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Boston Career Explorer

Business and Financial Operations

Loan Officers

Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.

Also called: Commercial Banker, Commercial Loan Officer, Corporate Banking Officer, Financial Aid Advisor, Financial Aid Counselor, Financial Aid Officer

Median pay in Greater Boston
$103,400
$49.71/hr
Jobs in Greater Boston
3,420
Massachusetts 2024–2034
−3.7%
260 openings a year
Typical U.S. entry requirement
Bachelor's degree
plus Moderate-term on-the-job training; Less than 5 years of related work experience

Greater Boston: Boston-Cambridge-Newton, MA-NH metro area, May 2025. Growth and openings: Massachusetts statewide projection.

Pay range in Greater Boston

Yearly pay in Greater Boston by percentile
10th25thMedian75th90th
$65,120$80,360$103,400$144,280$204,820

10% of workers earn less than the first figure and 10% earn more than the last.

What you’d do

  • Meet with applicants to obtain information for loan applications and to answer questions about the process.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
  • Submit applications to credit analysts for verification and recommendation.
  • Review loan agreements to ensure that they are complete and accurate according to policy.

AI and this job

AI exposure: how much of this job’s work AI tools can do or help with, based on national research. It is not a forecast of job loss.

Higher exposure95 of 100

The index averages three national research measures, each shown as a percentile of all jobs:

  • AIOE 95
  • Language-model AIOE 94
  • GPTs-are-GPTs 96

Observed AI use today: Substantial (Anthropic Economic Index)

Loan officing has higher AI exposure, and observed AI use is substantial. AI tools can help with reviewing applicant finances, checking credit and property information, and handling routine application questions. Explaining loan options, working with applicants, and making approval decisions within limits still rely on people. Massachusetts job growth is projected at -3.7%, so building new skills now may help.

Likely to change

  • Analyzing applicants' credit and financial records
  • Answering routine application questions and processing forms

Still relies on people

  • Explaining loan choices to worried applicants
  • Making approval decisions and referring tough cases

Written with AI from the data on this page. Check with a career coach before making a decision.

Next steps from here

Related jobs that build on what you already do.

  • Compliance Officers

    Checking documents for eligibility and following rules carries over from underwriting. This move offers $103,940 Boston median pay and lower AI exposure.

    Pay difference
    +$540 median
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    Bachelor's degree

  • Project Management Specialists

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    Pay difference
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  • Occupational Health and Safety Specialists

    Reviewing details and recommending ways to follow rules and reduce risk carry over. Projected growth is 13.2%, with lower AI exposure than loan officing.

    Pay difference
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    To get started
    Bachelor's degree

Training near Boston

College and school programs in the Boston metro area that lead to this job, with 2023-24 completions (IPEDS).

15 programs near Boston (plus 8 graduate)

Related occupations

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