What does a loan officer do? Duties, pay, education and outlook
Loan officers evaluate, authorize or recommend approval of loan applications for individuals and businesses. A bachelor's degree is typical, and mortgage loan officers need a Mortgage Loan Originator license. BLS reports a median pay of $76,690 per year (May 2025).
At a glance
| Item | Detail |
|---|---|
| SOC code | 13-2072 |
| O*NET code | 13-2072.00 |
| Typical entry education | Bachelor's degree |
| Median annual wage | $76,690 per year (May 2025) |
| Projected growth | 1 percent (slower than average), 2025 to 2035 |
| Number of jobs | 283,000 (2025) |
Source: BLS Occupational Outlook Handbook, accessed 31 October 2026.
What does a loan officer do?
BLS says loan officers contact businesses or people who may need loans, gather information from applicants and answer their questions, explain loan types and terms, verify and analyze financial information such as credit rating and income, check that loan agreements meet federal and state rules, and approve applications or refer them to management.
Work environment
Most work for commercial banks, credit unions, mortgage companies and other financial institutions, and most work full time. Credit intermediation and related activities employ 80 percent, management of companies and enterprises 4 percent and automobile dealers 4 percent.
Education, training and licensing
BLS says a bachelor's degree, often in business or finance, is typical. Mortgage loan officers must have a Mortgage Loan Originator (MLO) license.
Skills that matter
BLS lists decision-making, attention to detail, initiative and interpersonal skills as important qualities for this work.
How much does a loan officer make?
BLS reports a median annual wage of $76,690 for loan officers (May 2025). The median is the wage at which half of workers earned more and half earned less. See the OOH pay tab and the OEWS data for your area. Our guide to researching pay explains how to read the figures.
Job outlook
BLS projects employment of loan officers to grow 1 percent from 2025 to 2035, which BLS labels slower than average. For comparison, BLS projects 3 percent growth for all occupations over the same period. About 17,100 openings are projected each year on average. BLS says most openings come from replacing workers who transfer to other occupations or leave the labor force, for example to retire.
How to get hired
- If you want to work in mortgages, look up the MLO licensing steps before you apply.
- Show results on your resume: the tools you used, the volume you handled and the outcomes, without private customer or employer details.
- If you lack experience, see the no-experience resume guide.
- Practice with the interview prep hub.
When you are ready, search jobs on LiveRec.
Related occupations
Financial analysts, Personal financial advisors, Insurance sales agents, Financial managers, Tellers.
Frequently asked questions
Do loan officers need a license? BLS says mortgage loan officers must have a Mortgage Loan Originator (MLO) license.
Is loan officer a growing job? BLS projects 1 percent growth from 2025 to 2035, slower than average, but about 17,100 openings per year from replacement needs.
How much do loan officers make? BLS reports a median annual wage of $76,690 for loan officers (May 2025). Half of workers earned more and half earned less. Pay varies by employer, region and experience.
Is loan officer a good career? BLS projects 1 percent growth from 2025 to 2035 (slower than average). About 17,100 openings are projected each year. Whether it fits you depends on the work itself, so read the duties and work environment above.
Related guides
- Financial Analyst: Duties, Pay, Education, Outlook
- What Does a Personal Financial Advisor Do? Pay, Outlook
- What Does an Insurance Sales Agent Do? Duties, Pay, Outlook
- What Does a Financial Manager Do? Duties, Pay, Outlook
Sources
- U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, Loan officers: https://www.bls.gov/ooh/business-and-financial/loan-officers.htm (accessed 31 October 2026)
- U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics: https://www.bls.gov/oes/ (accessed 31 October 2026)
- O*NET OnLine, 13-2072.00: https://www.onetonline.org/link/summary/13-2072.00 (accessed 31 October 2026)
This is general information, not legal, tax or immigration advice. Rules change and your situation may differ. Consult a licensed attorney or qualified adviser.