How to Become a Loan Officer?

Are you thinking of becoming a Loan Officer or already started your career and planning the next step? Learn how to become a Loan Officer, what skills you need to succeed, how to advance your career and get promoted, and what levels of pay to expect at each step on your career path. Explore new Loan Officer job openings and options for career transitions into related roles.

Steps to Become a Loan Officer

If you're considering starting your Loan Officer career path, it's important to note the skills, qualifications, and time it takes to become a professional Loan Officer and how to advance your career path. Below are the steps generally required to begin and advance your Loan Officer career.
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1

Earn a Degree

To begin your Loan Officer career path, a Bachelor's Degree in Business or a related field is usually necessary in order to remain a competitive option for employers. Focus on industry-specific skill development during your education in order to be properly equipped when applying for entry-level positions and entering the job force. A Loan Officer internship may be required to earn your Bachelor's Degree and acquire necessary on-the-job skills before entering the workforce.

What type of degree should you pursue to become a Loan Officer?

64% of people working as a Loan Officer earned a Bachelor's Degree

What skills do you need to be a Loan Officer?

  • BS Degree
  • Negotiation
  • Business Writing
  • VERBAL Communication
  • Interpersonal and Communication
  • Excellent Customer Service
  • Written Communication
  • Spreadsheets
Based on resume data from Glassdoor users who reported working as a Loan Officer in the United States.
2

Choose a Specialty in Your Field

As an Loan Officer, you may be required to choose a specialty within your field. Determine which part of the Loan Officer field you feel strongest in, and continue taking active steps toward growing in your chosen Loan Officer specialty.
3

Get an Entry-Level Position as a Loan Officer

Once you've acquired a Bachelor's Degree in Business or a related field, you'll typically begin your career as an entry-level Loan Officer. In general, you can become a Loan Officer after completing your 4 year Bachelor's Degree in a related discipline. Depending on the type of Loan Officer role you’re pursuing, you may want to explore certification in certified escrow officer.
4

Advance in Your Loan Officer Career

Following entry-level, there are several Loan Officer career path levels to advance into. It can take 2 years as an entry-level Loan Officer to progress to the senior loan officer position. Each advanced Loan Officer position requires approximately 2 years of experience at each level to advance in your Loan Officer career path. It may be necessary to receive additional education, an advanced degree such as a Master's Degree in a related field, or special certifications in order to advance your Loan Officer career path.
5

Continued Education for Your Loan Officer Career Path

Not all industries and companies require continued education to advance your Loan Officer career path. However, earning this degree may help you advance to higher-earning positions more quickly. Earning a Bachelor's Degree in Business can take 4 years to complete. People that have earned their Bachelor's Degree typically make $131,965 compared to $24,608 for those without that type of degree.

Loan Officer Career Path

Loan Officer

2 - 4Years of Experience
$112K - $205K /yrMost Likely Range
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32% advanced to

Senior Loan Officer

2 - 4Years of Experience
$163K - $299K /yrMost Likely Range
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Lead Loan Officer

5 - 7Years of Experience
$145K - $264K /yrMost Likely Range
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Total Pay Trajectory

Loan Officer Career Path

Loan Officer I
Loan Officer
Senior Loan Officer
Loan Officer Manager
Lead Loan Officer
Senior Manager of Loan Origination
Principal Loan Officer
Director of Loan Origination
Senior Vice President of Loan Origination
Executive Loan Officer
Loan Origination Managing Director
$80K
$178K
$276K
$374K
$570K

Related Careers in the Finance & Accounting Industry

Interested in other Finance & Accounting careers? Below are occupations that have high affinity with Loan Officer skills. Discover some of the most common Loan Officer career transitions, along with skills overlap.

Underwriting Consultant
0% skills overlap
5% transitioned to Underwriting Consultant