Loan Officer Career Review (2021) – Salary, Jobs, Education reviews

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Timecodes

0:00 – Intro
0:22 – What is a Loan Officer?
1:41 – How To Become a Loan Officer?
2:22 – Loan Officer Compensation
6:17 – Loan Officer Jobs Market
9:13 – Loan Officer Myers-Briggs Personality Type
9:46 – Conclusion

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But let’s see if being a loan officer is right for you:

What is the average salary of a loan officer?
What is the job market like for loan officers? Would it be hard for you to get a job?
Would this occupation be compatible with your personality and interests?
What kind of education do you need to become a loan officer?
What will happen to loan officers ten years from now?
Let’s get started.

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and to upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Some commercial loans are so large and complex that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans.

Consumer loan officers specialize in loans to people for a variety of uses, such as buying a car or paying college tuition. For simple consumer loans, the underwriting process may be fully automated. However, the loan officer still guides applicants through the process. Some institutions—usually small banks and credit unions—rely on loan officers to complete the underwriting process instead of using underwriting software.

Mortgage loan officers specialize in loans that are used to buy real estate (property and buildings). Mortgage loan officers work on loans for both business and residential purchases. Often, these officers seek out clients, which requires them to develop relationships with real estate companies and other sources that can refer prospective borrowers.

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make payments. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments on secured loans—those involving collateral, such as a home or a car, that the borrower uses to secure the loan—these officers start the process of taking away the asset and selling it to repay the loan.

Loan underwriters specialize in evaluating whether a client is creditworthy. Underwriters collect, verify, and evaluate the financial information that clients provide on their loan applications and then use loan underwriting software to produce recommendations.

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5 reviews for Loan Officer Career Review (2021) – Salary, Jobs, Education reviews

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  1. Samone – Check out my channel

    Tomorrow's my first day of training as a mortgage loan officer! We don't need any college education, even if a job posting says so, it's usually just a preference. As far as commercial loan officers, I believe most states don't require extra licensing on top of our original licensing to become one.

    I'm not sure what consumer loan officers need or if they even need a license, because some positions don't require a license– like working at a bank, you become registered but not licensed– but thats not a consumer loan officer that's a mortgage loan officer. Just saying that maybe it's similar in that sense

    For MLOs, most positions are commission only, unless you work at a bank or call center.

    Aaaaand I'm an ENFJ

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  2. James Roscoe

    I've heard an MLO should strive to call 100 contacts a day. What are the nature of these calls exactly? Because with the other tasks that need to be taken care of as well it seems like a lot of time spent. I'm just curious.

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  3. Thaleia West

    Can you do radiation therapist?

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  4. Demon Muziker

    Your information is so wrong. NO agent is making base salary of 104k yearly. Its called commission plus average agents make 74k in NY.

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  5. Demon Muziker

    No you don't need college degrees. You will need high school diploma and NMLS license.

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    Loan Officer Career Review (2021) – Salary, Jobs, Education reviews
    Loan Officer Career Review (2021) – Salary, Jobs, Education reviews

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