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The Office of Career Services
Library Building, Room 429 & 430
222-05 56th Avenue
Bayside, NY 11364
Phone: (718) 631-6297

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Occupation Info


Loan Officer

Overview: Loan officers examine, evaluate and decide whether to approve customer applications for commercial loans, real estate loans, consumer credit loans, or credit card loans. They evaluate the applicant's financial status, and soundness of the loan basis. They also manage foreclosures.
Duties: They collect information from persons seeking a mortgage or loan to estimate their financial soundness and the potential risk that they will not be able to make the bank payments.

They assess the market value of the properties to be used as collateral for a loan or mortgage. They determine how vulnerable the prooperties are to loss of value or damage.

They describe loan conditions to the loan applicant in terms of interest rates to be paid and repayment schedules. Make a final recommendation whether to accept or reject the loan application.

They assess the status of past loans made by the bank to calculate revenues generated and to estimate the likelihood the borrower will default on a loan. They implement foreclosures of properties.

Degree(s): A.A.S. Accounting 
A.A.S. Management: Marketing Concentration 
A.A.S. Management: Real Estate-Insurance Concentration 
A.S. Business Administration (Accounting and Marketing) 
Job Outlook: Employment of loan officers is expected to grow as fast as average through 2018. Employment growth will be driven by economic expansion and population increases and will be partially offset by increased automation and the Internet that speeds the lending process.
Starting Salary: Mortgage loan officers can earn considerably more based on commissions for successful loan agreements.
Salary Range (National Average): $38,000 to $42,000
Education Level: Training for this occupation generally requires an Associate Degree from a 2 year or community college.
Additional Training/Education: Most loan officer positions require a bachelor's degree in finance or economics. A knowledge of computer applications is becoming increasingly important. The loan officer position is usually viewed as a stepping stone to higher level executive positions in a bank. Because of increasing complexity of federal regulations, many banks prefer applicants with a master's degree in business.
Recommended Skills:
  • Weighing out the options in a situation or a problem and logically choosing the best course of action.
  • Actively looking for ways to help people.
  • Paying attention to what other people are saying, and taking time to understand the points being made.
  • Determining how much money is required to get a job done, allocating those monies, and then accounting for all expenditures.
  • Allocating and budgeting your time for different tasks so that things get done when needed.
  • Persuading, encouraging and motivating others to accept your ideas.
  • Ability to identify a problem, review related information, develop and evaluate options, and implement a solution.
  • The ability to understand complex written paragraphs, instructions, or reports.
  • Being aware of the reactions of others, and understanding why they react the way they do.
  • Talking, giving speeches, or speaking in a group to convey information, explain ideas, or give instructions.
Recommended Values:
  • Gaining the respect of others by the nature and/or level of responsibility of your work.
  • Having a routine job where the duties are very predictable and not likely to change over a long period of time.
  • Being able to decide on how to get something done without significant direction from someone else.
  • Having a level of income that will afford you with luxuries, and which will allow you to become financially independent.
 

* National data collected by the Department of Labor between 2008-2012.
* For New York salary data information please click here
* For New York green job information please click here.

Understanding acquiring positions in this field may be enhanced through continuing academic study (i.e. earning a baccalaureate or a master's degree) and/or work experience in the field, Queensborough Community College has established transfer agreements with other institutions for students who wish to further pursue their educational goals. Students are highly encouraged to meet with one of our Career Services to fully understand the opportunities available through study in their degree program.