How to Become Home Loan Officer
According to the Bureau of Labor Statistics (BLS), most loan officers work in financial institutions such as banks, credit unions and savings institutions. The educational requirements are a high school diploma up to a bachelor's degree. Lending and sales experience also will help secure a job. Most loan officers specialize in consumer, commercial or mortgage loans. Consumer loan officers help people get home equity lines, buy cars and take out personal loans. Commercial loan officers help businesses get loans for equipment or expansion. Mortgage loan officers help people buy homes, land or refinance existing mortgages.
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Instructions
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Decide what type of loan officer you want to be so you can obtain the proper credentials. Consumer loan officer positions usually require a high school diploma. They receive on-the-job training through their companies. Commercial loan officer positions usually require a college degree in finance or economics. A license is required for mortgage loan officers. This includes 20 hours of class work, passing of an exam and a background check. Mortgage loan officers cannot have felony convictions.
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Identify the skills necessary to be a loan officer. According to the BLS, loan officers need to work well with people and be confident and motivated. Commercial and mortgage loan officers, in particular, need to be good at sales and have effective communication skills. Knowledge of computers and financial software is also worthwhile.
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Have the ability to travel, which is part of the job of commercial and mortgage loan officers. Mortgage loan officers work out of the office but visit other offices or client homes to complete applications. Commercial loan officers travel to other cities or states to arrange complex packages. Commercial loan officers often deal with loans too large for one bank so they team with other financial institutions to manufacture a loan package. Consumer loan officers generally work out of an office.
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Be prepared to work more than 40 hours a week, particularly as a mortgage loan officer. According to the BLS, because mortgage loan officers can take on many clients they can be extremely busy when interest rates are low.
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Tips & Warnings
Interested loan professionals can join industry-related organizations such as the American Bankers Association or the Mortgage Bankers Association for continuing education and to keep skills updated.
The job outlook for loan officers is expected to grow 10 percent between now and 2018 with good job opportunities, according to the BLS.
As of 2008, the median salary for loan officers was $54,700, with the lowest 10 percent earning less than $30,850 and the highest 10 percent earning more than $106,360. Some earn only salary while most get salary plus commission or bonus.
