Becoming a mortgage loan officer can be a rewarding career path offering strong earning potential. However, launching a successful career requires finding a quality loan officer training program. These entry-level positions provide the skills and licensing needed to hit the ground running as a mortgage professional.
In this article, we’ll explore top strategies for finding the best loan officer training opportunities to jumpstart your career.
Why Become a Loan Officer?
Before searching for training programs let’s review why loan officer is such an appealing job for many.
Earning Potential
The average loan officer salary is over $76,000 according to the Bureau of Labor Statistics. Top producers can earn well into six figures.
Commission-Based
Most loan officers earn a base salary plus commissions based on a percentage of the loans they originate. This creates unlimited earning potential tied directly to your performance.
Flexible Schedule
Loan officers often have flexibility to work remotely, set their own hours, and take on clients at their pace. Work-life balance is highly attainable.
Helping People
There is great satisfaction in helping people realize dreams of homeownership and make one of the biggest financial decisions of their lives.
Career Growth
With experience, loan officers can advance into leadership roles like producing manager, branch manager, and eventually start their own mortgage company.
A loan officer career offers the freedom and earning potential of sales combined with the fulfillment of guiding clients through a complex financial transaction.
But first you need the proper training to build expertise and earn state mortgage licensing.
Loan Officer Training Overview
Loan officer training programs are typically 12-18 months in length. Here’s an overview of what to expect:
Classroom & Online Courses
The first phase usually involves self-paced online modules, virtual classes, and in-person courses covering topics like mortgage basics, underwriting, sales, ethics, and regulations.
Shadowing & Mentorship
You’ll be assigned mentors and veteran loan officers at the company to shadow on sales calls and observe the loan process.
On-the-Job Training
Before handling your own clients, you’ll assist with tasks like pre-approvals and sit in on closings to learn first-hand.
Licensing & Exams
The company will guide you through studying for and passing the National and State exams required to become a licensed mortgage loan originator.
At the end of the program, you’ll have the education, experience, and credentials needed to take on your own clients and excel as a loan officer.
Finding Loan Officer Training Opportunities
If you’re looking to break into mortgage sales, here are smart ways to find paid training programs:
Online Job Sites
Sites like Indeed, LinkedIn, and ZipRecruiter frequently post loan officer trainee positions. You can search for keywords like “loan officer training program.”
Company Websites
Look for careers pages on mortgage lenders’ sites for open trainee roles. Training programs are common at larger lenders like loanDepot, Fairway Independent Mortgage, and Guaranteed Rate.
Industry Job Boards
Boards like National Mortgage News and Scotsman Guide list openings for loan officer training and apprenticeships.
Recruiters
Many mortgage companies use recruiters and headhunters to fill trainee positions. Getting connected with recruiters in your area can uncover unposted opportunities.
Job Fairs
Local career fairs frequently have mortgage lender booths recruiting for loan officer training programs.
Networking
Speaking with loan officers at networking events can reveal opportunities at their companies.
Casting a wide net across job sites, recruiters, events, and your network is key to finding available mortgage sales training programs and starting the application process.
Evaluating Loan Officer Training Programs
Not all training programs are created equal. Here are key factors to look for when evaluating opportunities:
Comprehensive Curriculum
Look for a structured curriculum including self-study, instructor-led classes, and on-the-job mentoring. This ensures you develop well-rounded expertise.
Seasoned Mentors
The best programs partner you with seasoned loan officers with years of real-world experience to learn from.
Proven Licensing Prep
Make sure the company has a track record of trainees passing national and state mortgage license exams.
Reputable Company Culture
Look for a supportive culture that invests in employee training and development. Check Glassdoor and social media for insights.
Base Salary & Commission
A livable base along with commission opportunities shows the company is invested in your success.
Length of Program
Typically 12-18 months is ideal to fully prepare you before handling your own clients.
Job Placement
The best training programs seamlessly transition you into a loan officer role once training finishes.
Vetting programs thoroughly using these criteria helps find the highest caliber training that sets you up for a thriving loan officer career.
Top Online Training Programs
If relocating for an in-person training program is not feasible, some lenders offer virtual training opportunities:
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Fairway Independent Mortgage – One of the largest virtual training programs in the industry today. $16K average starting base salary.
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New American Funding – 12-week virtual paid program to become a Loan Consultant. $18-$22/hr starting base salary.
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Lenda – Work remotely while training online to become a Loan Officer with this fast-growing lender.
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PrimeLending – Virtual sales and leadership academy to jumpstart your loan officer career.
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Angel Oak Mortgage Solutions – One of the top privately held mortgage lenders with a virtual 12-month training program.
Online loan officer training gives you flexibility while building skills and gaining experience to succeed as a mortgage loan officer.
Creating a Standout Application
Once you’ve identified promising loan officer training opportunities, here are tips for making your application stand out:
Highlight Sales Experience – Any experience in sales, customer service, or relationship-driven fields will strengthen your candidacy.
Talk Up Your Drive – Enthusiasm to enter the mortgage field along with tenacity to succeed goes a long way.
Emphasize Willingness to Learn – Eagerness to be coached and ability to absorb complex information is key.
Share People-First Attitude – Convey your desire to counsel clients and help homebuyers.
Express Business Acumen – Mortgage sales requires business savvy both with clients and internally.
Explain Your Motivation – Share what draws you to the flexibility and income potential of the loan officer career path.
With mortgage demand still strong entering 2023, now is an opportune time to land a coveted training program and get a jumpstart on building your loan officer career.
Following the steps above will help you discover the best opportunities and make a compelling case to hiring managers that you have what it takes to excel after completing their program.
Before you know it, you could have your state license in hand and be fielding your own client leads – launching an exciting and prosperous career in mortgage sales!
Frequently Asked Questions
Q: How much does loan officer training pay?
A: Loan officer training programs often provide a starting base salary ranging from $30,000 – $50,000. Some pay hourly around $18 – $22/hr. Commission opportunities increase pay as you gain experience.
Q: How hard is it to become a loan officer?
A: Becoming a successful loan officer requires some sales aptitude, determination, excellent communication skills, and the ability to build client relationships. A commitment to completing training is essential.
Q: Do you need a degree to be a loan officer?
A: Most mortgage companies do not require candidates to have a college degree, especially those launching careers through a formal training program.
Q: Is loan officer training worth it?
A: Quality training programs offer the licensing, education, and on-the-job experience needed to succeed as a loan officer. They can fast track your career significantly.
Q: How long is loan officer training?
A: Most training programs range from 12-18 months including coursework, shadowing, licensing exam prep, and hands-on experience before transitioning into a full loan officer role.