Anyone ever worked as a loan officer?
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Education: To work as a loan officer or loan counselor one must generally have a bachelor's degree in finance, economics or a related field.
Other Requirements: Job candidates should be familiar with computers and their applications in banking. While there are currently no specific licensing requirements for loan counselors and officers working in banks or credit unions, training and licensing requirements for loan counselors and officers who work in mortgage banks or brokerages vary by state. These criteria also may vary depending on whether workers are employed by a mortgage bank or mortgage brokerage.
Advancement: Capable loan officers and loan counselors, once experienced, may move to larger branches of their firms or to managerial positions. Those without adequate education will have trouble advancing without additional training.
Job Outlook: Employment of loan officers is projected to increase more slowly than average for all occupations through 2014. Those with college degrees or experience have the best prospects. Employment of loan counselors is expected to increase faster than average.*
Earnings: Median annual earnings of loan officers were $48,830 in 2004. Median annual earnings of loan counselors were $35,700 in 2005.*
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