Are you wondering how to become a loan officer without a degree? Continue reading to know more.
The Career of a Loan Officer
Are you someone that wants to be in charge of deciding if someone gets a loan or not? Then you should consider becoming a loan officer. A loan officer’s day usually involves authorizing, evaluating, and recommending approval for businesses or people that have submitted an application for a loan. Many movies often show loan officers as the bad guy but it is just a job. More often than not, applicants are truly not qualified for a loan. As a loan officer, you will work at a financial institution or a bank. You can work as a loan officer without a degree. Most of your knowledge with regards to this job will come through experience. Soon, you shall be approving loans right and left.
How To Become A Loan Officer Without A Degree
More often than not, loan officers do require a degree but you can become a loan officer without a degree. Officers gain training while working the job. However, you will need a license if you wish to become a mortgage loan officer.
Having a degree especially in finance or business will give you an edge as a loan officer. Loan officers often analyze the business’ finances that apply for credit. They must understand business accounting and should be able to read financial statements.
However, a loan officer can enter this field without a degree if they have work experience relating to this field such as customer service experience or previous job experience in the field of banking or sales.
After getting the job, you will receive training as a loan officer while doing your job. Most companies offer a sponsored formal training while also training the officer informally while he performs his job.
Registrations and Certifications
You will need a Mortgage Loan Originator license if you wish to be a mortgage loan officer. For the license, you will have to finish 20 hours of coursework, submit credit and background checks and pass an exam. You will have to renew your license every year.
You can join a course on being a loan officer. Many banking associations such as the Mortgage Bankers Association, American bankers Association, and various schools provide training programs, courses, and certifications to become a loan officer. These certifications are not necessary but they display expertise and dedication and may enhance your chances of being hired.
You need to have good decision-making skills to become a loan officer. You will have to assess the financial information provided by the applicant and decide if you wish to award them with a loan. You must also be detail-oriented. Any information about the applicant can have an effect on the loan’s profit chances, hence as a loan officer, you should be detail-oriented.
We hope we have answered your question on how to become a loan officer without a degree? You can read further about what a loan officer does here.