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.
There is more than meets the eye when it comes to being a loan originator. For example, did you know that they make an average of $23.6 an hour? That's $49,081 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.
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.
When it comes to the most important skills required to be a loan originator, we found that a lot of resumes listed 16.8% of loan originators included customer service, while 13.9% of resumes included loan portfolio, and 10.1% of resumes included financial statements. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the loan originator job title. But what industry to start with? Most loan originators actually find jobs in the finance and hospitality industries.
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 49.7% of loan originators have a bachelor's degree. In terms of higher education levels, we found that 5.0% 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.
Choosing the right major is always an important step when researching how to become a loan originator. When we researched the most common majors for a loan originator, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on loan originator resumes include high school diploma degrees or master's degree degrees.
You may find that experience in other jobs will help you become a loan originator. In fact, many loan originator jobs require experience in a role such as loan officer. Meanwhile, many loan originators also have previous career experience in roles such as customer service representative or account executive.