Become A Mortgage Loan Officer

To become a mortgage loan officer is to play an important role in the community. Although markets may fluctuate, real estate will always be a popular field in which to work. Mortgage loan officers are well paid individuals, potentially earning over $80,000--even $100,000--a year.

Mortgage loan officers can be found in financial institutions or brokerage firms. They must demonstrate a competency with real estate and loan terminology. Other aspects of the field require them to read and interpret credit reports, promote loans to potential customers, take applications, and help clients through all aspects of the loan process. There are additional elements to the job, which include creating loan applications (origination), approving or denying loans (underwriting), closing loan applications, and selling closed loans to investors (secondary marketing).

What It Takes to Become a Mortgage Loan Officer

The mortgage banking industry is regulated at the federal and state level. If you're serious about wanting to become a mortgage loan officer, find out what your state requires in terms of licensing, certification, experience, education, and insurance. Be aware that a credit and criminal background check is often conducted.

Be sure to understand the experience and education needed to become a mortgage loan officer. Some of the more fundamental skills include computer literacy, interpersonal communication, the ability to maintain professional relationships, and sales. Bilingual skills are a plus. As for educational background, a college degree in economics, finance, or related field is desirable, but one can become a mortgage loan officer after having extensive experience as a bank teller or customer service representative.