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

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Wiki User
2008-04-24 19:49:02

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


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