Home Loan Originator: Job Outlook & Career Info

Apr 14, 2019

Find out the minimum education needed to work as a home loan originator. See the education path necessary, the career outlook and salary statistics. Read on to learn more about other careers related to home loan origination.

Career Definition for a Home Loan Originator

Home loan originators are commonly also known as loan officers or mortgage underwriters. Home loan originators, often employed by banks and mortgage companies, work with loan applicants to help them secure a loan to purchase a home. Common duties of home loan originators include meeting with clients, requesting and reviewing loan documentation, preparing loan documents, assessing loan risk, analyzing credit worthiness and other duties as needed.

Education Bachelor's degree in finance, business, or economics
Job Skills Statistical and math skills, time management, communication
Median Salary (2018)* $63,040 for loan officers
Job Growth (2016-2026)* 11% for loan officers

Source: *U.S. Bureau of Labor Statistics

Required Education

The typical credential for an entry-level career in home loan origination is a bachelor's degree in a field like finance, business or economics. Common courses in a 4-year bachelor's degree program include monetary economics, investment management, risk analysis, real estate investment, mathematics and statistics. Licensing requirements to become a home loan originator vary by state and may include coursework and examinations.

Job Skills

Home loan originators must have strong statistical, math and analytical skills. They should have good time-management skills because many clients may be working on a strict timetable. Good communication and interpersonal skills are also an important part of being a home loan originator.

Employment and Economic Outlook

The employment outlook for loan officers, including home loan originators, is average; the U.S. Bureau of Labor Statistics (BLS) projected that employment in this field will grow by 11% from 2016-2026. Many home loan originators and loan officers are paid on commission, but some may be salaried. As reported by the BLS, median annual earnings in this field for 2018 were $63,040; the highest paid ten percent of loan officers earned over $132,080.

Alternative Career Options

Consider these other choices for careers in finance:

Personal Financial Advisor

While advisors don't directly originate loans, they can help clients bring their financial goals to fruition through education and consultation. Advisors usually need a bachelor's degree and licensure if they're going to sell bonds, stocks or insurance policies. The employment projection for personal financial advisors was 15% for the 2016-2026 decade. The BLS 2018 salary data reported that advisors earned a median income of $88,890 per year.

Brokerage Clerk

Also known as sales assistants or account administrators, brokerage clerks watch stock prices, confirm account ownership, resolve customer problems and document security transactions. Many clerks have a college education. A job growth of 5% was reported by the BLS from 2016 to 2026. The median annual income of brokerage clerks was $51,400 as of 2018.

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