# 1: get a bachelor’s degree
In reality, loan officers need a high school diploma at the very least. But advanced positions like commercial loan officers need a bachelor’s degree in business, economics, finance, or other related fields.
However, earning a degree in any of these fields can prepare a business loan officer to study business finance, read financial statements, and understand business accounting principles.
Additionally, the courses for these programs are accounting , mathematics , finance, economic statistics, and business statistics.
Additionally, loan officers must have excellent interpersonal and communication skills to be successful in this position. This is necessary so that they can clearly answer any questions clients may have and guide them through the loan application process. However, if you are in school, you should take courses in communications , public speaking, and psychology .
# 2: get the required work experience
Many employers always prefer loan processors with previous experience. In fact, this is especially true for those who do not have a bachelor’s degree and are looking for employment. from high school .
However, future loan officers can thrive in the field by seeking employment with various companies, such as customer service, banking, and sales.
# 3: thorough training on the job
Basically, participating in on-the-job training is a requirement, despite your title as a loan officer. The type of training you receive may vary depending on the work environment.
Additionally, it may involve a combination of informal training and company-sponsored training. Certainly training with certain software is part of the on-the-job training one should expect, especially those who are into underwriting mortgages.
# 4: Purchase a Mortgage Loan Officer License
Importantly, in order to practice and be more efficient in your duties, you must be a Certified Mortgage Loan Originator (MLO). Well, this process includes finishing the required 20 hour course, passing an exam, and a credit with a background check.
Additionally, the MLO exam has a national component and a state component that is special to each state.
Additionally, completion of continuing education credits is required to maintain an MLO license, and must be renewed each year. Additionally, this generally requires completing eight hours of continuing education courses per year.
# 5: get certified
Honestly, certification is not a prerequisite for loan processing officers, although obtaining a license can improve job prospects. Basically, you can get more opportunities from the Mortgage Bankers Association (MBA) and the American Bankers Association (ABA) once you are certified. Certifications offered by the ABA include:
- Lender Certified Commercial Banking (CLBB)
- (CTFA) Certified Trust and Finance Advisor
- Certified Financial Marketing Professional (CFMP)
Actually, the MBA offers different certification options for mortgage bankers, such as commercial, residential, executive, and teacher. Additionally, these qualifications require at least a small amount of work experience, successful completion of an exam, and completion of continuing education courses.
In addition, the certifications offered by the ABA are always renewed every three years. The certification renewal process will be different and may involve completing continuing education credits, paying an annual fee, and adhering to the Code of Professional Ethics of the Institute of Certified Bankers.
Therefore, the CMB names offered by the MBA must be revived every two years.