answersLogoWhite

0

  • Personal Finance
  • Loans
  • Job Training and Career Qualifications
  • Education
  • Money Management

What kind of education do you need to become a loan officer?

User Avatar

Wiki User

βˆ™ 2008-04-24 19:49:02

Best Answer
Copy

The US Department of Labor (http://stats.bls.gov/oco/ocos018.htm) has some good information about loan officers, including information about training, education, job outlook, employment, and salary, etc.

Loan officers typically need a bachelor's degree in finance, Economics, or related fields. Job experience in banks, credit unions, etc., is also highly valued by employers. There is no official licensing for loan officers who work in bank and credit unions, but additional education may be required for those desiring to work in mortgage bank and brokerages. Some types of loan officers, for example those working with home buyers, may be required by some States to obtain various licenses.

Loan officers need to be willing to represent their employer at community events, have good interpersonal, communication, and sales skills. Also loan officers must have computer knowledge with banking programs/applications/etc.

Various banking associations and private school offer courses and training for those interested in becoming a loan officer. The Bank Administration Institute (http://www.bai.org/), an affiliate of the American Banker's Association (http://www.aba.com/default.htm), offers the Loan Review Certificate Program. The Mortgage Bankers Association (http://www.mbaa.org/) offers the Certified Mortgage Banker (CMB) designation to loan officers in real estate finance.

Go to the US Department of Labor (http://stats.bls.gov/oco/ocos018.htm) for more information concerning education and training for loan officers.

-Madame Librarian

2008-04-24 19:49:02
This answer is:
πŸ€“
🀯
πŸ€”
User Avatar

Your Answer

Loading...

Related Questions

How do I become a loan officer?

You can get training to become a loan officer at your local college. It is a very sought after career.


What kind of education do you need in order to become a creditor?

None. You only money to loan to debtors.


Do you know of any good loan officer schools ?

We offer loan officer training, job placement assistance, and free continuing education to loan officers. Mortgage lending is one of the best kept secrets in business! ... training programs that can help you excel as a mortgage loan originator and .. Find Mortgage Loan Officer salaries, interviews, reviews... posted by 389 ... Are there schools that offer how to become a Loan Officer in a classroom setting? ... Do you have any tips to help prepare for an upcoming mortgage loan officer ... What are the top 3 traits or skills every mortgage loan officer must have to excel? Can ...


What are the requirements to become a bank loan officer?

A bachelor


What qualifications do I need to become a loan officer?

In order to become a loan officer you must a high school diploma. Many loan officers require a bachelor�۪s degree for commercial loan officers; previous banking, lending, or sales experience.


Can you get the the education loan?

Yes, if you are eligible you can get an education loan


Can a student loan be discharged when you become disabled?

Depends on the student loan type and whether or not your disability is total and permanent. I have a new york higher education loan.


How can one become a loan broker?

To become a loan broker you first need to find out whether your state requires you to be licensed. If you do need to be licensed then you need to apply for an application and undergo a criminal check and have your finger prints taken. Whether or not you need to be licensed, you still need to have a good education in business and finance. Upgrading your education in loan training program can assist and help develop the kind of knowledge you need.


Can I get a loan officer license online?

You can take the courses to be a loan officer online. Most schools are accredited, but you still will have to take the national test to be a certified loan officer.


What does it take to be a loan officer?

Loan officers are generally associated with banks, financial institute who offers loan to customer. Loan officer directly originate loan from the financial institute for the customer.


What is the difference between credit officer and loan officer?

credit officer assesses the capacity to pay of the client. loan officer extends loans to the assessed cleint


What education should one have if one wants a loan officer job?

To qualify for a loan officer job one needs a high school diploma, a bachelors degree in finance or economics and complete some on the job training. One can apply for such jobs on Monster.


What is an education one loan?

it is the student loan


How can one get a loan officer license?

Becoming a loan officer required a high school education and an ability to deal with customers. Most mortgage companies will offer courses for becoming a licensed loan officer. When you complete the training offered by the mortgage company you take an exam and from obtain your license. You can also receive training online, one such site for this training is http://www.campusmba.org/CertificatesandDesignations/SpecialistsDesignations/clo.htm.


When was John Allison a manager of loan officer development?

1972-1973, manager, loan officer development program


How do I file for a home loan at my local bank?

Simply make an appointment to see a loan officer. At that time you can speak with the officer about the type of loan you are looking for and they will provide you with the paperwork required to file a loan.


How do you get a student loan?

You will have to visit your bank to get a education loan.


What are the responsibilities of a mortgage loan officer?

There are numerous responsibilities of a mortgage loan officer. These include making sure the client can afford the mortgage, an appropriate loan to value is offered, and that the loan is compliant with company policy.


Where could I attend training to become a loan officer in Houston?

The loan company that you will be working for will be able to provide the training. This is often a mix of both classroom as well as web based training.


Where is the loan officer on Skullduggery Island?

The loan officer is on the second floor of the Golden Harbor Bank (far right) at Golden Harbor.


How does one become a commercial loan officer?

In order to find out about a commercial loan officer one can go to the relevant website and get information. Also one can get more information from the library books about this issue. Alternatively one can consult an expert in this subject to get detailed information in this field.


How do you write a letter to bank for education loan?

You can write a letter to a bank for an education loan by first addressing the proper authority, such as the bank manager. You need to explain why exactly you are applying for an education loan.


Sample letters for requesting education loan?

study loan


What would someone that does loan applications be called?

That would be a Loan Application Officer.


What is the duty of a loan officer?

The duty of a loan officer is to take applications for loans and mortgages. The loan officer must look to protect both the interest of the client and of the lending institution. They will do credit checks on customers, and follow up with delinquent payments.