An early career Loan Officer with years of experience earns an average total compensation includes tips, bonus, and overtime pay of R, based on 17 salaries. A mid-career Loan Officer with years of experience earns an average total compensation of R, based on 5 salaries.
A loan officer often works at a lending or financial institution. The loan officer will sometimes work with individual applicants or companies, depending on the position. Customer service is important, so that the client feels at ease and chooses the company for their loan needs on an ongoing basis. In some jobs, the loan officer will have sales goals that need to be attained.
It may sometimes be necessary to reach out to current and new clients to fulfill their loan needs. This may include …Read more. Software Streamlined solutions for every step of the compensation management journey. Insight Lab. Data Continuously updated compensation datasets from Payscale and our partners.
Peer Data. Payscale Compensation Surveys. Services Flexible, customizable services and support for Payscale customers. Request a Demo. Price a Job for Free. By Topic. Pay Equity. By Industry. Retail and Customer Service. These degrees can prepare you for the duties related to being a loan officer by teaching you how to read financial disclosure statements, analyze individual and business finances and have a basic understanding of accounting methods and principles.
Requirements for these credentials typically include pre-license education along with a clean background and credit report. Mortgage loan officers must be licensed, holding mortgage loan originator credentials. This particular credential can be acquired after completing at least 20 hours of required coursework and successfully passing the exam. Clean background and credit checks are required before you're issued this license, and it must be renewed annually.
Optional credentials can include Certified Trust and Financial Advisor, Certified Financial Marketing Professional and Certified Lender Busines Banker, acquired through the American Bankers Association, and the Mortgage Bankers Association offers options for commercial, residential, executive and master mortgage bankers. These credentials can be obtained after the required coursework is completed, and renewal every two to three years requires continuing education credits.
An annual fee also applies. Most employers prefer that you have previous related work experience to be hired into a role as a loan officer. Some places to start could include jobs in customer service, sales, banking or other related skill-building positions. Other required training will be provided by your employer. Each financial or lending institution is likely to have its own set of training tools.
Loan officers must maintain confidence in their abilities, effective working relationships and a high level of self-motivation. Additionally, this role relies on customer service, communication and sales skills. As you're dealing with highly sensitive information in copious amounts, it's crucial to remain organized and maintain confidentiality at all times.
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Develop and improve products. List of Partners vendors. A loan officer represents a bank, credit union , or other financial institution and finds and assists borrowers in acquiring loans. Loan officers can work with a wide variety of lending products for both consumers and businesses.
They must have a comprehensive awareness of lending products and banking industry rules, regulations, and required documentation. Loan officers review loan applications and analyze an applicant's finances to determine who is eligible for a loan. They also educate consumers on loans, verify financial information, and contact individuals and companies to see if they apply for a loan. Wages vary based on the employer as well as job performance. Some loan officers are paid a flat salary or an hourly rate, but others earn commission on top of their regular compensation.
Commissions are based on the number of loans these professionals originate or on how their loans are repaid. Most full-time loan officers receive standard benefits like health, vacation, and access to retirement accounts. Most loan officers work for a bank or private company, so the benefits vary depending on their employer.
Loan officers communicate with numerous individuals to facilitate the lending process for banking clients. Loan products that may involve a loan officer can include personal loans, mortgage loans, and lines of credit. A mortgage calculator can be a good resource to see how different rates affect your monthly payment. As mentioned above, mortgage brokers may not always come up with the best possible offer if it's not in their financial self-interest to do so. Loan officers may have similar conflicts.
Bear in mind that loan officers are essentially salespeople who get paid for selling you something—specifically, a loan. The loan that is best for you and the one that's most lucrative for them may be two different things. For example, be wary if a loan officer seems to be trying to steer you into an adjustable-rate mortgage ARM. ARMs can be a good choice for certain people, especially those who know they won't be in their home for very long.
However, if you are planning to stay in your home for more than seven years or so, then an ARM may not be a very good choice, since the interest rate could dramatically increase over that period. A fixed-rate loan would be safer, even if it starts out with a higher interest rate. Because it behooves loan officers to sell as many mortgages as possible, some may be tempted to steer you into an ARM with the idea of persuading you to refinance with a new loan in a year or two.
If you find yourself in that situation, before you take them up on the offer you'll want to find out:. If you are getting a lower interest rate and don't have to pay any fees, refinancing could be a better deal than what you have now. Otherwise, make sure you do the math. Either a loan officer or a mortgage broker can assist you in finding a mortgage.
But to make sure you're getting a genuinely good deal, and the right kind of mortgage, you'll want to do some legwork yourself. Fortunately, there are numerous mortgage sites online where you can compare rates and terms. With that background, collect loan estimates from the lenders you're thinking of dealing with and compare them directly.
And if a mortgage broker can come up with a more attractive deal, all the better. Consumer Financial Protection Bureau. Home Equity. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification.
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