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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.
Average Length of Employment
Top Careers Before Senior Underwriter
Top Careers After Senior Underwriter
Hispanic or Latino9.8%
Black or African American0.7%
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University of Phoenix21.3%
University of Connecticut5.6%
Central Connecticut State University5.2%
California State University - Fullerton4.9%
Michigan State University4.6%
University of North Texas4.6%
Florida State College at Jacksonville4.3%
Ohio State University4.3%
University of North Florida3.9%
Pennsylvania State University3.9%
University of Southern California3.9%
New York University3.6%
San Diego State University3.6%
University of Washington3.6%
Northern Illinois University3.6%
Florida State University3.6%
University of South Florida3.3%
Unfortunately we don’t have enough data for this section.
|Job Title||Company||Location||Start Date||Salary|
|Senior Treaty Underwriter||Swiss Reinsurance America Corporation||Armonk, NY||Sep 09, 2010||$195,000|
|Senior Underwriter||Berkley Insurance Company||Mount Laurel, NJ||Sep 16, 2016||$175,000 -
|Senior Underwriter Contingency & Crime||Westport Insurance Corporation||Miami, FL||Jan 04, 2016||$160,000 -
|Senior Underwriter||Catlin, Inc.||Miami, FL||Dec 30, 2013||$160,000 -
|Vice President, Senior Underwriter||Swiss Re America Holding Corporation||Miami, FL||Apr 10, 2015||$155,000 -
|Senior Underwriter Engineering||Swiss Re America Holding Corporation||Miami, FL||Oct 02, 2016||$152,000 -
|Senior Underwriter Treaty Insurance||Catlin Insurance Company||Miami, FL||Oct 01, 2012||$150,000|
|Vice President, Senior Underwriter Property Energy||Swiss Re America Holding Corporation||Miami, FL||Mar 10, 2012||$150,000|
|Senior Mergers and Acquisitions Underwriter||National Union Fire Insurance Company of Pittsburgh, Pa.||New York, NY||Aug 22, 2016||$140,000|
|Senior Underwriter Property||Westport Insurance Corporation||Miami, FL||Apr 27, 2016||$140,000 -
|Senior Underwriter Engineering||Swiss Reinsurance America Corporation||Armonk, NY||Oct 01, 2010||$140,000|
|Senior Underwriter-Property Facultative||XL Reinsurance America Inc.||Hartford, CT||Oct 31, 2013||$125,000|
|Senior Underwriter (Property)||Westport Insurance Corporation||Philadelphia, PA||Aug 26, 2013||$120,000 -
|Senior Underwriter||General Reinsurance Corp.||New York, NY||Sep 09, 2011||$118,375|
|Senior Underwriter||General Reinsurance Corporation||New York, NY||Sep 08, 2014||$118,000|
|Senior Underwriter Equine||XL Specialty Insurance Company||New York, NY||Nov 01, 2014||$116,355 -
|Senior Underwriter||National Union Fire Insurance Company of Pittsburgh, Pa.||New York, NY||Apr 01, 2016||$115,000|
|Senior Underwriter||General Reinsurance Corp.||New York, NY||Jan 09, 2011||$107,625|
|Senior Underwriter Contingency & Crime||Westport Insurance Corporation||Miami, FL||Jul 15, 2015||$105,165 -
|Senior Underwriter||Catlin, Inc.||Miami, FL||Jun 01, 2016||$105,000 -
|Senior Underwriter Equine||XL Specialty Insurance Company||New York, NY||Nov 01, 2011||$100,672 -
|Senior Underwriter-Property Facultative||XL Global Services, Inc.||Boston, MA||Oct 02, 2016||$91,042 -
|Senior Underwriter for International Casualty||Zurich American Insurance Company||New York, NY||Oct 01, 2011||$90,000|
|Senior Credit Risk Underwriter||Unicredit Bank AG||New York, NY||Aug 11, 2011||$85,613 -
|Senior Underwriter||Berkley Insurance Company||Mount Laurel, NJ||Aug 25, 2016||$85,008|
|Senior Underwriter||Berkley Insurance Company||Mount Laurel, NJ||Jun 16, 2016||$85,008|
|Senior Underwriter||Professional Indemnity Agency, Inc.||Mount Kisco, NY||Jan 11, 2015||$85,000|
|Senior Underwriter||Professional Indemnity Agency, Inc.||Mount Kisco, NY||Jan 10, 2014||$85,000|
|Senior Underwriter||Ace American Insurance Company||Chicago, IL||Feb 04, 2013||$84,000|
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