USA Career Guide- Loan Officers

Education & Licenses needed to be Loan Officers

Most loan officers need a high school diploma and receive on-the-job training. Commercial loan officers, however, generally need a bachelor’s degree in finance, business, economics, or a related field. Mortgage loan officers must be licensed.


Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, mortgage loan officers must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks.


Taking up certifications increases your chances of employment opportunities. Several banking associations and schools offer courses or certifications for loan officers. The American Bankers Association and the Mortgage Bankers Association both offer certification and training programs for loan officers.

Pay of Loan Officers

As per BLS the median annual wage of loan officers was $56,490 in May 2010. The lowest 10 percent earned less than $30,930, and the top 10 percent earned more than $112,370.

The form of compensation varies widely by employer. Some loan officers are paid a flat salary; others are paid on commission.

Job Prospects of Loan Officers

Employment of loan officers is expected to grow 14 percent from 2010 to 2020, as fast as the average for all occupations. The need for loan officers fluctuates with the economy, generally increasing in times of economic growth, low interest rates, and population growth—all of which create demand for loans.

 Job opportunities should be good for those with a college degree and lending, banking, or sales experience. In addition, some firms require loan officers to find their own clients, so candidates with established contacts and a referral network should have the best job opportunities.

Industrial Overview of Loan Officers

Loan officers held about 289,400 jobs in 2010, about 86 percent of which were in the credit intermediation and related activities industry. This includes commercial banks, credit unions, mortgage companies, and other financial institutions.  
Connect me with the Top Colleges
First Name:
Last Name:
E-Mail ID :
You live in:
Mobile Number:
You want to study in:
Highest Level of Education:
Study Preference:
You want to Study:
Need an education loan?
loading Processing...

Usa Select a Country

Our Network :