Which loan officer positions make the most money

For You. Start Salary Survey. Salary Research. By Company. By Job Title. By Degree. By Certification. By Skill. By Industry.

Required Education

Loan officers work with individuals and institutions to authorize loans and assist with major purchases: they help people buy homes, pay for weddings, go to college, and purchase cars, ensuring they can borrow the money they need at an appropriate interest rate. The responsibilities of a loan officer may vary depending on th financial institution and client, but generally include the following responsibilities; some work primarily with individual customers, while others specialize in small business loans and capital. Most loan officers work at financial institutions, like banks or credit unions; they typically have small private offices used to meet with people throughout the day and discuss finances. The sizes of these institutions range by branch and region, from small banks with three or four employees to high-rise offices with a few hundred employees. Credit card companies are also authorized to lend money to customers; typically, loan officers hired by credit card companies work in call center environments. Regardless of your employer, loan officers are provided with a computer and phone at their desk so that they can work with customers to get loans approved. Occasionally, loan officers will need to meet with their superiors to get second opinions on loan approvals, or with their team for training and policy updates; more often than not, however, they make decisions on their own, so you need to be measured and decisive. Most loan officers work traditional business hours: Monday through Friday from 9am to 5pm. Financial institutions are rarely open beyond these times. They can expect to have major holidays like President’s Day and Labor Day off from work, in addition to vacation. Some loan officers will need to travel to evaluate business investments before approving a loan; in these cases, they may work late or travel on weekends. Loan officers who work in call centers may have more flexibility with their schedules, signing up for different shifts. The minimum requirement for becoming a loan officer is obtaining a high school diploma or certificate; however, many employers prefer that their candidates have bachelor’s degrees in related fields, especially when a company or institution specializes in a particular type of loan. Having previous experience in customer service or with a financial institution are beneficial on job applications, but not necessary to those applying for loan officer positions. Loan officers will need to undergo specific training on the legal requirements of loan approval at their financial institution. More specific training on risk management software, loan approval processes, and customer service practices are often mandatory as well. After several years, many loan officers decide to become more specialized: mortgage lending and personal banking are two related fields to which loan officers often transition later in their careers. Experience in as a loan officer can lead to more specialized positions and higher pay. Loan officers use basic logic and math skills to evaluate risk, but they also need to be personable and able to work with a variety of different customers. These ten skills are crucial for being successful as a loan officer:. According to Bureau of Labor Statistics , demand for loan officers is expected to grow by eight percent between and This growth is about as fast as the average for all American industries, and should contribute an additional 24, jobs. Despite the rise of online and mobile banking, many customers still want to speak with loan officers in person, especially when making significant financial decisions.

How Much Does a Loan Officer Make?

Find jobs Company reviews Find salaries. Upload your resume. Sign in. Loan officer Explore career information by location. Search Location. How much does a Loan Officer make in California? Additional compensation. Where can a Loan Officer earn more? Compare salaries for Loan Officers in different locations. Explore Loan Officer openings Compare. Top companies for Loan Officers in California. Affordable Financial Services. Mount Diablo Lending.

Loan officer

When an individual or business needs a loan, they talk to a loan officer at a financial institution like a bank, credit union, or lending company — this is who helps them apply and gathers information that determines whether the loan can likely be repaid.

As you can imagine, loan officers are an important cog in the everyday economy and are consequently in high demand. Position become one is not necessarily easy, however, and requires good financial judgment coming from education and on-the-job training.

Not quite! Employers will certain look favorably upon a 4-year degree. However, it is best to focus on financial classes like economics or business classes, instead of law. Click on another answer to find the right one Not necessarily! It is possible to get a job as a loans officer with just a high school degree, but you are more likely to get work if you have a college degree.

Taking classes in finance will also help you do your job more effectively. Furthering your education will help you to become a loan officer. Economics in particular is helpful, as much of your work will involve financial analysis.

Read on for another quiz question. Some loan officers do work independently, but you won’t necessarily make more money, as you will need to cover expenses like broker insurance. Pick another answer! Choosing a particular kind of work, like becoming a mortgage officer, will allow you to focus your skill set and obtain more knowledge in that area.

Not exactly! While it’s true that having a niche set of skills may make you more oositions, it won’t automatically mean more money. Maks to think about what position you would be best suited offiicer, and work towards.

Try again! While mortgage loan officers are required to have a license, it is not essential for consumer or commercial officers. However, there are still advantages to getting certified. Try again That’s right! Although professional positios is not required for all loan officer positions, it is looked upon favorably. Consider getting certified to increase your job prospects. Certification is not essential in order to work as an independent loan originator, but you may want to consider getting certified to appear more professional to potential clients.

Guess again! To be a loan officer, you’ll need at least a high school degree and some experience with math, economics, and business. As a loan officer, you’ll work at a financial institution, like a bank, credit union, or lending company, and help individuals and businesses apply for loans.

To improve your chances of landing a job, make sure you have excellent communication and sales skills since you’ll be working directly with clients. You can improve your skills by taking a communications course and practicing public speaking. To officrr how to get your foot in the lfficer as a loan officer, scroll down! Loxn create this article, volunteer authors worked to edit and improve it over time. Together, they cited 25 references.

Categories: Finance Careers. Log in Facebook Loading Google Loading Civic Loading No account yet? Create an account. Edit this Article. We use cookies to make wikiHow great. By using our site, you agree to our cookie policy. Home Posltions Finance and Business. Article Edit. Learn why people trust wikiHow. In this case, several readers have written to tell us that this article was helpful to them, earning it our reader-approved status. Learn more Research the job.

Although most positikns for banks ghe other credit and financial institutions, some work independently with clients and businesses.

Analyzing the data, you will determine if a client orficer credit-worthy, whether to grant a loan, and, if so, under what conditions the loan will be. They can deal in consumer loans to people, commercial loans to businesses, mortgage loans for real estate, or in loan collection. Some loan officers also travel extensively to meet with clients at businesses or homes.

Some are paid a regular salary while others are paid on commission, with olan volume of clients depending on mzke overall strength of the economy. Many office loan officers must also work long hours. Finish high school. 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. You will need a high school diploma at the very least. If you are trying to enter the field, then, make sure to complete your secondary schooling, taking any math, economics, business, and computer classes available to you.

These courses will come in handy for further education and for your duties at work. Complete a 4-year degree. Especially for more complex amke loans, employers will require officers to hold college whicu in finance, economics, business, or a closely related subject. An increasing number of financial institutions are now using underwriting software, so it is also useful to be proficient with computers and financial software.

Develop the right skills for the job. Because they work so closely with clients, employers favor loan officers with sales skills, self-confidence, and strong interpersonal communication.

Whcih lenders need to form relationships with real estate developers, builders, and agents to increase their referrals, for example. In some instances, you might even be contacting businesses to encourage loan applications. Take advantage of offerings in school to cultivate the right skill set. Courses in psychology, public speaking, and communication can all help. Public speaking does just posifions.

Spend some time every week in front of a mirror. Give a sales pitch, for example. Assess and repeat. You can also join an organization like Toastmasters International for more feedback. Part 1 Quiz How can you improve your skill set to become a loan officer? Get a 4-year law degree Not quite! Finish high school and dive right in Not necessarily! Take an economics class Correct! Build experience in the industry.

Some look for as much as five or more years of experience, or an equivalent in a related field. You will want to get as much experience as possible in banking. However, an aspiring loan officer can also gain the needed experience in related fields like customer service or sales. If hired, you will probably have to complete a mix of company-sponsored instruction and officfr few months of informal training.

Prepare for a hard schedule. Some loan officers work a normal, salaried hour week, but many do not. Your schedule as a loan officer will most likely depend on several factors. For one, demand for loans is higher in good economic times and when interest rates are low.

If you are working on commission, you may find that, when interest rates rise, you have to put in much longer hours to make ends meet. Mortgage officers may have to work oofficer night or be willing to take calls at all hours. Commercial loan officers may also travel to arrange loan agreements.

Apply for officeg. At some point you will take the plunge and apply. Keep your eyes open for positions. If you are already in odficer, let colleagues know that you are interested in moving into loans. You may find an opening at your current job or be able to arrange an internal transfer. Ahich of the jobs in the industry will appear at places like banks, credit unions, or lending institutions.

Do not think that is an easy way to go. To become posiions you will still need to meet all the usual education and licensing standards and register with the Federal Housing Administration.

Other Ways To Make Money In Real Estate – Becoming A Loan Officer

Learn About the Salary, Required Skills, & More

A loan officer is a representative of a bank, credit union, or other financial institution who finds and assists borrowers in acquiring loans. Loan officers can work with a wide variety of lending products for both consumers and businesses. They must have a comprehensive awareness of lending products as well as banking industry rules, regulations, and required documentation. Loan officers review loan applications and analyze an applicant’s finances to determine who is eligible for a loan, but they also educate consumers on loans, verify financial information and contact individuals and companies to see if they want to apply for a loan. Wages vary based on employer as well as job performance. Some loan officers are paid a flat salary or an hourly rate, but others earn commission on top of their regular compensation. Commissions are based on the number of loans these professionals originate or on how their loans are repaid. Loan officers communicate with numerous individuals to facilitate the lending process for banking clients. Loan products that may involve a loan officer can include personal loans, mortgage loans and lines of credit. They work with a wide variety of lending products and have a comprehensive awareness of them and banking industry protocols, giving borrowers greater confidence in executing a lending deal. Loan officers are a direct source of contact for borrowers seeking loans from financial institutions. Many borrowers prefer working with a loan officer directly to ensure that all of their needs are met. While traditional bank lending procedures can be more time intensive, the personal interaction often gives borrowers greater confidence in executing a lending deal. This financial career requires a bachelor’s degree, and most applicants earn a degree in business, finance, accounting or a related field. In some cases, people who have experience in a related business career are able to enter this field without a bachelor’s degree. Many employers offer a great deal of on-the-job training, but mortgage lenders must take classes and pass a test to get their Mortgage Loan Originator license. Career Advice. Your Money. Personal Which loan officer positions make the most money. Your Practice. Popular Courses.