How To Become A Loan Broker: What It Is and Career Path

What is a loan broker and how to become one

Updated January 8, 2025

2 min read

There is more than meets the eye when it comes to being a loan broker. For example, did you know that they make an average of $57.59 an hour? That's $119,784 a year! Between 2018 and 2028, the career is expected to grow 4% and produce 12,600 job opportunities across the U.S.

ScoreLoan BrokerUS Average

Salary

8.1

Avg. Salary $119,784

Avg. Salary $59,228

Stability level

7.3

Growth rate 4%

Growth rate 0.3%

Diversity

5.4

Race

American Indian and Alaska Native 0.47%

Asian 6.25%

Black or African American 9.09%

Hispanic or Latino 15.75%

Unknown 4.63%

White 63.81%

Gender

female 41.24%

male 58.76%

Age - 44

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 44

Stress level

7.3

Stress level is high

7.1 - high

Complexity level

8.8

Complexity level is advanced

7 - challenging

Work life balance

5.6

Work life balance is fair

6.4 - fair

Key steps to become a loan broker

Explore loan broker education requirements

Most common loan broker degrees

Bachelor's

59.4 %

Associate

13.5 %

High School Diploma

11.0 %

Start to develop specific loan broker skills

Skills	Percentages
Financial Statements	22.48%
Customer Service	22.26%
Loan Applications	10.45%
Commercial Loans	8.36%
Loan Process	7.30%

Complete relevant loan broker training and internships

Accountants spend an average of 6-12 months on post-employment, on-the-job training. New loan brokers learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a loan broker based on U.S. Bureau of Labor Statistics data and data from real loan broker resumes.

Research loan broker duties and responsibilities

Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Prepare loan packages for submittal to SBA.
Quoted rates for various scenarios, and lock FHA and VA loans.
Engage in full spectrum of commercial lending SBA, conventional and non-conventional.

Prepare your loan broker resume

When your background is strong enough, you can start writing your loan broker resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a loan broker resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose from 10+ customizable loan broker resume templates

Build a professional loan broker resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your loan broker resume.