Tag: mortgage license

Credit and Mortgage

How Can I Become a Mortgage Loan Officer?

mortgage loan

Have you ever thought about becoming a mortgage loan officer? It’s not as complicated as it sounds! Let’s discuss what exactly a mortgage loan officer is, how you can become one and what to expect in regards to job requirements and salary potential once you are ready to work.

What is a mortgage loan officer?

Mortgage loan officers are usually banking professionals that specialize in helping borrowers secure loans to either finance or refinance the mortgage on their home or business. A mortgage loan officer will meet with the prospective borrower, usually at a bank or their office, help evaluate their finances and borrowing potential. The way the the mortgage loan officer evaluates this is by running a credit score and report, their current and future income, employment status and general financial status. The purpose of all this is to make sure that the borrower is and will hopefully continue to be able to pay back any potential mortgage loan. Based on the information obtained, the mortgage loan officer will come up with an offer (in most, reasonable cases) that the borrower can decide whether or not to take.

What is required to become a mortgage loan officer?

To become a mortgage loan officer, you must have a minimum of a high school diploma. However, to have a real chance, you should have a bachelor’s degree (preferably in a field like economics or finance). Once hired, you’ll receive on the job training and well eventually be required to be licensed. This license requires about twenty hours of coursework and passing a written exam and background check. To stay up to date with your license, you’ll have to keep up with continuing education (or CE’s). You also can’t have any felonies and maintain your mortgage loan officer license.

What should I expect once I’m a mortgage loan officer?

The average salary for a mortgage loans officer is between $45,000 and $65,000 a year. The amount you’ll get paid depends on where you work and what the financial climate is, as obviously the housing market significantly affects how many mortgage loans officers are needed. As long as you are staying on top of your continuing education so that your license stays current, you should be able to keep your standing and not have to go back through mortgage loans officer training. After you’ve worked in the industry for awhile, you could also go on to own your own office and manage a team of mortgage loan officers. Most of the time, clients come to you but you should also be prepared to market yourself as well.

If you’re trying to figure out the right career for you and are looking into completing mortgage loans officer training, it’s good to know a little more about what all that entails and what you can expect after you complete it. Although it may vary with the economy, getting your mortgage loans officer license can be a great help in finding a future career in the industry!

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Credit and Mortgage

How to Become a Loan Officer?

 Loan officer training is vastly sought after today and it’s quite easy to understand why that is. Right now, there are millions each and every day searching for a loan, whether it’s an automobile loan, mortgage or general loan. Loans are in great demand as so too are the services of a loan officer. It can be a real rewarding career that will have you meeting new people every day and being responsible for giving or refusing them a loan. However, how can you get into this field? How to become a loan officer?

Look Into Loan Officer School Training

There are many good learning institutes that offer basic classes in this field. These will allow you to learn the basics of becoming a loan office agent and what the basics of this area are. Anyone can become a loan officer as long as they are of legal age. There are no formal degrees required so you don’t have to have attended college or university. While training schools are useful, they aren’t always needed as many now work from the bottom up as they learn. However, they could hold an advantage if you wanted to go down this route.

Find Employment in the Banking Sector

For most, they are going to work their way up from the bottom of the ladder which isn’t a bad thing. You can learn a lot from the bottom and early mistakes can be forgiven; also, you have something to work towards which keeps you motivated. Becoming a bank teller would be a good starting position simply because here you learn all the little things about finance and how the banking system works. This will be greatly needed later. Loan officer training can often start here as tellers deal with customers on a daily basis and learn the smallest details of banking. Check here !

Working up the Ladder

Once you have gained sufficient experience as a teller, you can hopefully make the move to customer service representation. A customer service agent or representative assists loan officers in day-to-day tasks. For instance, the reps can be given the task to look into potential applicants who aren’t eligible for certain loans. A loan officer sees hundreds of applicants in a week so they do require extra help. This is a great position for you to take as it gives you more experience and you understand this field far more as well. When you have once again gained the necessary experience, you can make the move to loan officer. This is when you will require the help from representatives to find suitable candidates for the loan.

Working towards the Goal

It does seem a lot to reach the ultimate goal of becoming loan officers but don’t let that put you off. You do need experience but it doesn’t have to be twenty years to reach your goal; within a matter of a few short years, you could become the loan officer. That is something you must remember. A lot turn away from the idea as they think it’s a long process they aren’t looking for. However, that doesn’t always have to be the case. Loan officer training can be pretty simple and good loan officers are always needed. Visit this site for more information : http://www.loanofficerlicense.net