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Loan Officer Training Programs and Schools

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Loan Officers - Career Information

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Loan Officers

Loan officers act as an intermediary between borrowers and lending institutions. They help businesses and individuals obtain funds from lenders. A loan officer solicits loans and represents creditors to borrowers and vice versa. Loan officers often specialize in consumer, commercial and mortgage loans.

They're typically employed by banks and other types of financial institutions. They often act like salespersons. They study potential markets and develop referral networks to find potential customers for loans.

Some loan officers called loan underwriters, specialize in assessing the credit worthiness of a client and sometimes perform a financial analysis or other risk assessments. Loan officers called loan collection officers, assist borrowers with delinquent loans and help them from defaulting on their loan. Loan counselors help people applying for loans that have difficulty qualifying for traditional loans.

Responsibilities

  • Approve loans within specific limits
  • Obtain information and answer questions from loan applicants
  • Evaluate applicant's financial status, and credit and property evaluations to determine if they should be given a loan
  • Obtain copies of applicant's credit histories, corporate financial statements and other types of financial information
  • Examine and update credit and loan files
  • Compute payment schedules
  • Stay current with new types of loans and other financial services and products
  • Negotiate payment arrangements with customers that have delinquent loans
  • Market bank products to companies and individuals
  • Submit applications to credit analysts for verification and also for a recommendation

Job Characteristics

Qualities such as good interpersonal skills, sales ability, communication skills and a desire to succeed are important for the occupation. A loan officer also needs to be able to develop effective working relationships. Sometimes they go to community events as a representative of their employer.

The occupation typically involves a lot of travel. Mortgage and commercial loan officers frequently visit the homes or offices of their clients. Commercial loan officers sometimes need to travel to other cities in order to prepare complex loans. Consumer loan officers usually spend most of their time in an office. Most loan officers work 40 hours per week but some work more hours when they have a large number of clients and loans to work on.

Employment Outlook

Employment of loan officers is projected by the Bureau of Labor Statistics to increase by 11 percent from 2006 to 2016 which is about as fast as the average for all jobs. Those with college degrees and those with lending, banking or sales experience have the best job prospects.

The median annual earnings for loan officers in 2006 was $51,760. The top 10 percent earned over $107,040. Most loan officers receive a commission based on the number of loans they originate. Some companies only pay salaries and other companies provide a combination of a salary and commissions.

Loan officers have opportunities to advance to larger branches of the company or move up to managerial positions. Approximately 9 out of 10 loan officers work for commercial banks, credit unions, savings institutions and related financial institutions.

Education, Certification, and Licensing

Loan officers are often required to have a bachelor's degree in finance or economics or a related subject. Employers often seek those with experience in banking, sales or lending. Computer skills are also valued by employers.

Employees without college degrees sometimes advance into the position of loan officer after several years of experience in the company in occupations such as customer service representative or teller.

Banking-related associations and private schools provide classes and programs for people interested in lending occupations and also for experienced loan officers who want to update their skills.

The Bank Administration Institute provides the Loan Review Certificate program which is designed for those that review and approve loans. The Certified Mortgage Banker designation indicates the holder's comprehensive knowledge and competency in real estate finance.

In the United States there are no specific licensing requirements for loan officers employed by banks and credit unions. The training and licensing requirements for loan officers employed in mortgage banks and brokerages vary by state.

Resources

Major Employers

The major employers for loan officers are commercial banks, credit unions and savings institutions.

Schools for Loan Officers are listed in the column to the left.

The Top Cities tab shows employment statistics for Loan Officers by major metro area.

The Top Industries tab shows which industries have the most jobs for Loan Officers, along with salary data by industry.

The Find Schools tab lets you search for schools by field of study, degree level, and location.

Employment For:
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Selected Schools for Loan Officers (including any online schools)

These schools offer particularly quick info upon request, and we have written detailed profiles for each (click school names to see the profiles).

Request info from multiple schools, by clicking the Get Info links.

SchoolLocationsDegreesQuick Info
AIU OnlineOnlineAssociate, Bachelor, MasterGet Info
Albertus Magnus CollegeCTAssociate, Bachelor, MasterGet Info
American InterContinental UniversityFL, GA, TXAssociate, Bachelor, MasterGet Info
Anthem Career CollegeTNAssociateGet Info
Anthem CollegeAZAssociate, BachelorGet Info
Argosy UniversityAZ, CA, CO, FL, GA, HI, IL, MN, TN, TX, UT, VA, WABachelor, Doctorate, MasterGet Info
Argosy University OnlineOnlineBachelor, Doctorate, MasterGet Info
Averett UniversityVABachelor, MasterGet Info
Baker College OnlineOnlineAssociate, Bachelor, Doctorate, MasterGet Info
Bauder CollegeGAAssociate, BachelorGet Info
Berkeley CollegeNJ, NYAssociate, BachelorGet Info
Berkeley College OnlineOnlineAssociate, BachelorGet Info
Briarcliffe CollegeNYAssociate, BachelorGet Info
Broadview UniversityUTAssociate, BachelorGet Info
Brookline CollegeOnlineBachelorGet Info
Brown CollegeMNBachelorGet Info
Brown Mackie CollegeAL, AZ, FL, GA, IA, ID, IN, KS, KY, MO, NM, OH, OK, SC, TXAssociate, BachelorGet Info
California College San DiegoCABachelor, Master Get Info
Central Pennsylvania CollegePABachelorGet Info
Charter CollegeAK, CA, WAAssociate, BachelorGet Info
CollegeAmericaAZ, CO, WYBachelorGet Info
Colorado Technical UniversityCO, MO, SDAssociate, Bachelor, MasterGet Info
Colorado Technical University OnlineOnlineAssociate, Bachelor, MasterGet Info
Computer Career CenterNM, TXAssociate, DiplomaGet Info
Concord Law SchoolOnlineBachelorGet Info
DeVry Institute of TechnologyABBachelorGet Info
DeVry UniversityAZ, CA, CO, FL, GA, IL, IN, KY, MD, MN, MO, NC, NJ, NV, NY, OH, OK, OR, PA, TN, TX, UT, VA, WA, WIAssociate, Bachelor, MasterGet Info
DeVry University OnlineOnlineBachelor, MasterGet Info
DeVry University's Keller Graduate School of ManagementAZ, CA, CO, FL, GA, IL, IN, MD, MN, MO, NC, NV, NY, OH, OK, OR, PA, TN, TX, UT, VA, WA, WIGraduate Certificate, MasterGet Info
DeVry University's Keller Graduate School of Management OnlineOnlineGraduate Certificate, MasterGet Info
ECPI OnlineOnlineAssociate, Bachelor, DiplomaGet Info
ECPI UniversityNC, SC, VAAssociate, Bachelor, DiplomaGet Info
Everest CollegeAZ, CO, MO, NV, ONBachelor, DiplomaGet Info
Everest InstituteNY, PADiplomaGet Info
Everest UniversityFLAssociate, BachelorGet Info
Everest University OnlineOnlineMasterGet Info
Florida Career CollegeFLAssociate, BachelorGet Info
Fortis CollegeFL, OHAssociateGet Info
Golden Gate UniversityCABachelorGet Info
Grand Canyon UniversityOnlineMasterGet Info
Hallmark CollegeTXBachelorGet Info
Harrison CollegeIN, OHAssociate, BachelorGet Info
Heald CollegeCA, HI, ORAssociateGet Info
Herzing CollegeMB, ON, QCAssociate, BachelorGet Info
Hesser CollegeNHAssociate, BachelorGet Info
ITT Technical InstituteCA, FL, ID, IN, MI, MO, NV, OH, TN, VA, WIAssociate, Bachelor, Diploma, MasterGet Info
Ivy Bridge College of Tiffin University OnlineOnlineAssociateGet Info
Jones International UniversityOnlineMasterGet Info
Kaplan Career InstitutePAAssociateGet Info
Kaplan College KHEOHAssociateGet Info
Kaplan University KHEIA, MD, ME, NEAssociate, Bachelor, MasterGet Info
Kaplan University OnlineOnlineAssociate, BachelorGet Info
Keiser University CampusFLAssociate, Bachelor, MasterGet Info
Keiser University eCampus OnlineOnlineBachelor, MasterGet Info
Lincoln College of TechnologyFL, KY, OHAssociate, Bachelor, CourseworkGet Info
Minnesota School of BusinessMNAssociate, Bachelor, Diploma, MasterGet Info
Missouri CollegeMOAssociateGet Info
Morrison UniversityNVMasterGet Info
National American University CampusCO, KS, MN, MO, NM, SD, TXAssociate, Bachelor, MasterGet Info
Northwestern CollegeILAssociateGet Info
Norwich UniversityOnlineMasterGet Info
Olivet Nazarene University Graduate and Continuing StudiesILBachelor, MasterGet Info
Pioneer Pacific CollegeORAssociate, BachelorGet Info
Pittsburgh Technical InstitutePAAssociateGet Info
Rasmussen CollegeFL, IL, MN, ND, WIAssociate, BachelorGet Info
Rutgers Business SchoolNJMasterGet Info
Sanford Brown CollegeIL, MI, MO, VA, WIAssociate, BachelorGet Info
Sanford Brown InstituteNYAssociateGet Info
South UniversityOnlineAssociate, Bachelor, MasterGet Info
South University CampusAL, FL, GA, SCAssociate, Bachelor, MasterGet Info
Southern Technical CollegeFLAssociateGet Info
Southwest Florida CollegeFLAssociate, BachelorGet Info
Stevens Henager CollegeID, UTAssociate, Bachelor, Certificate, MasterGet Info
Stratford Career InstituteOnlineDiplomaGet Info
Strayer UniversityAL, DC, DE, FL, GA, KY, MD, NC, NJ, OH, PA, SC, TN, UT, VA, WVAssociate, Bachelor, Certificate, Graduate CertificateGet Info
Sullivan UniversityKYAssociate, Bachelor, Diploma, MasterGet Info
The University of LiverpoolOnlineMasterGet Info
UEI CollegeCAAssociateGet Info
University of PhoenixAL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, NC, NE, NJ, NM, NV, OH, OK, OR, PA, PR, SC, TN, TX, UT, VA, WA, WI, WYBachelor, Doctorate, MasterGet Info
University of Phoenix OnlineOnlineBachelor, MasterGet Info
Virginia College OnlineOnlineBachelor, MasterGet Info
Walden UniversityOnlineBachelor, Doctorate, MasterGet Info
Western International UniversityAZBachelor, MasterGet Info

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Loan Officer Training Schools by State

We have some additional detailed pages at the state level for Loan Officers.

Numbers in parentheses are counts of relevant campus-based schools in the state; online schools may also be available.

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