If you've ever tried to get a bank loan or mortgage, the chances are that you've encountered a loan originator. They are the door to getting a loan, and they hold your hand through the process.

The job of a loan originator is two-fold. First, they convince the borrower that their loan schemes are the best. Secondly, they help borrowers choose loans with the most suitable conditions. As a loan originator, you may be paid on commission, which makes you a salesman.

Other responsibilities associated with this career path include evaluating borrowers' financial history, submitting loan applications, and providing continued assistance to the borrowers.

There are no specific educational requirements for this profession. However, you'll need to register with the Nationwide Mortgage Licensing System and Registry (NMLS) and pass the required national exam. You'll also need sales-related skills like persuasion and listening.

What Does a Loan Originator Do

There are certain skills that many loan originators have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.

Learn more about what a Loan Originator does

How To Become a Loan Originator

If you're interested in becoming a loan originator, one of the first things to consider is how much education you need. We've determined that 61.3% of loan originators have a bachelor's degree. In terms of higher education levels, we found that 6.3% of loan originators have master's degrees. Even though most loan originators have a college degree, it's possible to become one with only a high school degree or GED.

Learn More About How To Become a Loan Originator

Loan Originator Career Paths

Average Salary for a Loan Originator

Loan Originators in America make an average salary of $41,291 per year or $20 per hour. The top 10 percent makes over $60,000 per year, while the bottom 10 percent under $28,000 per year.
Average Loan Originator Salary
$41,291 Yearly
$19.85 hourly
$28,000
10 %
$41,000
Median
$60,000
90 %

What Am I Worth?

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Loan Originator Education

Loan Originator Majors

36.8 %
9.9 %

Loan Originator Degrees

Bachelors

61.3 %

Associate

16.9 %

High School Diploma

9.6 %

Top Colleges for Loan Originators

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339

Top Skills For a Loan Originator

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 16.8% of loan originators listed customer service on their resume, but soft skills such as detail oriented and initiative are important as well.

Choose From 10+ Customizable Loan Originator Resume templates

Zippia allows you to choose from different easy-to-use Loan Originator templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Loan Originator resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.

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Loan Originator Demographics

Loan Originator Gender Distribution

Male
Male
54%
Female
Female
46%

After extensive research and analysis, Zippia's data science team found that:

  • Among loan originators, 46.0% of them are women, while 54.0% are men.

  • The most common race/ethnicity among loan originators is White, which makes up 67.5% of all loan originators.

  • The most common foreign language among loan originators is Spanish at 58.1%.

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Best States For a Loan Originator

Some places are better than others when it comes to starting a career as a loan originator. The best states for people in this position are South Dakota, New Mexico, Arkansas, and Maine. Loan originators make the most in South Dakota with an average salary of $52,253. Whereas in New Mexico and Arkansas, they would average $51,279 and $50,713, respectively. While loan originators would only make an average of $49,762 in Maine, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. South Dakota

Total Loan Originator Jobs:
39
Highest 10% Earn:
$67,000
Location Quotient:
1.28 Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Wyoming

Total Loan Originator Jobs:
30
Highest 10% Earn:
$59,000
Location Quotient:
1.76 Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Maine

Total Loan Originator Jobs:
41
Highest 10% Earn:
$65,000
Location Quotient:
1.08 Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Loan Originators

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Top Loan Originator Employers

Most Common Employers For Loan Originator

Rank  Company  Average Salary  Hourly Rate  Job Openings  
1Navient$48,038$23.1023
2Cardinal Financial$46,132$22.1814
3JPMorgan Chase & Co.$46,112$22.1745
4PHH Corporation$45,561$21.9028
5Premier Mortgage Corporation$45,519$21.8823
6Fairway Independent Mortgage$45,343$21.8019
7American Mortgage$43,958$21.1334
8Quicken Loans$43,862$21.0932
9Global Equity Organization$43,354$20.8415
10PNC$42,594$20.4815

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