Loan officers analyze, evaluate and verify information contained in consumer loan applications. These positions require licensing and typically a bachelor's degree. Loan officers have a median annual salary of about $63,000 and their job outlook is about average.
Mortgage loan specialists, or loan officers, help consumers obtain a loan or mortgage when they are buying property, such as a house. Employers look for mortgage loan specialist to have a background in finance or business, along with licensure. A bachelor's degree is typically required. All states require that mortgage loan officers be licensed.
|Required Education||Bachelor's degree in business or finance|
|Licensure||Required state license|
|Projected Job Growth (2018-2028)*||8%|
|Median Salary (2018)*||$63,040|
Sources: * U.S. Bureau of Labor Statistics (BLS).
Education Requirements for a Mortgage Loan Specialist
Mortgage loan specialists analyze, evaluate and verify a client's background and credit history in order to approve a loan for the purchase of real estate. While many employers train mortgage loan specialists on-the-job, applicants are required to have, at minimum, a high school diploma. Employers may also look for individuals with background courses in business, accounting or finance. In addition, having coursework or job experience in real estate is beneficial. Several community colleges and vocational schools provide courses and certificate programs for students looking to become mortgage loan specialists. Mortgage loan specialists should have good computer skills and be able to use financial software.
Licensure and Certification
According to the U.S. Bureau of Labor Statistics (BLS), all mortgage loan specialists must be licensed (www.bls.gov). Requirements for licensure include 20 hours of coursework, a background check and the passing of an examination. Mortgage loan specialists are also required to continue their education in order to maintain licensure.
Organizations, such as the Mortgage Bankers Association, offer the Certified Mortgage Banker credential. While this type of certification is optional, it may enhance a job applicant's marketability. Continuing education may also be necessary to maintain this certification. Mortgage loan specialists may seek certification after acquiring at least three years of experience. They may be certified in commercial or residential.
Career Information for a Mortgage Loan Specialist
The U.S. Bureau of Labor Statistics (BLS) predicted jobs for loan officers, including mortgage loan specialists, would be good during the 2018-2028 decade, with a faster than average job growth of 8% (www.bls.gov). Jobs will be affected by increased lending activity in the recovering economy. In 2018, the median annual salary for loan officers was $63,040, according to the BLS.
Loan officers may only require a high school diploma and receive training on the job, but many positions may require a bachelor's degree. They also require licensing which includes coursework, a background check and passing an exam. Certification is available, but is typically optional.