this job move on to other positions after 20 years in this career. A skill in Financial Analysis is associated with high pay for this job.
Job Description for Agricultural Loan Officer
Agricultural loan officers work in a financial institution which provides loans to businesses in the agricultural field, such as farmers. They work to provide credit to clients, as well as offer things such as crop insurance and life insurance, and additional services such as appraisals and tax preparation may also be offered, so it's important to understand clients' needs as well as the company’s offerings.Read More...
Agricultural loan officers are responsible for conducting interviews with clients, and then gathering and analyzing credit information to determine creditworthiness and how much money should be loaned. They then advise management and the underwriting department about whether to grant a loan. If a loan cannot be dispersed to a customer, the loan officer should advise the customer regarding what should be improved in order to secure it, and they may also need to find alternative options to satisfy clients’ needs and abilities.
These loan officers must have in-depth knowledge of laws, lending practices, and available loans, and must also be familiar with many aspects of agriculture, such as production methods and farming products. The financial conditions of customers and the trends of the market in general should be analyzed on an ongoing basis, and clients' portfolios should also be monitored to maximize returns. A bachelor's degree in finance, business administration, or a related field may be a minimum requirement for this position.
Agricultural Loan Officer Tasks
- Obtain and compile financial information to evaluate loan applications and their risk.
- Generate new clients and referrals through strong relationship building.
- Track and maintain credit and loan data.
- Work directly with clients to review agreements, explain programs, and negotiate loans and terms.
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Pay by Experience Level for Agricultural Loan Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.