Loan Officer Salary at Colonial Loan Association Inc BETA
How much does a Colonial Loan Association Inc Loan Officer make?
As of March 2025, the average annual salary for a Loan Officer at Colonial Loan Association Inc is $47,780, which translates to approximately $23 per hour. Salaries for Loan Officer at Colonial Loan Association Inc typically range from $41,624 to $55,139, reflecting the diverse roles within the company.
It's essential to understand that salaries can vary significantly based on factors such as geographic location, departmental budget, and individual qualifications. Key determinants include years of experience, specific skill sets, educational background, and relevant certifications. For a more tailored salary estimate, consider these variables when evaluating compensation for this role.
DISCLAIMER: The salary range presented here is an estimation that has been derived from our proprietary algorithm. It should be noted that this range does not originate from the company's factual payroll records or survey data.
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What Skills Does a person Need at Colonial Loan Association Inc?
At Colonial Loan Association Inc, specify the abilities and skills that a person needs in order to carry out the specified job duties. Each competency has five to ten behavioral assertions that can be observed, each with a corresponding performance level (from one to five) that is required for a particular job.
- Financial services: A services provided by the finance industry, which encompasses a broad range of businesses that manage money. These services involve banking, brokerage, mortgages, credit cards, payment services, real estate, investment funds, taxes and accounting.
- Mortgage Loans: A mortgage loan or, simply, mortgage (/ˈmɔːrɡɪdʒ/) is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".
- Underwriting: Underwriting services are provided by some large financial institutions, such as banks, or insurance or investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issue of securities in a public offering, and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter. The name derives from the Lloyd's of London insurance market. Financial bankers, who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose.
- Loan Origination: Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process. Loan servicing covers everything after disbursing the funds until the loan is fully paid off. Loan origination is a specialized version of new account opening for financial services organizations. Certain people and organizations specialize in loan origination. Mortgage brokers and other mortgage originator companies serve as a prominent example. There are many different types of loans. For more information on loan types, see the loan and consumer lending articles. Steps involved in originating a loan vary by loan type, various kinds of loan risk, regulator, lender policy, and other factors.
- Pricing: Pricing is a process of fixing the value that a manufacturer will receive in the exchange of services and goods.
Related Jobs
Check more jobs information at Colonial Loan Association Inc
| Job Title | Average Colonial Loan Association Inc Salary | Hourly Rate | |
|---|---|---|---|
| 2 | Bookkeeper | $32,344 | $16 |
| 3 | Clerk | $31,030 | $15 |
| 4 | Loan Consultant | $40,265 | $19 |
| 5 | Manager, Human Resource | $87,389 | $42 |
| 6 | Branch Manager | $54,443 | $26 |
Hourly Pay at Colonial Loan Association Inc
FAQ about Salary and Jobs at Colonial Loan Association Inc
The average hourly pay is $23. The salary for each employee depends on several factors, including the level of experience, work performance, certifications and skills.
According to the data, the highest approximate salary is about $55,139 per year. Salaries are usually determined by comparing other employees’ salaries in similar positions in the same region and industry.
According to the data, the lowest estimated salary is about $41,624 per year. Pay levels are mainly influenced by market forces, supply and demand, and social structures.
There are various ways to increase the wage. Level of education: An employee may receive a higher salary and get a promotion if they obtain advanced degrees. Experience in management: an employee with supervisory experience can increase the likelihood to earn more.