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.
- Bank of America
- JP Morgan
- PNC Mortgage
- Wells Fargo
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.
- Strong computer skills
- Solid time management skills
- Good communication skills
- Strong analytical and comprehension skills
- Effective interpersonal skills
One may advance to Senior Loan Officer.
- 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