Can you be a loan officer without a college degree?

Can you be a loan officer without a college degree?

The good news is that you can get your mortgage loan originator license even if you don’t have a college degree. While some states may prefer you have at least a bachelor’s degree, it’s not a requirement. However, you’ll need proof of a high school diploma or GED.

How can I become a bank loan officer?

Key elements in the process

  1. Pursue graduation preferably in Economics or Commerce.
  2. Obtain experience in banking sector, by working in junior level positions.
  3. Seek and apply for the post of loan officer in public or private firms.

Do loan officers do a lot of math?

Skills. Loan officers use basic logic and math skills to evaluate risk, but they also need to be personable and able to work with a variety of different customers.

Do loan officers need degrees?

Loan officers typically need at least a bachelor’s degree, preferably in a business-related field such as finance, economics or accounting. Mortgage loan officers need a mortgage loan originator license, which requires passing an exam, at least 20 hours of coursework and background and credit checks.

Is it hard to be a loan officer?

Becoming a loan officer in California is not as hard as it sounds when you follow the right steps and remain focused on your goals. You will soon embark on a rewarding journey that marks the start of an exciting career. Depending on your dedication, you can meet the prelicensing requirements within a few months.

What kind of Education do you need to be a loan officer?

The following are steps you can take to become a loan officer. Although loan officers need at least a high school diploma, advanced positions such as commercial loan officers will require a bachelor’s degree in economics, finance, business or other related fields.

Do you have to go to college to be a mortgage officer?

No. They are the same, but the official title for the position is a MLO, according to the LoanOfficerLicense site. These officers assist customers with loan applications for cars, college tuition and homes.

What does a loan officer do for a bank?

What a Loan Officer Does A loan officer works for a bank or independent lender to assist borrowers in applying for a loan. Since many consumers work with loan officers for mortgages, they are often referred to as mortgage loan officers, though many loan officers help borrowers with other loans as well.

Do you make more money as a loan officer?

Some loan officers do work independently, but you won’t necessarily make more money, as you will need to cover expenses like broker insurance. Guess again! Yes! Choosing a particular kind of work, like becoming a mortgage officer, will allow you to focus your skill set and obtain more knowledge in that area.