Loan Officer
Loan officers evaluate, authorize, or recommend approval of loan applications.
What the job is
- The work
- Loan officers evaluate, authorize, or recommend approval of loan applications.
BLS
Loan Officers — Summary (Quick Facts)U.S. Bureau of Labor Statistics (OOH)- Checked
- 20 Oct 2026
- Work environment
- Most loan officers are employed by commercial banks, credit unions, mortgage companies, and other financial institutions. Most loan officers work full time, and some work more than 40 hours per week. Except for consumer loan officers, who spend most of their time in offices, these workers may travel to visit clients.
BLS
Loan Officers — Summary (Quick Facts)U.S. Bureau of Labor Statistics (OOH)- Checked
- 20 Oct 2026
- Good fit for
- Detail-minded people who can read financial statements, judge risk and explain loan options to customers.
- Career cluster
- Financial Services
Key numbers
U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, pay for May 2025 (loan officers).
- Median pay
- $76,690 a year ($36.87 an hour)
BLS
Loan Officers — Summary (Quick Facts)U.S. Bureau of Labor Statistics (OOH)- Checked
- 20 Oct 2026
- Jobs in 2025
- 283,000
- Typical entry
- Bachelor's degree
- Work experience
- Less than 5 years
- Training after hire
- Moderate-term on-the-job training
Job outlook, 2025–35
- Projected growth
- +1%, which BLS calls "slower than average"
BLS
Loan Officers — Summary (Quick Facts)U.S. Bureau of Labor Statistics (OOH)- Checked
- 20 Oct 2026
- Jobs added
- +3,100 over 2025–35
- All U.S. jobs
- 3.5% over the same period, for comparison
How to become one
- The usual route
- Loan officers typically need a bachelor’s degree and on-the-job training. Mortgage loan officers must be licensed.
BLS
Loan Officers — Summary (Quick Facts)U.S. Bureau of Labor Statistics (OOH)- Checked
- 20 Oct 2026
- In short
- Loan officers typically need a bachelor's degree, usually in business or finance, and on-the-job training. Mortgage loan officers need a Mortgage Loan Originator (MLO) license: prelicensing courses, a national exam and background and credit checks.
- License
- State financial regulators, through NMLS. Mortgage Loan Originator license steps
- Paying for it
- File the FAFSA (opens by October 1) for grants, work-study and federal loans; a Pell Grant pays up to $7,395 a year (2026–27). Average public four-year tuition and fees: $11,950 in-state vs $31,880 out-of-state (2025–26). Residency rules and regional discounts · Save with 2+2 transfer
- Your state
-
StateChoose a state
- AlabamaState guide
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- District of ColumbiaState guide
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- GeorgiaState guide
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- IdahoState guide
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- IndianaState guide
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- LouisianaState guide
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- MassachusettsState guide
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- MinnesotaState guide
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- NevadaState guide
- New HampshireState guide
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- New YorkLicense rules
- North CarolinaState guide
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- OregonState guide
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- TexasLicense rules
- UtahState guide
- VermontState guide
- VirginiaState guide
- WashingtonState guide
- West VirginiaState guide
- WisconsinState guide
- WyomingState guide
Step-by-step roadmap
The routes step by step, the exam gates and the state license step are on one page.
Loan officer: business or finance degree, training, and an MLO license for mortgage work
See the roadmap
Route 1: Business or finance degree → training → loan officer · Route 2: Mortgage loan originator (MLO) license
More careers in Financial Services
Open the cluster hubEvery career page in this cluster, with entry, license, pay and outlook side by side.
Every number links to the BLS page it came from, checked 20 Oct 2026. Education Margdarshan does not recommend paid courses.