Senior Loan Officer Salary
A Senior Loan Officer earns an average salary of $59,849 per year. A skill in People Management is associated with high pay for this job. Most people in this job have more than five years' experience in related jobs.
Job Description for Senior Loan Officer
Senior loan officers work in financial institutions and often supervise the work of other loan officers. Because this is a senior position, at least a few years of experience as a loan officer are generally required, and sales goals and benchmarks may need to be met in this position.Read More...
Commission is often offered based on sales made and even the performance of the department, so it's important to be able to motivate team members to perform well. Senior loan officers often work with clients and guide them through the process of obtaining a loan, and they then review and analyze loan applicants for eligibility. If a customer does not meet the necessary criteria to secure a loan, the officer may offer guidelines to be followed in order to successfully secure it. They must have in-depth knowledge of a wide range of loan programs, and the ability to adequately explain them in simple terms is very important. They may also need to find appropriate alternatives for clients, and some are responsible for generating leads. It's important to perform all duties while adhering state and federal laws, and sales and marketing skills are also beneficial. A high school diploma is usually a minimum requirement for this position, and some employers require a bachelor's degree or higher in a financial field.
Senior Loan Officer Tasks
- Solicit, originate, negotiate, underwrite, process, and coordinate the closing of consumer, residential, equipment, commercial building, and business loans.
- Cultivate new lending opportunities in new markets.
- Make recommendations to senior management to streamline lending practices and procedures.
- Assist loan manager in determining the credit risk of the loan portfolio.
- Analyze, verify, package, and submit loans.
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Pay by Experience Level for Senior Loan Officer
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