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Become A Senior Loan Consultant

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Working As A Senior Loan Consultant

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

  • Make Decisions

  • Repetitive

  • $55,000

    Average Salary

What Does A Senior Loan Consultant 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.

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How To Become A Senior Loan Consultant

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.

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Senior Loan Consultant Career Paths

Senior Loan Consultant
Branch Manager General Manager Vice President
Vice President And Manager
10 Yearsyrs
Branch Manager Account Manager Regional Sales Manager
National Sales Manager
9 Yearsyrs
Branch Manager General Manager Account Manager
National Account Manager
8 Yearsyrs
Sales Manager Regional Sales Manager
Regional Sales Director
11 Yearsyrs
Sales Manager Director Of Sales
Sales And Marketing Vice President
11 Yearsyrs
Sales Manager Operations Manager Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Senior Loan Processor Senior Underwriter
Underwriting Manager
8 Yearsyrs
Senior Loan Processor Office Manager Account Manager
Relationship Manager
6 Yearsyrs
Senior Loan Processor Office Manager Property Manager
Asset Manager
7 Yearsyrs
Manager Assistant Vice President
Commercial Lending Vice President
11 Yearsyrs
Manager Operations Manager Client Services Manager
Client Relationship Manager
7 Yearsyrs
Manager Regional Sales Manager National Account Manager
Branch Sales Manager
6 Yearsyrs
Owner Realtor Relationship Manager
Business Relationship Manager
9 Yearsyrs
Owner Site Manager Unit Manager
Collections Manager
5 Yearsyrs
Assistant Manager Assistant Branch Manager Credit Manager
Credit And Collection Manager
7 Yearsyrs
Assistant Manager Assistant Branch Manager
Business Development Officer
7 Yearsyrs
Assistant Manager Training Manager Call Center Manager
Inside Sales Manager
6 Yearsyrs
Team Leader Senior Team Lead Underwriting Manager
Lending Services Manager
8 Yearsyrs
Team Leader Platoon Sergeant Senior Intelligence Analyst
Senior Officer
5 Yearsyrs
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Do you work as a Senior Loan Consultant?

Help others decide if this is a good career for them

Average Length of Employment
Loan Supervisor 3.9 years
Loan Broker 3.6 years
Loan Manager 3.3 years
Loan Officer 3.1 years
Mortgage Counselor 2.5 years
Loan Analyst 2.4 years
Loan Consultant 2.3 years
Loan Reviewer 1.9 years
Loan Adviser 1.6 years
Top Careers Before Senior Loan Consultant
Loan Officer 12.9%
Top Careers After Senior Loan Consultant
Loan Officer 12.0%
Owner 4.3%
Manager 3.9%
Consultant 3.0%

Do you work as a Senior Loan Consultant?

How Would You Rate The Salary Of a Senior Loan Consultant?

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Top Skills for A Senior Loan Consultant

  1. Loan Applications
  2. Loan Portfolio
  3. Financial Needs
You can check out examples of real life uses of top skills on resumes here:
  • Processed residential loan applications, including ordering and reviewing necessary supporting documentation and appraisal review on all loans underwritten by AUS.
  • Advised regional banks in loan portfolio risk management and provided expertise in compliance issues.
  • Assisted customers in determining financial needs and appropriate credit solutions.
  • Enhanced real estate agents ability to sell residential property by providing exclusive mortgage loan related services and sales materials.
  • Analyzed applicants' financial status, credit and property evaluation to determine feasibility of granting loan.

Senior Loan Consultant Demographics

Gender

Male

58.2%

Female

33.7%

Unknown

8.1%
Ethnicity

White

58.0%

Hispanic or Latino

19.5%

Black or African American

10.2%

Asian

7.5%

Unknown

4.8%
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Foreign Languages Spoken

Spanish

43.9%

French

7.3%

Russian

7.3%

Italian

7.3%

Polish

4.9%

Arabic

4.9%

Urdu

2.4%

Chinese

2.4%

Mandarin

2.4%

Ukrainian

2.4%

Greek

2.4%

Norwegian

2.4%

Dari

2.4%

Hindi

2.4%

Tagalog

2.4%

Cebuano

2.4%
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Senior Loan Consultant Education

Schools

University of Phoenix

21.6%

Orange Coast College

6.7%

San Diego State University

6.7%

University of California - Berkeley

6.0%

New York University

4.5%

George Mason University

4.5%

Kennesaw State University

4.5%

Florida State University

4.5%

Michigan State University

3.7%

Arizona State University

3.7%

University of Southern California

3.7%

Florida Atlantic University

3.7%

Northern Illinois University

3.7%

American University

3.7%

American InterContinental University

3.7%

Baker University

3.0%

University of South Florida

3.0%

California State University - Fullerton

3.0%

National University

3.0%

San Francisco State University

3.0%
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Majors

Business

39.3%

Finance

10.7%

Accounting

5.1%

Marketing

4.7%

Economics

4.6%

Real Estate

4.6%

Psychology

4.1%

Management

3.1%

Communication

3.1%

Criminal Justice

3.1%

Political Science

2.9%

Liberal Arts

2.2%

Computer Science

2.0%

English

2.0%

Public Relations

1.7%

Sociology

1.5%

Computer Information Systems

1.5%

Education

1.4%

History

1.4%

General Studies

1.2%
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Degrees

Bachelors

45.8%

Other

25.5%

Masters

12.0%

Associate

9.8%

Certificate

3.8%

License

1.2%

Diploma

1.2%

Doctorate

0.6%
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