How Much Does a Loan Officer Make?

How much does a loan officer make? This is a question that we are often asked here at ABC Loan Company. We have compiled a list of the most common answer to this question to help you out.

Checkout this video:

Job Description

Loan officers are responsible for evaluating, authorizing, or recommending approval of loan applications for people and businesses. They work in banks, credit unions, and other financial institutions. They typically work full time, and some may work more than 40 hours per week.

What Does a Loan Officer Do?

Loan officers typically work in banks, credit unions, and other financial institutions. They help individuals and businesses secure funding by evaluating loan applications and proposing appropriate loan products.

Loan officers must be able to analyze complex financial information and make sound decisions. They must also be able to clearly communicate their recommendations to customers and colleagues. Strong customer service skills are essential in this role, as loan officers frequently interact with customers who are seeking loans.

Loan officers typically have a bachelor’s degree in finance, accounting, or a related field. Many loan officers also complete on-the-job training, which can last up to one year. Loan officers must be licensed in most states.

Key Skills and Qualifications

Loan officers typically need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education requirements for loan officers vary by company, but the best candidates hold a bachelor’s degree in a finance-related field. Some companies prefer applicants with master’s degrees. Many loan officer positions also require certification through the National Association of Mortgage Bankers (NAMB) or the Mortgage Bankers Association of America (MBAA).

Loan officers must complete continuing education courses each year to stay up to date on changes in the industry and to maintain their licenses. Some states require loan officers to take extra steps, such as passing an exam or completing an internship, before they can earn their license.

Most loan officer positions require some on-the-job training, which can last up to a year. During this time, new loan officers work under the supervision of an experienced loan officer and learn the ins and outs of the job. They also learn about specific products and services offered by their company.

Education and Training

To become a loan officer, you will need at least a high school diploma or equivalent. Some jobs may require you to have a bachelor’s degree in finance, economics, or a related field. Once you have your education, you will also need to complete on-the-job training. After you have completed your education and training, you will be ready to start your career as a loan officer.

How to Become a Loan Officer

Most loan officers need at least a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education
Loan officers typically need at least a bachelor’s degree, although some jobs may require only a high school diploma or equivalent. Many companies prefer applicants with degrees in business, economics, accounting, finance, or a related field. Mortgage loan officers must be licensed.

Training
Loan officers receive on-the-job training to learn the specific skills needed for their job, such as the types of loans and lending terms. Officers also receives training in customer service techniques and basic computer applications. Some companies offer management trainee programs for entry-level loan officers.

What Are the Education and Training Requirements?

To become a loan officer, you will need at least a high school diploma. Many programs will require some college coursework, and some may require an associate or bachelor’s degree. You can complete an internship program to gain hands-on experience in the industry as well. Some employers may also require you to take continuing education courses to stay up-to-date on industry changes.

Salary and Job Outlook

Loan officers held about 332,800 jobs in 2012, according to the U.S. Bureau of Labor Statistics. The median annual wage for loan officers was $63,650 in May 2012. The lowest 10 percent earned less than $31,700, and the highest 10 percent earned more than $131,490.

What Is the Median Salary for a Loan Officer?

As of May 2018, the median annual salary for loan officers was $64,660, according to the U.S. Bureau of Labor Statistics. The top 10 percent of earners made more than $130,590, while the bottom 10 percent brought home less than $31,040. Loan officers employed by securities and commodities firms averaged $93,280 per year, while those working in depository credit intermediation earned a median wage of $61,740.

What Is the Job Outlook for a Loan Officer?

The job outlook for a loan officer is expected to grow by 5% from 2019 to 2029, which is average growth when compared to other occupations.1 The median salary for a loan officer in the United States is $63,270 per year.2

Loan officers typically need at least a bachelor’s degree in finance, economics, or a related field. However, some employers may prefer candidates who have a master’s degree in business administration (MBA) with a concentration in finance.

Loan officers must be licensed in most states. To become licensed, loan officers must complete 20 hours of pre-licensing education and pass an exam. Some states also require loan officers to take continuing education courses to maintain their license.