Mortgage Loan Officer Requirements

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Mortgage loan officers, also called mortgage brokers, help people buy a house or commercial property. Mortgage loan officers find potential clients and help them apply for loans. Once a loan officer finds a client, they gather the necessary personal and financial information, which helps them find a loan that they qualified to borrow. An individual’s credit score, income and debt are all factored into the amount of money an individual is able to borrow.


Most mortgage loan officer positions require a bachelor’s degree in economics, finance or in related field. Although not required, having a degree shows potential employers that applicants have the necessary skills to compete in the financial world. Loan officers without any formal education are able to advance to this position after years of experience in other related financial positions.


Certifications for mortgage loan officers vary from state to state. The National Association of Mortgage Brokers offers certification for mortgage loan officers. This association offers certification in commercial and residential property. Individuals looking to become certified need to have three years of experience, have education credits and must pass an exam. Becoming certified offers mortgage loan officers the opportunity for employment and advancement.


Most mortgage loan officers are required to find their own clients by telephone, door-to-door or through referrals. For a mortgage loan officer to manufacture a client base, they need to have excellent communication skills. Because they are dealing with large amounts of money and personal information, loan officers need to make clients feel comfortable working with them and prove to them they can succeed.


Prospective mortgage loan officers need to understand the real estate business and do well with numbers. Interest rates change sometimes change daily and prospective property buyers are always looking for the lowest rate. Officers need to follow these rates and have the ability to judge whether the market is rising or falling. Mortgage loan officers need to determine the total amount of a loan, the monthly payments and down payment for each individual client.


All loans these days are run through computers, and mortgage loan officers need to be able to keep up with the technological advancements in the financial world. Mortgage loan officers need to request credit reports, find interest rates and qualify clients through the applications on their computer. While a loan is in progress, many applicants need to fill out a lot of paperwork and communicating through email can be a convenient way for both parties to get the loan done as soon as possible.