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Loan Officer Requirements & Qualifications

December 21, 2017 by jWeb Media

You want to pursue a career as a loan officer, congratulations! This high-reward career is perfect if you want to help people achieve their dreams of homeownership in addition to having a stable, flexible job.

But what are the requirements and qualifications of a loan officer and how do you get them?

Educational & Experience Background

To begin your path to becoming a loan officer (also known as a mortgage loan originator) you must first have a good educational background. What is required is that you have at least a high school diploma, but a bachelor’s degree in finance, economics, business or other related field is preferred.

It is also preferred that you have a background in banking, sales, or lending as this shows a potential employer that you have the experience necessary. However, this is not required as loan officers can come from all walks of life.

Loan Officer Educational Requirements

Next, you must choose which state you would like to practice in. Each state has its own requirements and educational rules, so be sure to follow these. For example, Missouri requires 20 pre-license education hours total. But the general requirements are:

  • 20 hours of pre-license education
  • Submit fingerprints and a background check
  • Submit a credit report
  • Pass the National Component of the S.A.F.E. mortgage test

After you have become a loan officer, you will be required to take up to eight hours of continuing education courses every one to three years. This will keep you up to date on all the latest information and allow you to keep your loan officer license.

Loan Officer Certifications

When you apply to become a mortgage loan officer, you will have to choose what kind of certifications you desire. For example, there are two types of loan officers: Commercial and residential. This means that you will specialize in either commercial or residential properties.

While you do not have to acquire a certification, it is recommended as it will improve your chances of being hired. The Mortgage Bankers Association (MBA) and the American Bankers Association (ABA) both offer certification courses for you to attend.

Apply For A Loan Officer Position With Cornerstone Mortgage Today!

Filed Under: Blog, Mortgage Companies Tagged With: loan officer, loan officer certifications, mortgage loan originator

The information provided on these posts have been prepared by a third party company and have been distributed for education purposes only. The positions, strategies or opinions of the authors do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax adviser for full eligibility requirements on tax deduction.

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© 2018 · Cornerstone Mortage, Inc · Sitemap ·
Guild Mortgage Company is an Equal Housing Lender; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. OR ML-176;Georgia Residential Mortgage Licensee; GA #6268; NV Banker #1076/NV Broker #1141; AZ BK #0018883; Licensed by the Mississippi Department of Banking and Consumer Finance. Illinois Residential Mortgage Licensee. Kansas Licensed Mortgage Company. Rhode Island Licensed Lender. Licensed by the New Hampshire Banking Department. http://www.nmlsconsumeraccess.org/ Company NMLS ID 3274. All information, loan programs & interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction. Guild Mortgage Company is an Equal Opportunity Employer. Guild Mortgage Company 5898 Copley Drive San Diego, CA 92111 |State of Missouri Principal Location: 11730 Fenpark Drive, Suite 1003, Fenton, MO 63026.Brought to you by Jweb Media.

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