How to Become a Mortgage Loan Officer

Three Methods:High School CoursesCollege WorkFederal Licensing

Loan officers help people procure loans for houses and businesses, among other things. Mortgage loan officers help people buy houses and other types of real estate. The education requirements can vary from state to state. All mortgage officers must be licensed by the federal government. This article will tell you how to become a mortgage loan officer.

Method 1
High School Courses

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    Take math (algebra) and accounting classes, if available.
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    Pursue economics and computer classes. Successful completion of some type of economics class is a requirement in most schools for graduation.
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    Apply for positions as assistants in real estate offices. In some states, you can start on-the-job training at this point.

Method 2
College Work

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    Check your state's licensing guidelines for loan officers. These can vary depending on the type of loans you want to process such as residential or commercial loans.
    • Each state has a different amount of education you must complete. This can range from certificate programs to bachelor's degrees. Some may require higher degrees.
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    Take courses in a certificate program at community or junior colleges. Some of these certificates can open up entry level opportunities as assistants or loan processors.
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    Earn an associate's or bachelor's degree if your state requires it. There are several types of degrees that can lead to a mortgage loan officer career that can include finance, economics or marketing.
    • Enrolling in extra courses in accounting, business or marketing can help. Many of these fields are interrelated, which means taking classes in all these fields can be useful.

Method 3
Federal Licensing

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    Complete the required 20 hours of coursework. This required work can be included in your degree studies, or can be a separate class.
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    Pass a background check and a written exam. If you have been charged with a felony, you cannot legally work as a mortgage loan officer in the United States.
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    Continue your education as a requirement of your licensing. This continuing education is often offered by your employer and can lead to career advancements.

Tips

  • Having good people and sales skills can also be an advantage in this field.

Article Info

Categories: Finance Careers