How To Become A Loan Officer: Degree and Education Requirements

Stanley TanLeave a Comment



what degree do you need to become a Loan Officer
majors for Loan Officers

Loan Officers

Other names for this job might include Agricultural Loan Officer, Bank Officer, Bank Representative, Banking Services Officer, Branch Account Executive, Branch Account Manager, Branch Banker, Branch Lending Officer, Branch Manager, Business Banker


  • $75170
    Salary
  • 74%
    Job satisfaction
  • Medium
    Becoming one
  • Medium
    Job growth
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Be A Loan Officer: What You Really Need


In this requirements guide for Loan Officers, you will find out what do you need to become a Loan Officer and what it takes to become one.

After reading this, you will be able to plan for your future if you want to be a Loan Officer.



Degree required

Recommended degree level

Bachelor’s Degree

Bachelors degree
31.82%

High School Diploma
19.77%

Some college courses
16.51%

Associates degree
13.05%

Certificate
10.06%

Generally, employers are looking for Loan Officers who have a Bachelors degree. They also prefer someone who is good in Active Listening and Speaking.

1 common question that we always get is what major or degree do I need to become A Loan Officer or what courses do I need to take.

We did a survey to ask other Loan Officers what did they major in college or university and here are the most popular majors that came up.

Finance, General
Credit Management

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as in sales, customer service, or banking.



Schools

schools for Loan Officers

Interested in becoming A Loan Officer? Find the right schools that can help you to become one. You will need some of your details to get you matched with the right college or university. This service is free thanks to our sponsors.

Questions to ask the university or college:

  1. How many students are in the program?
  2. Is your program accredited?
  3. How many faculty members do you have? Do they hold the right credentials?
  4. What is your job placement rate?
  5. Does your school hold career fairs or other on-campus events with employers? How many employers typically attend?
  6. How many of your students have at least one internship by graduation?

Click to start becoming a Loan Officer




How long does it take

Difficulty
Medium

You may need some previous work-related skill, knowledge or experience to be A Loan Officer.

For example: An electrician must have completed three or four years of apprenticeship or several years of vocational training, and often must have passed a licensing exam, in order to perform the job.

To become A Loan Officer, you will usually need 1 to 2 years of training which includes both on-the-job experience and training with experienced workers.


How long does it take
2 1/2 to 5 years


Work experience
2 to 4 years

2 to 4 years
27.42%

1 to 2 years
22.9%

6 months to 1 year
17.35%

4 to 6 years
14.69%

No experience
13.05%

Job training
6 months to 1 year

6 months to 1 year
30.61%

1 to 2 years
30%

1 to 3 months
18.12%

0 to 1 month
12.81%

3 to 6 months
5.16%

Most Loan Officers have 2 to 4 years work experience and 6 months to 1 year job training.

To increase your chances of getting a job, you can look for job training while studying to be one.



License and certifications

Do you need any license or certification
Requirements vary by job tasks


Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, mortgage loan officers must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.



Skills required

We asked other Loan Officers if they could only have 5 skills, what would they be. Here is what they said.

1. Active Listening what does this mean
2.Speaking what does this mean
3.Reading Comprehension what does this mean
4.Judgement and Decision Making what does this mean
5.Critical Thinking what does this mean
= Hot in-demand that most employers are looking for

We did some research and found that most successful Loan Officers have these 5 common characteristics. Most of them had Integrity and Stress Tolerance.

1.Integrity
2.Stress Tolerance
3.Attention to Detail
4.Achievement/Effort
5.Dependability




Knowledge required

Just like any other job, you will need some know-hows to do the job. To become a successful Loan Officers you need to acquire knowledge in these 5 key areas.

1. Customer and Personal Service what does this mean
2.Economics and Accounting what does this mean
3.English Language what does this mean
4.Mathematics what does this mean
5.Sales and Marketing what does this mean

As A Loan Officer, you may also be required to know how to use certain Financial analysis software, Financial analysis software and Accounting software tools.

Amortization loan software (Financial analysis software)
Bankers Systems Rembrandt Lending System (Financial analysis software)
Bottom Line LoanMaster Loan Servicing (Accounting software)
California Infinite LPS (Financial analysis software)
Calyx Point (Financial analysis software)
= Hot in-demand that most employers are looking for




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Career type

Business and Finance
Banking and Related Services, Financial and Investment Planning

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Related to Loan Officers Requirements

Loan Officers requirements, how to become Loan Officers, degree required to be a Loan Officer, Loan Officers license and certifications, majors to be a Loan Officer, is it hard to become a Loan Officer and how long does it take

Additional resources

http://www.bls.gov/OOH/business-and-financial/loan-officers.htm
http://www.aba.com/
https://www.mba.org/
http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx

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Loan Officers
Written by: Stanley Tan
Loan Officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
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