Consumer loan officers: Salary, career path, job outlook, education and more

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutionsusually small banks and credit unionsdo not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Education Required
Loan officers typically need a bachelors degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.
Training Required
Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.
Job Outlook
The projected percent change in employment from 2016 to 2026: 11% (Faster than average)
(The average growth rate for all occupations is 7 percent.)
Licenses/Certifications
Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.
Median pay: How much do Loan Officers make?
$63,650 Annual Salary
$30.60 per hour

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