Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

Salary Information for Financial Loan Managers

Career News November 15, 2013

Financial loan managers are management-level loan officers; the ones in charge of the process of overseeing loan applications. Independently, they seek the interests of the individual borrower. When employed by a company, they serve the interests of the company, which is to filter out unacceptable applications and only select the best, minimal risk opportunities.

In addition, they have new clients to gather their information, interview these households, and explain loan products. They also have a screening phase during which they scrutinize credit, income and other demographical data.

Salary Expectations for Financial Loan Managers

Loan managers involved in the area of finance earn $56,000 per year, according to the Bureau of Labor Statistics, and according to a mean calculation based on HR reports and other research. The lowest ten percent of the work force make under $30,000, while the top 10 percent, undoubtedly management-level, make $112,000 per year. However, this is a difficult profession to summarize, given how greatly compensation is from company to company.

Some workers are paid via flat rate, while others make most of their money on commission. Loan officers may choose to work for a flat rate but receive bonus money based on a quota of loans they complete and approve.

The biggest cities for business, such as New York, San Francisco, Peabody, and Salinas, pay the most, in contrast to firms located in smaller towns or cities. Auto loan officers and mortgage brokers tend to earn the highest salaries of the profession. In contrast, real estate agents earned slightly less. Other positions within the industry include sales representatives, accountants, and financial advisors within the loan field.

The Job Outlook for 2014 and Beyond

Salary will be subject to market change, not to mention continuing recession. As of 2013 and looking towards 2020, the profession is inspected to grow at a rate that is consistent with the rest of business and economy. There is still a considerable need for more officers, as recessionary times lead to lower interest rates, and a greater number of applicants. Besides that, many are predicting that the recession will slowly turn around, and when that happens, banks and other lenders will grant more loans than the present time.

Lending activity does remain sensitive at best, considering how volatile the economy is. However, considering the advent of online loan applications, not to mention a recovering economy, the growth is expected to continue until the end of the decade. Increased competition is a factor and more companies are hiring college graduates, particularly graduates who earn higher than a bachelor’s degree.

This is especially true of companies who are hiring managers explicitly, as they are looking for employees who specialize in leadership skills and who can handle higher responsibilities without supervision. Work experience will also be scrutinized, and any fieldwork in lending, banking or even sales will be seen as an asset.

Lastly, remember that some firms will request loan officers to produce their own leads. If this is the case, building a referral network and creating your own points of contacts is an essential step in independent career building. It’s a challenge for sure, but if you want to help people recover from financial difficulty and enjoy creating opportunity, this is the natural path for you.

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Which career path will you take – Business, Nursing, Education, Psychology? Something else? GCU offers more than 100 majors to get you started!
  • Colangelo College of Business: Features more than 25 programs from the bachelor through the master's level, including several high-demand MBA programs and an accelerated accounting degree.
  • College of Nursing and Health Care Professions: Rich 25-year history providing outstanding health care and nursing degree programs, including an RN to BSN program & master's in nursing degrees.
  • College of Education: Whether you are looking to start or advance your career as a teacher or administrator, GCU offers bachelor’s and master’s in education degrees in key areas.
  • College of Humanities and Social Sciences: Provides a job focused education and features a variety of programs from counseling and psychology to justice studies, history and English literature.
  • Does something else interest you? GCU also offers programs in Doctoral Studies; Theology; Science, Engineering & Technology; and Fine Arts & Production. Speak with an enrollment counselor today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.
  • Online Courses
5 Program(s) Found
  • Online bachelor's programs include BBA, Criminal Justice, IT, Healthcare Management, Pscyhology & Public Health
  • Over 115 years of delivering quality education and personalized attention to students
  • We're now Non-Profit.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
  • eLearners.com Helps You Find the Right College within Minutes. 100% Free Match to Top Colleges.
  • Get Matched to the Perfect Business Degree Programs from Top Colleges Here.
  • Learn at Your Own Pace and Get Qualified to Pursue a Career You'll Love.
  • Answer a few questions and you are one step closer to enroll in a Top College!
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Ready to earn your business degree? If you identify with at least one of the statements below, GCU could be a good fit for you!
  • I have worked in the business field for a number of years and want to further my education in order to qualify for promotions, leadership positions, and salary increases.
  • I am graduating from high school and am interested in pursuing a career in a business field, but I first need the skills experience.
  • I am interested in a Bachelor's, Master's or Doctoral degree in my specialized business area of focus.
  • I want flexible course offerings, such as the option of 100% online, evening or campus classes.
  • I need a university that provides quality educational offerings through academic excellence and real-world relevance. Does this sound like you? Apply today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.
  • Online Courses
5 Program(s) Found
  • Earn your Bachelor of Business Administration (BBA) 100% online
  • Learn business and leadership skills through case studies and intensive projects, culminating in a capstone course
  • Program designed to teach students key concepts in accounting, financial services, and marketing
  • South University brings over 115 years of achievement and tradition to a supportive, online classroom
  • We're now Non-Profit.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
  • View Associates, Bachelors or Graduate Degree Programs in Business Near YOU!
  • Enter YOUR Needs and Requirements. Get Matched to the Perfect Campus or Online Degree Programs for You.
  • Free information for Business Administration and Management, Accounting, Marketing and Advertising, Business Information Systems Degree Programs and MORE.
  • Accredited, Flexible Business Administration and Management Degree Programs to Fit Your Time and Budget. Use our Matching Service - It's Easy and FREE!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!