Mortgage Training
Mortgage loan officers help clients navigate the financing process for businesses, condominiums and homes. They work for banks, credit unions and financial services firms. Mortgage loan officers must have specialized training and obtain licenses.
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Preliminary Training
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An aspiring mortgage loan officer must have a high school diploma. Courses in accounting and financial statement analysis are integral, says the Bureau of Labor Statistics. According to an O*NET Online survey, 75 percent of loan officers reported having a high school diploma or GED, as opposed to a college degree.
Secondary Training
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Mortgage loan officers receive formal employer-sponsored on-the-job training to learn their craft. According to the Bureau of Labor Statistics, a bachelor's degree in economics or financial management is beneficial.
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Licenses
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Under U.S. legislation, mortgage loan officers must obtain a license upon completion of their training. They must pass a written examination and complete at least 20 hours of mortgage loan courses, says the Bureau of Labor Statistics. Mortgage loan officers must pass a background investigation and have a clean criminal record.
Certification
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The certfied loan officer specialist designation is a beneficial credential. CampusMBA offers the certified loan officer specialist credential. Mortgage loan officers must complete a three-part process to obtain this particular certification. The Bank Administration Institute and the Mortgage Bankers Association also offer certification credentials.
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References
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