How to Be a Mortgage Broker: 13 Steps (with Pictures) #mortgage #refinance


#mortgage broker license

#

wiki How to Be a Mortgage Broker

As a mortgage broker, you will be involved with a lot of decision making. You will be an integral part in the time-honored tradition of home ownership by helping individuals decide which loan to use when purchasing homes. Or, if you decide to work on the commercial side of real estate, you will aid businesses in picking their loans. Many brokers start out working for a firm to gain experience and build a client base, but some decide to work independently from the start. In any case, you will need to get a mortgage broker’s license to practice your craft. Follow the steps below to get licensed, certified, and on your way to becoming a mortgage broker.

Steps Edit

Part One of Three:
Obtaining a Mortgage Brokers License Edit

Meet the educational requirements. The only educational prerequisite for obtaining a mortgage broker’s license is a high school diploma. That said, a successful mortgage broker will have an understanding of accounting, law, financial analysis, and business principles. To gain this type of knowledge, consider earning a college degree in a related discipline or taking classes from an online source like Coursera. [1]

  • You may also wish to take classes in advanced math, computer skills, and hone your research skills. These skills can help you succeed as a mortgage broker. [2]

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Gain related experience. Many mortgage brokers get their start as loan officers or real estate agents. Either of these careers will help introduced you to the world of real estate and mortgages. They can also help you develop crucial skills like financial analysis and how to read real estate market trends. [3]

Determine license requirements. Whether you work for a firm or for yourself, you will eventually have to become licensed to be a mortgage broker. In order to find out the licensing requirements for your location, try looking at a national trade association such as the National Association of Mortgage Brokers (NAMB) in the U.S. or the Real Estate and Mortgage Institute of Canada. The Web sites of these agencies can provide you with a list of licensing information broken down by state or province.

  • To find your state’s requirements, go to this website: http://www.mortgagenewsdaily.com/mortgage_license/. Then, click on the state(s) in which you plan to practice as a mortgage broker for more information.
  • Gaining your license will require you to not have any felonies on your record over the past seven years, to not have a previously-revoked mortgage broker license, and to pass the Nationwide Mortgage Licensing System (NMLS) test with a score of 75 percent or higher. [4]

Prepare for the license test. Before taking the license test, which is called the SAFE Mortgage Loan Originator Test, you are required to take 20 hours of NMLS-approved education. These classes include an education in loan origination law, standards, ethics, and processes. Your specific educational requirements will depend on your state, so refer to the appropriate state agency’s website for more information. [5]

  • Be sure to take a state-specific preparation class, as some of the test contains state-specific questions. [6]

Take the license test . You can sign up to take the test on the NMLS website. They also have a test preparation handbook ready for potential test takers. Pay whatever fees or take whatever tests are necessary to become licensed in the state or province where you would like to be a mortgage broker and then take the test. You have 180 days after signing up to take the test before your testing window closes. [7] Costs and requirements may vary by state. For example:

  • In the State of Arizona, it will cost you about $445 to participate in a pre-licensure education program. You’ll learn through the Arizona School of Real Estate how to pass the state exam. [8]
  • Similarly, in the State of Washington, you must past the Washington Designated Broker test offered by the organization Pearson VUE. The Washington State Department of Financial Institutions works with the National Mortgage Licensing System (NMLS) to provide its licenses .
  • The NMLS allows an individual to become licensed in multiple states with 1 application. Most states either participate in the NMLS or are going to participate at some point.

How to Become a Commercial Loan Broker

How to Choose a Mortgage Broker

How to Approach a Mortgage Refinance Loan

How to Calculate Mortgage Payments

How to Become an Investment Banker

How to Get a Job as a Bank Teller

How to Be a Stock Broker

How to Become a Financial Advisor

How to Become a Bank Manager

How to Dress for a Banking Job


How to Be a Mortgage Broker: 13 Steps (with Pictures) #estimated #mortgage #payment #calculator


#mortgage broker license

#

wiki How to Be a Mortgage Broker

As a mortgage broker, you will be involved with a lot of decision making. You will be an integral part in the time-honored tradition of home ownership by helping individuals decide which loan to use when purchasing homes. Or, if you decide to work on the commercial side of real estate, you will aid businesses in picking their loans. Many brokers start out working for a firm to gain experience and build a client base, but some decide to work independently from the start. In any case, you will need to get a mortgage broker’s license to practice your craft. Follow the steps below to get licensed, certified, and on your way to becoming a mortgage broker.

Steps Edit

Part One of Three:
Obtaining a Mortgage Brokers License Edit

Meet the educational requirements. The only educational prerequisite for obtaining a mortgage broker’s license is a high school diploma. That said, a successful mortgage broker will have an understanding of accounting, law, financial analysis, and business principles. To gain this type of knowledge, consider earning a college degree in a related discipline or taking classes from an online source like Coursera. [1]

  • You may also wish to take classes in advanced math, computer skills, and hone your research skills. These skills can help you succeed as a mortgage broker. [2]

Can you please put wikiHow on the whitelist for your ad blocker? wikiHow relies on ad money to give you our free how-to guides. Learn how .

Gain related experience. Many mortgage brokers get their start as loan officers or real estate agents. Either of these careers will help introduced you to the world of real estate and mortgages. They can also help you develop crucial skills like financial analysis and how to read real estate market trends. [3]

Determine license requirements. Whether you work for a firm or for yourself, you will eventually have to become licensed to be a mortgage broker. In order to find out the licensing requirements for your location, try looking at a national trade association such as the National Association of Mortgage Brokers (NAMB) in the U.S. or the Real Estate and Mortgage Institute of Canada. The Web sites of these agencies can provide you with a list of licensing information broken down by state or province.

  • To find your state’s requirements, go to this website: http://www.mortgagenewsdaily.com/mortgage_license/. Then, click on the state(s) in which you plan to practice as a mortgage broker for more information.
  • Gaining your license will require you to not have any felonies on your record over the past seven years, to not have a previously-revoked mortgage broker license, and to pass the Nationwide Mortgage Licensing System (NMLS) test with a score of 75 percent or higher. [4]

Prepare for the license test. Before taking the license test, which is called the SAFE Mortgage Loan Originator Test, you are required to take 20 hours of NMLS-approved education. These classes include an education in loan origination law, standards, ethics, and processes. Your specific educational requirements will depend on your state, so refer to the appropriate state agency’s website for more information. [5]

  • Be sure to take a state-specific preparation class, as some of the test contains state-specific questions. [6]

Take the license test . You can sign up to take the test on the NMLS website. They also have a test preparation handbook ready for potential test takers. Pay whatever fees or take whatever tests are necessary to become licensed in the state or province where you would like to be a mortgage broker and then take the test. You have 180 days after signing up to take the test before your testing window closes. [7] Costs and requirements may vary by state. For example:

  • In the State of Arizona, it will cost you about $445 to participate in a pre-licensure education program. You’ll learn through the Arizona School of Real Estate how to pass the state exam. [8]
  • Similarly, in the State of Washington, you must past the Washington Designated Broker test offered by the organization Pearson VUE. The Washington State Department of Financial Institutions works with the National Mortgage Licensing System (NMLS) to provide its licenses .
  • The NMLS allows an individual to become licensed in multiple states with 1 application. Most states either participate in the NMLS or are going to participate at some point.

How to Become a Commercial Loan Broker

How to Choose a Mortgage Broker

How to Approach a Mortgage Refinance Loan

How to Calculate Mortgage Payments

How to Become an Investment Banker

How to Get a Job as a Bank Teller

How to Be a Stock Broker

How to Become a Financial Advisor

How to Become a Bank Manager

How to Dress for a Banking Job


Looking for a mortgage in today’s market can be complicated #mortgage #repayment #calculator


#top mortgage lenders

#

Who are the Top 10 Mortgage Lenders in America?

Looking for a mortgage in today’s market can be complicated. So many banks have become insolvent or are on the brink of financial trouble that loans are no longer as simple as they used to be. One way to be sure that your lender is in good financial shape and that you are getting the best mortgage deal possible is to do business with a company which makes large numbers of loans. While your hometown bank may be financially sound, it may also be difficult to secure a low-interest loan with an institution like this due to tightening of standards for lenders in the wake of the housing “bubble” burst.

Who are the Top 10 Mortgage Lenders?

The top ten mortgage lenders in the United States (according to loansafe.org) are listed below, with notes about each. Dealing with one of these companies may be the easiest way to get a good loan at a reasonable price, and be certain that your financial future is safe.

1) Fannie Mae/Freddie Mac

With a portfolio of over $1.5 trillion, these institutions, which are run by the federal government, are actually the largest lending entity in the country. While these federal agencies do not make loans directly, loans through them are guaranteed by the government, so underwriting lenders are secure in their loans. This year, the government stepped in to re-order both agencies, in view of tremendous losses due to bad loans made by subsidiary lenders, so expect some very detailed questions and a hard look at your credit report if you are mortgaging through them. On the other hand, the purpose of these agencies is to make low-cost loans available, so you will likely get a good interest rate if you qualify.

2) Wells Fargo Mortgage

With a portfolio of $77 billion in 2010, Wells Fargo is the largest private mortgage lender in the country. With 23.9% of the market share, this bank has offices nationwide and offers competitive interest rates to qualified borrowers.

Bank of America claimed 22.19% of the total market share for mortgages in 2010, with a portfolio of $71.5 billion. Second only to Wells Fargo, this banking giant makes thousands of home loans every year, and provides many other banking services, as well.

Chase claims a smaller percentage of the market, at only 10.16%, or about a third of the top two competitors. However, aggressive marketing and the move into revolving credit lines have helped this company grow. Chase has a total mortgage portfolio of $32.8 billion.

A branch of GMAC financing, this group claims 4.02% of the market share, with a portfolio of $13 billion. While mortgages are not GMAC’s main business, this is a large sideline, and the diversity may help keep interest rates low. On the other hand, being tied so closely to the automobile market may also spell trouble down the road.

Like so many of its brothers, Citi Bank has become very diversified, offering revolving credit lines, home mortgages, and personal loans. With a mortgage portfolio of $11 billion and 3.43% of the housing market share, Citi is poised to grow as smaller companies get out of the mortgage business.

7) U.S. Bank Home Mortgage

Another company which has grown substantially in the face of the downward-turning housing market, U. S. Bank takes 2.78% of the market share, with a portfolio of $9 billion.

This company claims 2.78% of the market share, with $7.8 billion in loans in 2010. While not the largest mortgage company, its smaller size may help it absorb some of the housing shocks which may still be on the horizon.

From its southern roots, SunTrust has weathered many storms such as losses from hurricanes in Florida, and is still going strong. It has 1.75% of the market share for mortgages, and a portfolio of $5.6 billion.

10) Provident Funding Associates

Rounding out the list is Provident, a name unfamiliar to many, but with a 1.6% total of market share and a mortgage portfolio of $5.2 billion.

Of course, size is not always the most important factor in choosing a lender. However, if you are interested in protection and want your mortgage company to remain solvent throughout the life of your loan, your risk is far less with an established company which has a large percentage of the market share. Choosing a lender like this may be more important than saving a few tenths of a percent on your interest rate, in view of the recent mortgage problems experienced by many banks.


HOME – Free Bass Guitar Lessons #learn #bass, #free #bass #guitar #lessons, #learn #how #to


#

FAT STRINGER LOW END LOVER!

Welcome to my Bass tutorial website. If you are new here, then please check out the ‘Lesson tree’. This is an order of practice, starting at beginners level, and slowly raising.

Also take time to check out all the other free Bass lessons and content that is on this site! – Kris

A TESTIMONIAL

I’ve sampled many online bass lessons over the past year or so. Paid a lot of money but didn’t learn much. But your lessons are a breath of fresh air. Most sites and teachers are dull, over complicated and in some cases-self-important. You have managed to simplify the jargon, to a point where literally anyone can understand and have fun when learning this instrument. But also, behind that laid back, almost jokey exterior is one hell of creative and innovative bass player. In a way it’s a shame that you don’t flaunt and show yourself off like many famous musicians, because if you did, you’d be one of the best. You’re an inspiration. Thankyou for everything, and god bless you – Tom, USA.

Welcome to Dmans’ Bass blog, and video log! Learning Bass guitar made fun, simple, and easy! Slapping, popping, tapping, beginners Bass songs, beginners riffs, Bass guitar tips, Bass chords, Bass finger picking, plus many other Bass lessons are covered on this site!

Hundreds of Thousands have learnt from me online, and many have gone onto becoming succesfull bass players in their bands, since I started doing these lessons in 2007. My online students often remark on how I keep things simple, and connect with them as people. That was always my main aim. To connect, which is what so many other online teachers fail to do. I hope you take something positive out of these lessons, and go onto to becoming a great Bass player!

The first port of call on your Bass journey should be the “Lesson tree”. There, you will find a list of lessons that start off easy, and slowly progress.

As hundreds will tell you: If you do those lessons one by one, you will be well on your to becoming a great Bass player, like many of them have done. Take it seriously, and go one by one!

QUICK LINKS

My Top ten Bass lines!

Who is this Kris Rodgers guy, anyway?

LATEST FUN STUFF!

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DR Neon Green strings review

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Popular Bands Lessons:

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This site is copyright of Kris Rodgers 2016


Online Interior Design Programs including CAD Training Online – Train to Professional Level for a


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Online Interior Design Courses – Rhodec International

Html Navigation Menus by Vista-Buttons.com v2.27 LEARN INTERIOR DESIGN 100% ONLINE – START STUDYING AT ANY TIME OF THE YEAR, FROM ANYWHERE IN THE WORLD, WITH NO ATTENDANCE EVER REQUIRED

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Rhodec International is the longest-established specialist interior design distance learning school in the world. Founded in 1960, we have nearly six decades of interior design education expertise, with over 85,000 interior design course students registered during that period and alumni in more than 120 countries worldwide.


First Franklin to be Shut Down #amortization #tables


#first franklin mortgage

#

First Franklin to be Shut Down by Merrill Lynch

Merrill Lynch is reportedly shutting down its wholesale mortgage unit First Franklin, according to a report by CNBC .

Although it’s unclear how many of the thousands who used to work there are still employed, the report said roughly 400 to 500 could lose their jobs.

First Franklin began as a retail brokerage in San Jose, California in 1981, transitioned to a mortgage lender in 1984, and was later sold to National City in 1999.

In 2003, the company began offering 100% loan-to-value single-lien mortgages and other higher-risk loan programs. reaching $29.6 billion in loan origination volume in 2005, and a year later Merrill Lynch picked it up for $1.3 billion.

However, Merrill acquired First Franklin in December 2006, just when serious problems in the mortgage market began to surface, leading to substantial losses at the brokerage house and the eventual ousting of its CEO Stan O’Neal.

Last September, First Franklin cut an unknown number of jobs so staffing levels would be in line with their volume of business.

Around that same time, there were scores of rumors that First Franklin was actually firing staff that failed to meet performance goals, despite dismal industry loan volume that would be dealt with more appropriately through layoffs.

It’s unclear what operating levels were like recently, but it’s doubtful that the closure will have a significant impact on the industry given separate accounts that claimed the company was running on a severely reduced staff.

After the crisis hit full swing, First Franklin reduced its subprime offerings, and began focusing on Alt-A. although they still had programs for Fico scores below 600.

There is no notice on the First Franklin website at this time, and Merrill Lynch declined to comment when reached by the press.

Check out the latest list of closed lenders. mortgage layoffs and mergers.


Marriage Counselor Job Requirements #requirements #to #be #a #marriage #counselor


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Marriage Counselor Job Requirements

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How to Be a Mortgage Broker: 13 Steps (with Pictures) #mortgage #prequalification


#mortgage broker license

#

wiki How to Be a Mortgage Broker

As a mortgage broker, you will be involved with a lot of decision making. You will be an integral part in the time-honored tradition of home ownership by helping individuals decide which loan to use when purchasing homes. Or, if you decide to work on the commercial side of real estate, you will aid businesses in picking their loans. Many brokers start out working for a firm to gain experience and build a client base, but some decide to work independently from the start. In any case, you will need to get a mortgage broker’s license to practice your craft. Follow the steps below to get licensed, certified, and on your way to becoming a mortgage broker.

Steps Edit

Part One of Three:
Obtaining a Mortgage Brokers License Edit

Meet the educational requirements. The only educational prerequisite for obtaining a mortgage broker’s license is a high school diploma. That said, a successful mortgage broker will have an understanding of accounting, law, financial analysis, and business principles. To gain this type of knowledge, consider earning a college degree in a related discipline or taking classes from an online source like Coursera. [1]

  • You may also wish to take classes in advanced math, computer skills, and hone your research skills. These skills can help you succeed as a mortgage broker. [2]

Can you please put wikiHow on the whitelist for your ad blocker? wikiHow relies on ad money to give you our free how-to guides. Learn how .

Gain related experience. Many mortgage brokers get their start as loan officers or real estate agents. Either of these careers will help introduced you to the world of real estate and mortgages. They can also help you develop crucial skills like financial analysis and how to read real estate market trends. [3]

Determine license requirements. Whether you work for a firm or for yourself, you will eventually have to become licensed to be a mortgage broker. In order to find out the licensing requirements for your location, try looking at a national trade association such as the National Association of Mortgage Brokers (NAMB) in the U.S. or the Real Estate and Mortgage Institute of Canada. The Web sites of these agencies can provide you with a list of licensing information broken down by state or province.

  • To find your state’s requirements, go to this website: http://www.mortgagenewsdaily.com/mortgage_license/. Then, click on the state(s) in which you plan to practice as a mortgage broker for more information.
  • Gaining your license will require you to not have any felonies on your record over the past seven years, to not have a previously-revoked mortgage broker license, and to pass the Nationwide Mortgage Licensing System (NMLS) test with a score of 75 percent or higher. [4]

Prepare for the license test. Before taking the license test, which is called the SAFE Mortgage Loan Originator Test, you are required to take 20 hours of NMLS-approved education. These classes include an education in loan origination law, standards, ethics, and processes. Your specific educational requirements will depend on your state, so refer to the appropriate state agency’s website for more information. [5]

  • Be sure to take a state-specific preparation class, as some of the test contains state-specific questions. [6]

Take the license test . You can sign up to take the test on the NMLS website. They also have a test preparation handbook ready for potential test takers. Pay whatever fees or take whatever tests are necessary to become licensed in the state or province where you would like to be a mortgage broker and then take the test. You have 180 days after signing up to take the test before your testing window closes. [7] Costs and requirements may vary by state. For example:

  • In the State of Arizona, it will cost you about $445 to participate in a pre-licensure education program. You’ll learn through the Arizona School of Real Estate how to pass the state exam. [8]
  • Similarly, in the State of Washington, you must past the Washington Designated Broker test offered by the organization Pearson VUE. The Washington State Department of Financial Institutions works with the National Mortgage Licensing System (NMLS) to provide its licenses .
  • The NMLS allows an individual to become licensed in multiple states with 1 application. Most states either participate in the NMLS or are going to participate at some point.

How to Become a Commercial Loan Broker

How to Choose a Mortgage Broker

How to Approach a Mortgage Refinance Loan

How to Calculate Mortgage Payments

How to Become an Investment Banker

How to Get a Job as a Bank Teller

How to Be a Stock Broker

How to Become a Financial Advisor

How to Become a Bank Manager

How to Dress for a Banking Job


What is a Psychiatric Social Worker? #how #much #schooling #to #be #a #social #worker


#

Psychiatric Social Workers and How to Become One

Psychiatric social workers provide mental health services to individuals with high needs. They may perform psychotherapy and even diagnose mental illness.

Duties vary according to work setting. Social workers in inpatient settings often have primary responsibility for putting together the discharge plan. This is not something that is filled out right before discharge – it’s an ongoing process during much of the time the person is hospitalized. The goal is ambitious: that the person will have the resources to function optimally within the community. Hospital stays are shorter than they were in the past, but patients sometimes need to transition to a residential care center or a day program.

Social workers who are employed at psychiatric hospitals also do psychosocial assessments and provide therapy. They are in frequent contact with the family members of patients. They meet with other members of the mental health team (psychiatrists, nurse practitioners etc.) to discuss patient care. If the patient is involved in any legal procedures, the social worker may have a role in information gathering.

Psychiatric social workers may also be employed in outpatient centers, working with juveniles and adults. They perform psychotherapy and assessments, educate the patient and his or her family, and make referrals as necessary. Mental health therapies include more than just talk. Social workers may, for example, employ Eye Movement Desensitization and Reprocessing with young trauma survivors.

Master’s level social workers serve as case managers for individuals who have severe needs, those who may require periodic hospitalization as well as intensive use of community resources. Clients may include those with schizophrenia and those with complex sets of co-occurring conditions.

Governmental agencies and residential care facilities are among the other employment options for psychiatric social workers. Some eventually go into private practice as psychotherapists.

Education Requirements for Psychiatric Social Workers

Although bachelor’s level social workers may provide some services, they will not do psychotherapy; psychiatric social work is a master’s level profession. Those interested in this career should enroll in social work programs accredited by the Council on Social Work Education. Ideally, they will select programs with a clinical focus and a clinical fieldwork experience – the state may or may not make clinical focus a formal requirement for the highest level of licensing. There are typically many opportunities for specialization in the second year of a master’s program.

The USC Suzanne Dworak-Peck School of Social Work offers a CSWE-accredited online Master’s in Social Work. This program is ranked #12 by US News and World Report. A Bachelor’s degree is required. Learn more about this program .

Most states have a continuing education requirement. Professional organizations like the National Association of Social Workers and the Society for Clinical Social Work serve as resources. So do colleges and universities. Some offer post-master certificate programs in areas like mental health. It is also an option to take academic coursework that relates to one’s practice.

Licensing and Certification

All U.S. jurisdictions license master’s level social workers. The highest level of licensing is dependent on supervised work experience attained over a period of about two to three years. During this time, the prospective social worker will be working in a mental health setting. Many states tie licensing level or category to duties performed during this time period. However, it’s not necessarily a requirement to have the highest license if one works in an agency setting under others’ supervision.

Some social workers pursue additional voluntary certification to demonstrate their mental health expertise. They might opt for Qualified Clinical Social Worker or Certified Advanced Social Work Case Manager, depending on practice area.

Career Outlook for Mental Health Social Workers

The Bureau of Labor Statistics reports that mental health/ substance abuse social workers employed in psychiatric and substance abuse hospitals had a mean wage of $48,960 in 2011. There were 10,800 employed in such settings. Social workers in outpatient care averaged $42,220. The overall employment here was higher: 23,050.

The BLS projected 31% growth in jobs for mental health social workers over the course of the 2010 to 2020 decade.


How to Be a Loan Officer: 12 Steps (with Pictures) #www.mortgage #calculator


#mortgage loan officer

#

How to Be a Loan Officer

When an individual or business needs a loan, they talk to a loan officer at a financial institution like a bank, credit union, or lending company – this is who helps them apply and gathers information that determines whether the loan can likely be repaid. As you can imagine, loan officers are an important cog in the everyday economy and are consequently in high demand. To become one is not necessarily easy, however, and requires good financial judgment coming from education and on-the-job training.

Steps Edit

Part One of Three:
Building Credentials Edit

Research the job. Before deciding that being a loan officer is the right job for you, learn about the field using online resources, especially those that specialize in jobs like Bureau of Labor Statistics at http://www.bls.gov/ Loan officers assist people with loan applications for cars, home, and college tuition, helping to determine the best available loan and to make them aware of the various requirements. Although most work for banks or other credit and financial institutions, some work independently with clients and businesses. [1]

  • Your duties as a loan officer will include processing applications, making sure that the information is complete and accurate. Analyzing the data, you will determine if a client is credit-worthy, whether to grant a loan, and, if so, under what conditions the loan will be made. [2]
  • Some loan officers are highly specialized. They can deal in consumer loans to people, commercial loans to businesses, mortgage loans for real estate, or in loan collection. Some loan officers also travel extensively to meet with clients at businesses or homes. [3]
  • The average salary for loan officers in 2012 was $59,280. Some are paid a regular salary while others are paid on commission, with the volume of clients depending on the overall strength of the economy. Many mortgage loan officers must also work long hours. [4]

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Finish high school. While most loan officers hold a college degree, it is still possible to become one with only a high school education and on-the-job training. You will need a high school diploma at the very least, however. If you are trying to enter the field, then, make sure to complete your secondary schooling, taking any math, economics, business, and computer classes available to you. These courses will come in handy for further education and for your duties at work. [5]

Complete a 4-year degree. Especially for more complex commercial loans, employers will require officers to hold college degrees in finance, economics, business, or a closely related subject. Plan to complete a bachelor’s degree in one of these fields, as it will give you the tools needed to analyze finances, read a financial statement, and understand the basics of business accounting and cash flow analysis. [6]

  • Take courses in subjects like accounting, mathematics, economics, and business statistics. An increasing number of financial institutions are now using underwriting software, so it is also useful to be proficient with computers and financial software. [7]

Develop the right skills for the job. Because they work so closely with clients, employers favor loan officers with sales skills, self-confidence, and strong interpersonal communication. [8] Work hard to build your skills in these areas.

  • Mortgage lenders need to form relationships with real estate developers, builders, and agents to increase their referrals, for example. In some instances, you might even be contacting businesses to encourage loan applications. As an effective loan officer you must also be able to answer customers’ questions clearly and to guide them through the application process.
  • Take advantage of offerings in school to cultivate the right skill set. Courses in psychology, public speaking, and communication can all help. [9]
  • Practice public speaking. You won’t be giving speeches as a loan officer, but you’ll be talking to clients and need plenty of self-confidence. Public speaking does just that. Spend some time every week in front of a mirror. Give a sales pitch, for example. Assess and repeat. You can also join an organization like Toastmasters International for more feedback. [10]

Get a professional certification. The American Bankers Association and the Mortgage Bankers Association both offer ongoing training and certification programs for loan officers. Legally, you don’t need to be certified. But these programs will boost your credentials and chances of advancing. You’ll take a series of courses to improve your knowledge of banking, credit analysis, and mortgage law. You can even choose a program that is designed for your loan specialization. [20]

  • For example, a loan officer can earn a residential or commercial Certified Mortgage Banker (CMB) certificate through the Mortgage Bankers Association. [21]
  • The American Banker’s Association offers certificates in Commercial Lending, [22] Residential Mortgage Lending, [23] and another in Lending Compliance. [24]

Take a program in underwriting. Pursuing your professional development with a certification course in underwriting will, once again, increase your credentials and potential for advancement. Underwriting programs are designed for those already in the industry; you will take courses that improve your understanding of loan risk based on things like property types and value, capital, and debt. Two or even four-year degree programs are also available. [25]

  • One skill that underwriting programs will give you is software literacy. While some banks still judge loan applications by set guidelines and human judgement, increasingly they are use specialized underwriting software that evaluates loan applicant. Knowing your way around these programs is a great skill to put on your resume. [26]

Continue to learn. You will have to do a lot of professional development to be a great loan officer. Laws change often at the state and federal level. You will have to stay on top of these changes. Also, remember that you will need to complete a minimum amount of continuing education hours per year to maintain your license. Whether it be for certification, staying up-to-date, or just continuing education, it’s in your interest to keep learning.