Loan collection officers: Salary, career path, job outlook, education and more
Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called collateral)often a home or carand selling it to repay the loan.
- Education Required
- Loan officers typically need a bachelors degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.
- Training Required
- Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.
- Job Outlook
-
The projected percent change in employment from 2016 to 2026: 11% (Faster than average)
(The average growth rate for all occupations is 7 percent.) - Licenses/Certifications
- Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.
- Median pay: How much do Loan Officers make?
- $63,650 Annual Salary
- $30.60 per hour
Careers for Loan Officers
- Commercial lenders
- Commercial loan officers
- Consumer loan officers
- Counselors, loan
- Loan authorizers
- Loan underwriters
- Mortgage bankers
- Mortgage brokers
- Mortgage loan officers
- Underwriters, loan