Mortgage Loan Officer

Mortgage Loan Officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. They advise borrowers on financial status and methods of payments.
The typical duties of a Mortgage Loan Officer are: to approve loans within specified limits and refer loan application outside those limits to management for approval; Meet with applicants to obtain information for loan applications and to answer questions about the process; Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans; Explain to customers the different types of loans and credit options that are available, as well as the terms of those services; Review and update credit loan files.

Sample Companies:

 

  • Bank of America
  • JP Morgan
  • PNC Mortgage
  • Wells Fargo
  • BB&T

 

Salary:

The median salary for Mortgage Loan Officer was $63,040 in 2018. However, salary may vary depending on the industry.

How to get there:

Mortgage loan officers usually need at least a bachelor's degree in a business related-related field like finance, economics, or accounting. Additionally, mortgage loan officers need a mortgage loan orginator license, which requires passing an exam and over 20 hours of coursework.

Important Qualities:

 

  • Strong computer skills
  • Solid time management skills
  • Good communication skills
  • Strong analytical and comprehension skills
  • Effective interpersonal skills

 

Advancement:

One may advance to Senior Loan Officer.

Relevant Classes:

  • Composition I and Advanced Composition/Writing
  • CMN 101- Public Speaking
  • CMN 211- Business Communication
  • ECON 411- Urban Economics
  • ECON 426- Monetary Economics and Policy
  • ECON 437- Game Theory
  • ECON 440- Economics of Labor Markets

Relevant Clubs & Organizations:

  • Global Business Brigades at the University of Illinois (GBB)
  • Accounting Club
  • Finance Club
  • Illini Business Financials
  • Capital Investment Group

Sources:

http://job-descriptions.careerplanner.com/loan-officers.cfm

http://www.glassdoor.com/Salaries/mortgage-loan-officer-salary-SRCH_KO0,21.htm

https://illinois.collegiatelink.net/Organizations

https://money.usnews.com/careers/best-jobs/loan-officer#:~:text=Loan%20officers%20typically%20need%20at,and%20background%20and%20credit%20checks

 

 

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