Can you be a loan officer without a college degree?

A Diploma or GED

While some states may prefer you have at least a bachelor’s degree, it’s not a requirement. However, you’ll need proof of a high school diploma or GED. Even without a college degree, you can still make a significant amount of money as a loan originator.

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Similarly one may ask, can you be a loan officer with an associate’s degree?

Most loan officers have a certificate or associate degree. The most common area of study is Finance.

Consequently, do loan officers do a lot of math? Loan officers use basic logic and math skills to evaluate risk, but they also need to be personable and able to work with a variety of different customers. … Mathematics: a basic understanding of math and algebra is required to calculate interest rates and payment plans.

Simply so, do loan officers need a college degree?

Loan officers typically need at least a bachelor’s degree, preferably in a business-related field such as finance, economics or accounting. Mortgage loan officers need a mortgage loan originator license, which requires passing an exam, at least 20 hours of coursework and background and credit checks.

Do you need a degree to be an MLO?

One piece of good news is that you don’t need a specific degree to become involved in this field. MLOs typically come from a background in business, banking, economics, or finance, but it isn’t required.

How hard is it to become a loan officer?

Becoming a loan officer in California is not as hard as it sounds when you follow the right steps and remain focused on your goals. You will soon embark on a rewarding journey that marks the start of an exciting career. Depending on your dedication, you can meet the prelicensing requirements within a few months.

How much does a loan officer make?

Loan Officers made a median salary of $63,270 in 2019. The best-paid 25 percent made $92,960 that year, while the lowest-paid 25 percent made $44,840.

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