Becoming A Loan Officer

Interestingly you can become a loan officer with no experience.

Becoming a loan officer. Other loan officers choose to advance their career by pursuing opportunities to become supervisors and managers who oversee other loan officers and staff. Loan officers work for banks and other financial institutions helping individuals and businesses obtain funds from these lenders they investigate their creditworthiness then authorize or recommend approval of loans. The median salary for the position is 64 660 and it doesn t require any graduate level education.

They might also deny a loan or advise against offering financing and they must sometimes follow up on late payments on existing loans. Some loan officers choose to advance their career by pursuing opportunities at larger branches and firms where they can take on more responsibility. Mortgage loan officers.

Before you get licensure. Loan officers typically need at least a bachelor s degree preferably in a business related field such as finance economics or accounting. How long does it take to become a loan officer.

While most loan officers hold a college degree it is still possible to become one with only a high school education and on the job training. Yep it s a potentially high paying job that also welcomes newbies. News world report s rankings for business jobs.

Mortgage loan officer is listed 14 in u s. How to become a loan officer. Some banks and mortgage companies require loan officers to hold a bachelor s degree so it can about four years to qualify for these jobs.

In fact mortgage loan officers don t even need a bachelors degree let alone a high school diploma to gain employment with certain brokers and mortgage lenders. Loan officers who seek certification must meet requirements for experience and education and pass a certification exam. A loan officer assists customers with loan applications for cars college tuition and homes.