Average Mortgage Loan Officer

Position: The Average Salary of a Mortgage Loan Officer

In these tough economic times, not many people have enough money to pay from their pocket to buy a property. Whenever someone needs to purchase a house or space for an office or business, he or she usually needs a financial loan. It is when they require the help of a mortgage loan officer. The loan officer is the main person that makes it possible for borrowers to secure a loan.

If you want to create profits for financial firms and aid borrowers to secure the money they need, this job is suitable for you. Today, we will discuss everything about this job; loan officer salary, their schedule, education, and the demand for their services.

What is a Mortgage Loan Officer?

Before we talk about mortgage loan officer salary, you should know about this job. It requires you to assist people in search of loans to buy real estate. You would be required to analyze the borrower’s line of credit and find out how much money they can borrow. In other words, you will be the one the borrowers will consult first before submitting their loan application.

What

Skill do you require to become a Mortgage/Bank Loan Officer?

A proficient bank loan officer has the following skills in his/her arsenal. Excellent understanding of:

• Reverse Mortgages
• Retail Mortgage
• Mortgage Banking Experience

With the required skills, a mortgage loan officer can advance to become a Loan Officer, a Mortgage Loan Processor, or a Compliance Officer. It is worth noting that only the Loan Officer can progress to achieve a Senior Loan Officer or a Bank Manager position.

How To Become A Mortgage Loan Officer?

A mortgage loan officer’s job comes with some advantages, but you can only survive in this industry if you are willing to go the extra mile and have the dedication to help people in dire need of money. To apply for this job, you should have an undergraduate degree plus a license.

Education Requirements

As a bank loan officer, you should be equipped to review the finance and credit of prospective borrowers. For this, you ought to get a Bachelor’s Degree in Business or Finance. Here you will study accounting to get a good understanding of finance. If the subject sounds daunting to you, don’t worry there are a lot of services nowadays that provide outsource accounting services at a reasonable price so you don’t have to bury your head in number crunching.

That said, you do not necessarily require a bachelor’s degree to get a mortgage loan officer job. Some financial institutions may also employ those with some practical banking, customer service, or sales experience.

Licensure and Certification

Regardless you have a bachelor’s degree or hands-on banking experience, you should have a Mortgage Loan Originator (MLO) license to apply for the job. For this purpose, you should finish 20 hours of pre-licensure training and pass the Nationwide Multistate Licensing System & Registry (NMLS ) exam.

For better prospects in this field, it is wise to get a Mortgage Loan Officer Certification. You may find various postsecondary schools and banking organizations, like the American Bankers Association and the Mortgage Bankers Association, suggesting courses, training curriculums, and certifications.

How Long Does It Take to Become a Loan Officer?

It rests on your educational background and skills. If you are a novice with no degree or experience, you will need to register for a bachelor’s degree that takes around four years. In case you do not want to enroll in a bachelor’s program, you have to have two to four years of experience in a financial organization. Additionally, you must possess good skills, knowledge, and strong relationships in the industry.

With a degree completed or experience gained, you still have to wait for many weeks or months to obtain your license. How much time it will take to receive your license would hinge on the NMLS exam and its score. You must have a score of 75% or more. If you fail, you will have to wait for 30 days to reappear.

Three successive attempts to this exam with a score less than 75% put you in a grave situation. You have to wait 180 days after that to repeat the exam.

What is Salary Range for Mortgage Loan Officers?

While the majority of…