Loan officers are essential members of any lending institution. They are the first line of defense when it comes to issuing loans. In addition to their important role, loan officers typically make a lot of money. What do loan officers make? To answer that question, we first need to explore the different types of loan officers and their respective salaries. After that, we can give you an idea of what you could expect as a loan officer assistant salary.
Loan Officer Assistant Salary
Loan officer assistant salary can vary greatly depending on the experience and certifications a loan officer has. According to PayScale, the median pay for a loan officer assistant is $39,000. Loan officer assistants typically have a two-year degree in business or finance and some experience working in the banking industry. The most common certification for loan officer assistants is the Certified Financial Analyst (CFA).
Some loan officers’ assistants work as full-time employees of banks while others work as contract employees. The average loan officer assistant salary range is $39,000-$61,000. Loan officers assistants with five to nine years of experience earn an average salary of $50,000-$74,999 while those with 10 or more years of experience earn an average salary of $64,500-$95,999.
Loan Officer Job Description
Loan Officers are responsible for processing loan applications and approving or denying loans. Loan Officer Assistant salaries vary depending on the position, experience, and region. A Loans Officer Assistant’s salary typically starts at around $40,000 per year.
Loan Officer Education Requirements
To become a loan officer, you will need a degree from an accredited school and three years of relevant experience. Loan officers typically earn between $60,000 and $130,000 per year.
To be eligible for a loan, you will need to have a minimum credit score of 650. You must also have at least two years of experience working in the financial industry. To be considered for a loan, your company will likely require you to pass a certification exam.
Loan Officer Certification Requirements
The loan officer assistant certification requirements vary depending on the lender, but most require a college degree and experience in mortgage banking or lending. Loan officers typically make anywhere from $50,000 to $100,000 per year, with some making considerably more.
Some of the common loan officer assistant certification requirements include:
-Experience working as a loan officer assistant or in a related field
-Proven skills in Microsoft Excel and Word
Loan Officer Salary by City
Loan officers in the United States make a wide range of salaries, depending on their experience and city. In general, loan officers who have at least five years of experience and hold a bachelor’s degree make around $60,000 per year. Those with just a few years of experience may earn less, while new graduates can expect to start at about $35,000 per year. Loan officers working for large banks or credit unions tend to make more money than those working for smaller lenders. Read more…
Loan Officer Assistant Salary are responsible for a wide range of tasks, from researching and underwriting potential loans to working with borrowers to ensure the loan goes through. In order to find out what loan officers make, it is important to first understand their job responsibilities. Loan officers typically earn between $50,000 and $120,000 per year.