FIND PERSONALIZED JOBS
Sign up to Zippia and discover your career options with your personalized career search.

Log In

Log In to Save

Sign Up to Save

Sign Up to Dismiss

or

The email and password you specified are invalid. Please, try again.

Email and password are mandatory

Forgot Password?

Don't have an account? Sign Up

reset password

Enter your email address and we will send you a link to reset your password.

Back to Log In

FIND
PERSONALIZED JOBS

Become A Loan Originator

Where do you want to work?

To get started, tell us where you'd like to work.
Sorry, we can't find that. Please try a different city or state.

Working As A Loan Originator

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $63,430

    Average Salary

What Does A Loan Originator Do

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. 

Duties

Loan officers typically do the following:

  • Contact companies or people to ask if they need a loan
  • Meet with loan applicants to gather personal information and answer questions
  • Explain different types of loans and the terms of each one to applicants
  • Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level
  • Review loan agreements to ensure that they comply with federal and state regulations
  • Approve loan applications or refer them to management for a decision

Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. 

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

Show More

Show Less

How To Become A Loan Originator

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

Show More

Show Less

Loan Originator jobs

NO RESULTS

Aw snap, no jobs found.

Add To My Jobs

Loan Originator Career Paths

Loan Originator
Loan Officer Branch Manager General Manager
Account Manager
5 Yearsyrs
Mortgage Consultant Sales Consultant Property Manager
Asset Manager
7 Yearsyrs
Account Executive Sales Manager
Branch Manager
6 Yearsyrs
Mortgage Broker Senior Loan Officer
Branch Manager/Loan Officer
5 Yearsyrs
Senior Loan Officer Sales Manager Branch Manager
Branch Sales Manager
6 Yearsyrs
Loan Officer Account Executive
Business Development Manager
9 Yearsyrs
Senior Loan Officer Account Manager Business Developer
Business Development Officer
7 Yearsyrs
Underwriter Senior Underwriter Assistant Vice President
Business Relationship Manager
9 Yearsyrs
Loan Specialist Service Representative Client Services Manager
Client Manager
6 Yearsyrs
Underwriter Assistant Vice President
Credit Officer
5 Yearsyrs
Operations Manager Sales Consultant Internet Sales Manager
Finance And Insurance Manager
6 Yearsyrs
Mortgage Banker Underwriter Consumer Loan Underwriter
Lending Services Manager
7 Yearsyrs
Branch Manager Account Executive
Relationship Manager
6 Yearsyrs
Account Executive Territory Manager Account Manager
Senior Account Manager
7 Yearsyrs
Operations Manager Regional Sales Manager Loan Officer
Senior Loan Officer
6 Yearsyrs
Branch Manager General Manager Account Executive
Senior Sales Executive
9 Yearsyrs
Office Manager Account Manager Underwriter
Senior Underwriter
8 Yearsyrs
Office Manager Branch Manager Underwriter
Underwriting Manager
8 Yearsyrs
Mortgage Consultant Underwriter Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Show More

Average Length of Employment
Mortgage Broker 3.7 years
Loan Broker 3.6 years
Loan Administrator 3.5 years
Loan Manager 3.1 years
Loan Officer 3.0 years
Loan Originator 3.0 years
Loan Reviewer 2.9 years
Loan Processor 2.6 years
Loan Assistant 2.5 years
Loan Coordinator 2.5 years
Mortgage Banker 2.4 years
Loan Specialist 2.3 years
Loan Consultant 2.3 years
Loan Auditor 2.2 years
Loan Adviser 1.7 years
Top Employers Before
Loan Officer 14.3%
Manager 3.8%
Owner 3.5%
Supervisor 2.6%
Top Employers After
Loan Officer 11.9%
Manager 4.9%
Owner 4.4%

Loan Originator Demographics

Gender

Male

51.3%

Female

46.4%

Unknown

2.3%
Ethnicity

White

80.3%

Hispanic or Latino

10.8%

Asian

6.6%

Unknown

1.7%

Black or African American

0.6%
Show More
Languages Spoken

Spanish

52.8%

French

8.9%

Mandarin

4.1%

Russian

4.1%

German

4.1%

Chinese

3.3%

Carrier

2.4%

Portuguese

2.4%

Japanese

2.4%

Arabic

2.4%

Hindi

1.6%

Korean

1.6%

Armenian

1.6%

Tagalog

1.6%

Serbian

1.6%

Polish

1.6%

Romanian

0.8%

Hmong

0.8%

Blackfoot

0.8%

Welsh

0.8%
Show More

Loan Originator Education

Schools

University of Phoenix

27.1%

Liberty University

7.1%

Ashford University

4.6%

Kaplan University

4.6%

University of Alabama

3.8%

Central Piedmont Community College

3.8%

University of Southern California

3.8%

Southern New Hampshire University

3.8%

University of Louisville

3.8%

University of Houston

3.8%

University of Memphis

3.8%

Strayer University

3.8%

University of Tennessee - Knoxville

3.3%

University of Rhode Island

3.3%

Southeastern Louisiana University

3.3%

Pennsylvania State University

3.3%

American InterContinental University

3.3%

George Mason University

3.3%

University of Florida

3.3%

University of Central Florida

3.3%
Show More
Majors

Business

37.8%

Finance

10.7%

Accounting

5.7%

Management

5.2%

Marketing

5.2%

Real Estate

5.0%

Psychology

3.6%

Communication

3.4%

Education

2.8%

General Studies

2.5%

Criminal Justice

2.4%

Computer Science

2.1%

Liberal Arts

2.1%

Economics

2.1%

Political Science

2.1%

Legal Support Services

2.0%

English

1.4%

Health Care Administration

1.4%

Human Resources Management

1.4%

Elementary Education

1.3%
Show More
Degrees

Bachelors

41.4%

Other

31.8%

Masters

10.2%

Associate

10.1%

Certificate

3.7%

License

1.3%

Diploma

1.1%

Doctorate

0.6%
Show More
Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills for A Loan Originator

FinancialStatusLoanApplicationsRealEstateAgentsLoanProcessCustomerServiceFha/VaCreditReportsLoanProductsLoanProgramsLoanOfficersLoanOriginationLoanDocumentsTitleCompaniesCreditHistoryLoanPackageLoanApprovalFannieMAEFinancialInformationPropertyEvaluationsMortgageProducts

Show More

Top Loan Originator Skills

  1. Financial Status
  2. Loan Applications
  3. Real Estate Agents
You can check out examples of real life uses of top skills on resumes here:
  • Analyzed applicants' financial status, credit and property evaluation to determine feasibility of granting loan.
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
  • Developed and maintained relationships with local real estate agents.
  • Interacted with all parties to successfully complete the loan process including assuring acquisition of all documentation required by lenders.
  • Worked to develop innovative ideas to enhance customer service and facilitate productivity

Top Loan Originator Employers

Loan Originator Videos

Life of a Mortgage Loan Officer

Mortgage Jobs - Mortgage Bankers, Brokers & Loan Officers

day in the life of a loan processor

×