Loan Officers and Loan Originators

What are Loan Officers and What Do They Do?

Most loan officers are responsible for originating loans. Ins some state loan officers are called loan originators. They work for mortgage companies and other types of finance companies or financial institutions. They meet with potential borrowers, assist with filling out loan applications and documents, gather relevant documents, analyze borrowers’ credit worthiness and determine if
the borrowers’ qualify for the loan.
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What Skills and Abilities Do Loan Officers Need to Have?

Knowledge of accounting and finances are useful when entering this career. Potential loan officers should also possess good written and verbal communications skills. Excellent sales skills are also
necessary.

How Much Do Loan Officers Make?

According to statistics, loan officers earned an average annual income of $77,920 in May 2017.

In May 2016, the average annual income was $76,260, per statistics.

What’s in Store for Loan Officers?

Statistics show that between 2016 and 2026 employment was expected to increase 11.4 percent  for loan officers.

Are Any Loan Officers Self-Employed?

In 2016, 2.6 percent of loan officers were self-employed, per statistics.

What Training or Experience Do Loan Officers Need?

To become a loan officer, a minimum of a high school diploma or equivalent may be needed. Some on-the-job or formal training to become a loan officer  may also be required. Licensing to originate residential mortgage loans is required. Generally, the Division of Finance through applicable states will be able to provide any requirements for loan officer licensing.

By Kimberly Hodgkins

All written content has been contributed by Kimberly Hodgkins, Author of Careers That Pay Up To $150,000 Per Year With No Degree.

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SOURCES

1 U.S. Department of Labor, Bureau of Labor Statistics. Occupational Employment Statistics: Occupational Employment and Wages. Retrieved from (http://www.bls.gov/oes).

2 U.S. Department of Labor, Bureau of Labor Statistics. Occupational Employment Statistics: Occupational Employment and Wages. Retrieved from (http://www.bls.gov/data) Employment Projections.