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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