How To Become a Loan Officer

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How Long Does It Take, What Degree Do You Need, and More

Loan Officers

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, loan underwriters, and payday loan officers.

Salary
$76930
Becoming One
Hard
Education
Bachelor's degree
Job Satisfaction
Job Growth

Personality
Interest Match



What degree do you need

Recommended degree level

Bachelor’s Degree

We did a survey to ask other Loan Officers what degree they had when they became a Loan Officer. Here are the results.
Bachelor’s Degree
31.82%


High School Diploma
19.77%


College Certificate
16.51%


One of the most common questions that we always get is what major or degree do I need to become Loan Officers or what courses do I need to take.

We also asked Loan Officers what did they major in college or university and here are the top 5 most popular majors that came up.

Finance
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.



Featured Schools

How hard is it

Difficulty
Not Too Hard

You may need some previous work-related skill, knowledge or experience to be a Loan Officer. For example, an electrician must complete 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.

Careers in this difficulty category will usually need 1 or 2 years of on-the-job training and informal training with experienced workers. These careers usually involve using communication and organizational skills to coordinate, supervise, manage, or train others to accomplish goals. Similar careers include hydroelectric production managers, travel agents, electricians, court reporters, and medical assistants.


Related work experience required
2 to 4 years

2 to 4 years
27.42%


1 to 2 years
22.9%


6 months to 1 year
17.35%


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%



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


Knowledge required

Just like any other job, you will need certain know-hows to excel at your job. Loan Officers are generally very knowledgeable 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


Learn more about Loan Officers

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Job Description
Salary
Requirements (You are here)
Quiz

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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


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