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How Do I Become a Loan Officer?

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  • Written By: N. Madison
  • Edited By: Jenn Walker
  • Last Modified Date: 29 October 2016
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The preparation you will need to become a loan officer may depend on the unique requirements of the employers in your area. Many employers prefer to hire loan officers who have degrees in finance or business, so earning a bachelor’s degree may give you a leg up over other job applicants. There are, however, some employers who may be willing to hire you as a loan officer without a degree, especially if you have experience in the banking industry. In fact, you may find it easier to land this job if you work your way up from within a financial institution instead of applying for the loan officer position without previous experience. Additionally, you can improve your chances of landing a job as a loan officer if you build your interpersonal and computers skills and can demonstrate that you are reliable and detail oriented.

Each prospective employer generally sets different requirements when it comes to hiring loan officers. In may cases, however, employers have a preference for individuals who hold degrees when it comes to these positions. As such, you may do well to seek a bachelor’s degree in a finance- or business-related major when you want to become a loan officer. Such a degree might give you a competitive edge against job candidates who have less education.

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While a college education may help you to become a loan officer, you still have a chance of landing this job without one. Some employers are willing to hire individuals who do not have degrees but do have experience in the banking or sales industry. In fact, you could decide to work up to the position of loan officer from an entry-level job with a financial institution. For example, you could start as a bank teller and gradually work your way up to becoming a loan officer. Likewise, you could begin your career as a customer service representative for a mortgage lending company and then work your way up to become qualified for a loan officer job.

Your skills are as important as your education and experience when you want to become a loan officer. Employers usually consider computer, organizational, and communication skills important when hiring loan officers. Likewise, demonstrating that you are reliable and detail oriented may help you to land this job. Additionally, many prospective employers will want to see that you are capable of following directions and able to work well independently.

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