Being such a lucrative career, there is no surprise that the degree needed to be a loan officer is a topic of much interest. In fact, a career as a loan officer generally pays in the top 75% of professions. In addition to this, loan officers get the opportunity to help people achieve their dreams of going to college, buying a home, or starting a business.
Types of Loan Officers
In general, there are three types of loan officers, according to US News and World Report. A commercial loan officer deals with business loans. This can be a complex process. A commercial officer needs often goes to businesses and speaks with clients about their need for a loan and loans that fit the individual needs of the particular business. A consumer loan officer deals mostly with personal loans such as education loans and vehicular loans. A mortgage loan officer deals with mortgages to purchase real estate. Different types of loan officers serve to meet different needs.
Salary
According to the Bureau of Labor Statistics, the median pay for a loan officer in 2013 was about $61,420. Many loan officers also receive an amount of commission depending on their role. This comfortable and lucrative career makes the required to be a loan officer well worth the time and cost.
Education Requirements
Generally a bachelor’s degree is required to be a loan officer. It is recommended that the bachelor’s degree be in the field of business or marketing. Experience in accounting is also generally a necessity for work in this field. In some states, you can become a loan officer with no college experience by applying as an assistant loan officer and working up the banking ladder. However, this process is not a guarantee and could take years to accomplish. Getting hired as an assistant could also be dependent on recent and successful sucess in high school courses such as math, acccounting, computer science, and economics. Overall, however, most loan officers have a bachelor’s degree.
Additional Education Requirements
In addition to the average degree needed to be a loan officer, interested parties seeking to be a mortgage loan officer must also take the Mortgage Loan Originator Exam. The exam is adminstered by the National Mortgage Licensing System in accordance with the requirements of the federal S.A.F.E. Mortgage Licensing Act. Exact requirwments vary from state to state. However, the text is known for some rigor. An estimated 30% of test takers fail the test initially.
Related Resource: Mutual Funds
A career as a loan officer can be a rewarding profession. In addition of education required to be a loan officer, the career also requires a strong customer service background. Some loan officers are even paid on a commission basis. Between helping people achieve dreams and being able to successfully make a living doing it, the job field is well worth the education needed to become a loan officer.
