Salary and Benefits

January 25, 2008

What This Job Pays: loan officer

Pay: The median pay of a mortgage loan closer in the Seattle area is $42,443 a year, with most making from $38,497 to $47,440 a year, according to salary.com.

Demand: Employment of loan officers is projected to increase 11 percent between 2006 and 2016, which is about as fast as the average for all occupations. Employment growth stemming from economic expansion and population increases will be partially offset by increased automation that speeds up the lending process and by the growing use of the Internet to apply for and obtain loans.

The use of credit scoring has made the loan evaluation process simpler and even unnecessary in some cases.

Need to know: Loan officer positions generally require a bachelor's degree in finance, economics or a related field. Loan officers without a college degree often advance after gaining work experience in related occupations.

There are no specific licensing requirements for loan officers working in banks or credit unions. Training and licensing requirements for loan officers who work in mortgage banks or brokerages vary by state and may include continuing-education requirements. As the types of mortgages offered to homebuyers increase, licensing requirements may become more stringent as regulators and lawmakers become more leery of predatory lending.

U.S. Bureau of Labor Statistics

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