Loan Review Officer Salary
Median pay for Loan Review Officers in the United States lies in the neighborhood of $70K annually. Medical and dental coverage is claimed by most, and more than half earn vision coverage. Job satisfaction for Loan Review Officers is high. Men make up a slight majority of Loan Review Officers (57 percent) who responded to the survey. The information for this snapshot was generated by responses to the PayScale salary survey.
|Salary||$37,248 - $109,200|
|Bonus||$513 - $17,754|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$38,079 - $115,198|
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. (Copyright 2017 PayScale.com)
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 Review Officer Job Listings
Pay by Experience Level for Loan Review Officer
Pay by Experience for a Loan Review Officer has a positive trend. An entry-level Loan Review Officer with less than 5 years of experience can expect to earn an average total compensation of $39,000 based on 11 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Review Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $62,000 based on 14 salaries. An experienced Loan Review Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $87,000 based on 13 salaries. A Loan Review Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $83,000 based on 6 salaries.
Loan Review Officer Reviews
Key Stats for Loan Review Officer
Rated 5 out of 5
based on 12 votes.