We calculated that 17% of Loan Officers are proficient in Customer Service, Origination, and Loan Origination. They’re also known for soft skills such as Detail oriented, Initiative, and Interpersonal skills.
We break down the percentage of Loan Officers that have these skills listed on their resume here:
- Customer Service, 17%
Process payday loan agreements - Verify customer data for qualification - Collect on insufficient funds accounts - Provide excellent customer service
- Origination, 13%
Followed up leads for refinance loans gathered all applications and necessary paperwork to qualify applicants from origination to close of escrow.
- Loan Origination, 5%
Managed the entire life cycle of residential mortgages from application to closing with responsibility for loan origination, underwriting and servicing.
- FHA, 5%
Originate, support underwriting staff and close FHA, State Bond Programs, Conventional, and In-house non-conforming residential mortgage loans.
- NMLS, 5%
Completed quarterly updates on all regulations and requirements to maintain NMLS nationwide licensing program.
- Loan Products, 4%
Analyzed risk of lending money to proposed customers and recommended appropriate loan products to meet customer expectations and meet underwriting criteria.
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"customer service," "origination," and "loan origination" aren't the only skills we found loan officers list on their resumes. In fact, there's a whole list of loan officer responsibilities that we found, including: The most important skills for a loan officer to have in this position are detail oriented. In this excerpt that we gathered from a loan officer resume, you'll understand why: "each piece of information on an application can have a major effect on the profitability of a loan, so loan officers must pay attention to detail." According to resumes we found, detail oriented can be used by a loan officer in order to "prepared loan packages, carried out detail oriented processes and actively followed up throughout the loan process. " Another commonly found skill for being able to perform loan officer duties is the following: initiative. According to a loan officer resume, "loan officers need to seek out new clients." Check out this example of how loan officers use initiative: "designed, implemented, and evaluated staff training and development programs, customer service initiatives, and performance measurement criteria. " Loan officers are also known for interpersonal skills, which can be critical when it comes to performing their duties. An example of why this skill is important is shown by this snippet that we found in a loan officer resume: "because loan officers work with people, they must be able to guide customers through the application process and answer their questions." We also found this resume example that details how this skill is put to the test: "use appropriate interpersonal styles and communication methods to gain sale of loan products. "
See the full list of loan officer skills.
After discovering the most helpful skills, we moved onto what kind of education might be helpful in becoming a loan officer. We found that 61.1% of loan officers have graduated with a bachelor's degree and 6.0% of people in this position have earned their master's degrees. While most loan officers have a college degree, you may find it's also true that generally it's possible to be successful in this career with only a high school degree. In fact, our research shows that one out of every seven loan officers were not college graduates.
Those loan officers who do attend college, typically earn either a business degree or a finance degree. Less commonly earned degrees for loan officers include a accounting degree or a marketing degree.
Once you're ready to become a loan officer, you should explore the companies that typically hire loan officers. According to loan officer resumes that we searched through, loan officers are hired the most by PRMG, Regions Bank, and The PNC Financial Services Group. Currently, PRMG has 319 loan officer job openings, while there are 268 at Regions Bank and 101 at The PNC Financial Services Group.
If you're interested in companies where loan officers make the most money, you'll want to apply for positions at Bangor Savings Bank, American Airlines, and Mutual of Omaha. We found that at Bangor Savings Bank, the average loan officer salary is $66,316. Whereas at American Airlines, loan officers earn roughly $57,348. And at Mutual of Omaha, they make an average salary of $56,047.
View more details on loan officer salaries across the United States.
If you earned a degree from the top 100 educational institutions in the United States, you might want to take a look at Wells Fargo, Bank of America, and JPMorgan Chase & Co. These three companies have hired a significant number of loan officers from these institutions.