Loan Officer, Consumer Salary
For Consumer Loan Officers, yearly average wages total $41K annually. Most Consumer Loan Officers report high levels of job satisfaction. Most report receiving medical coverage from their employers and a majority collect dental insurance. Women account for the majority of Consumer Loan Officers who responded to the questionnaire — 60 percent to be exact. The data for this snapshot was collected from individuals who took PayScale's salary survey.
Job Description for Loan Officer, Consumer
A consumer loan officer works at a financial institution, interacts with individuals, and helps them secure lines of credit such as mortgages, car loans, and individual loans. Much of the work is done one on one with customers, so it is important to be a friendly and professional individual. It is important to be able to determine what the customer’s needs are and then determine which loan should be applied for. The loan officer may carry out pre-qualification procedures and determine what the payments will be on loans.Read More...
The loan officer should notify customers as to what documents will be needed and follow up in order to remind customers to supply the needed documents. The loan officer may even help consumers complete certain paper work. The loan officer should follow the loan process and then update the customer as to where the loan is in the process. If any problems arise, the loan officer should be make the best attempt to be able to resolve the situation. If a consumer is unable to secure a loan, the loan officer should make suggestions as to what needs to be improved in order for a loan to be granted. The consumer loan officer may also have to follow leads or do research in order to gain new clients. This job sometimes involves commission, so reaching out to customers can be highly beneficial.
Many positions will require the loan officer to possess a minimum of a bachelor’s degree. Experience within the banking field is also highly preferred.
Loan Officer, Consumer Tasks
- Obtain, investigate, and validate application information.
- Market, solicit, and process consumer loans.
- Determine repayment plan.
- Interview and accept consumer loan applications.
- Solicit lending institutions and finance companies to find money for customers.
Loan Officer, Consumer Job Listings
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Popular Skills for Loan Officer, Consumer
Consumer Loan Officers report using a diverse set of skills on the job. Most notably, skills in Loan Underwriting, Customer Service, Sales, and Mortgage Loans are correlated to pay that is above average. At the other end of the pay range are skills like Loan Processing. People who know Loan Underwriting usually also know Customer Service. Those proficient in Consumer Loans are, more often than not, also skilled in Mortgage Loans.
Pay by Experience Level for Loan Officer, Consumer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
More years of relevant experience do not necessarily translate to higher paychecks. Relatively untried employees who have fewer than five years of experience earn around $38K on average. People who have worked for five to 10 years can expect a higher median salary of $39K. The average pay reported by folks with 10 to 20 years of experience is around $46K. More than 20 years of experience mean a somewhat bigger median paycheck of $47K, but it's not much more than what less experienced people make.