Loan Review Officer Salary
About three-fifths of Loan Review Officers in the United States have been in the field for more than 10 years. Pay can fall anywhere from $34K to $112K per year, but median earnings come to around $71K annually. Most Loan Review Officers report high levels of job satisfaction. Women Loan Review Officers who took the survey just slightly outnumber men. Medical benefits are awarded to most, and a strong majority earn dental coverage.
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.
Loan Officer Job Listings
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Pay by Experience Level for Loan Review Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for the relatively untried average out to around $39K, but survey participants with five to 10 years of experience earn a significantly higher median of $60K. People with 10 to 20 years of experience make an average of about $78K in this role. For some reason, Loan Review Officers with more than two decades of experience report lower paychecks overall; the median sum in this group sits near $77K.