Most banking institutions prefer to hire loan officers who have earned at least a bachelor’s degree. Loan officers usually hold a bachelor’s degree in finance or a related field such as business or accounting.
Besides, 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.
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.
Moreover, do I need a degree to be a loan officer?
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 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.
How do I train to be a loan officer?
Mortgage Loan Officers need to be licensed by the state in which they do business, which means they must complete the pre-licensing education requirements, pass the state and national SAFE / NMLS exam, then take eight hours of annual continuing education courses to maintain their license.
Is being a loan officer a good career?
The loan amounts you close and your basis points are going to depend on where you work and where you’re located because it’s going to be tied to the average home sale price in your area. Overall, being a loan officer is a very rewarding career and has the potential to pay very well.
Is it difficult 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.
What is the average salary of a loan officer?
Loan Officer Salaries
| Job Title | Salary |
|---|---|
| Hana Financial Group Loan Officer salaries – 1 salaries reported | $35,213/yr |
| Sharons Credit Union Loan Officer salaries – 1 salaries reported | $43,603/yr |
| AAR Financial Loan Officer salaries – 1 salaries reported | $13/hr |
| KEB Hana Bank Loan Officer salaries – 1 salaries reported | $34,300/yr |