If you're considering a career as a Loan Officer, there are some facts you should get familiar with before starting your journey. As far as post-secondary education is concerned, a degree in Accounting, Finance, Business Administration, or any other equivalent certification is the most common requirement for this position. That and a high school diploma, of course. The position requires an appreciation for numbers and administrative duties, so organized and detail-oriented individuals would make great candidates for this line of work. Loan Officers must also have a comprehensive knowledge of lending products, banking industry rules and regulations, and the required documentation for obtaining a loan. Banking or accounting software, including QuickBooks, can be essential for aspiring professionals in this field.  
  
Most Loan Officer positions require a minimum of 3 years of experience working in a client-facing or accounting-focused role. Having a basic knowledge of the sector in which the applicant wants to work is always necessary. Many employers offer on-the-job training, but more comprehensive roles will require more significant work experience, depending on the position in question. Licensure and certification are also necessary to practice in some sectors. The Mortgage Bankers Association (MBA) and the American Bankers Association (ABA) offer opportunities for becoming certified. 
 

What Can Help You Become a Loan Officer

Sometimes it takes more than a degree to be ready to enter a particular position or career path. When it comes to Loan Officers, we've identified several critical skills and qualifications to excel in this role. Remember that not every skill listed is required for the job you seek, but it certainly doesn't hurt to consider what employers might be looking for when hiring skilled Loan Officers.   

• Interpersonal and communication skills with a knack for transparency and keeping customers informed about the status of their requests. 
• Strong customer service skills and excellent listening skills to fully understand clients' requirements and offer the most suitable loan option. 
• Organizational and time management skills such as prioritizing and planning work activities to manage time efficiently while handling a high volume of work.
• Analytical, problem-solving, and decision-making skills to effectively analyze numerical data, draw logical inferences and provide reasonable recommendations. 
• Identifying issues and resolving problems promptly, and being able to exercise strategic thinking and mature judgment.
• Outstanding attention to detail and high levels of thoroughness.
• Ensuring compliance with internal standards.
• Conducting thorough research and financial background checks.
• Staying focused during highly repetitive tasks. 
• Proficiency in Microsoft Office Word, spreadsheets, including the ability to develop and use formulas and to manage banking and accounting platforms.
• Possessing the ability to create graphs, flow charts, and projections to generate statistics.
• Being self-motivated, highly driven, and having an entrepreneurial personality.
• Maintaining high levels of honesty, discretion, and integrity.