Loan Originators

Loan originators generate loans for their banking companies. They call on clients and seek potential customers for various loan programs. They also answer customers' questions, take loan applications, and guide clients through the loan process.

Loan originators are a major sales force in the lending industry. Much of their job consists of promoting new and extended loan business for their financial institutions. The most successful loan originators maintain relationships with potential customers so that when these potential customers need a loan, they are more apt to seek the services of those loan originators.

Information for Aspiring Loan Originators

Persons interested in being loan originators should know what their state requires in terms of registration, licensing, training, insurance, and brokering experience. Civil and criminal background checks are often performed as part of the certification process. As for other prerequisites, successful loan originators have previous sales experience that can be applied to the mortgage and lending industry. A college degree in finance, economics, or a related field is a plus. Other desired skills include excellent interpersonal communication, computer skills, and being able to work flexible hours. Employers also highly value bilingual skills.

In 2000, the median salary for a loan originator was $41,420; salaries can range from $24,200 to over $80,000 per year. As for working conditions, loan originators should be prepared to spend much of their time away from the office and to rely on computers and mobile equipment to keep in contact with their customers and employers. Because most loan originators are free to take on as many clients as they choose, they often work more than 40 hours a week.