Loan Review Officer Salary
Median pay for Loan Review Officers in the United States is around $66K annually. Nearly all report receiving medical coverage from their employers and most collect dental insurance. Job satisfaction is reported as high by the vast majority of workers. Women make up the majority of Loan Review Officers (60 percent) who completed the questionnaire.
|Salary||$35,436 - $104,808|
|Bonus||$494.93 - $24,658|
|Total Pay (||$34,805 - $108,807|
Job Description for Loan Review Officer
The position of a loan review officer requires a great deal of patience when working with others, as they are responsible for analyzing loan requests made by clients and determining, by clients' salaries and expenses, if they are eligible for a loan and capable of paying it off. Some loan review officers must turn down potential applicants who may not earn the necessary amount for a loan or have an adequate credit score.Read More...
Loan review officers typically work directly with loan-applicants and communicate with various banks and financial institutions to determine a loan that may be feasible or find the next best option. This position requires a great deal of knowledge of loans and how to determine clients' eligibility, and they are also responsible for managing paperwork and files of previous applicants and finding ways to help fund loan requests. Some loan officers may review appraisal files and other legal documents, such as UCC filings, deeds of trust, and financial statements which help determine an applicant's eligibility. They typically work independently in an office to interview applicants and maintain the proper paperwork. A two-year or bachelor's degree in a business-related field is often a minimum requirement for this position, and loan review officers typically work during regular weekly business hours.
Loan Review 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.
Pay by Experience Level for Loan Review Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Folks with fewer than five years of experience take home $39K on average, and those who have worked for five to 10 years see a bigger median salary of $57K. Loan Review Officers bring in $87K after working for 10 to 20 years. People who have worked for 20 years or more actually report earning less than people who are in the middle of their careers; the veterans take home a mere $76K by contrast.
Loan Review Officer Reviews
Key Stats for Loan Review Officer
Rated 5 out of 5
based on 11 votes.