Loan Capital Consultant: Career and Salary Facts
Explore the career requirements for loan capital consultants. Get the facts about education and licensure requirements, salary, and potential job growth to determine if this is the right career for you. Schools offering Accounting & Finance degrees can also be found in these popular choices.
What Is a Loan Capital Consultant?
Loan capital consultants (i.e. loan officers) work with a variety of loan agencies and clients seeking loans. Many times they will work at bank branches and assist consumers in getting approved for loans, such as mortgage loans. They are involved with evaluating consumers and authorizing loans for commercial entities, credit, or real estate. They may also offer advice to borrowers based on their financial status and educate them on their payment options. Need for this job fluctuates with the economy, with more positions being open when the economy is experiencing growth.
The table below outlines some key job facts on loan capital consultants.
|Education Field of Study||Finance or business administration|
|Licensure||Mortgage Loan Originator (MLO) license if working with mortgage loans|
|Key Responsibilities||Develop relationships with prospective clients, advise clients on different types of loans or other banking services and consult lenders and clients during the real estate lending process if working with mortgage loans|
|Job Growth (2014-2024)*||8%|
|Median Salary (2015)*||$63,430|
Source: *U.S. Bureau of Labor Statistics
What Is a Loan Capital Consultant?
Loan capital consultants may also be referred to as loan officers. These professionals work at a variety of financial institutions, including mortgage companies, credit unions and banks. You could help companies develop relationships with prospective clients and advise customers on different types of loans or other banking products. If you work with mortgage loans, you consult with various lenders and clients throughout the real estate lending process.
What Education and Experience Is Needed?
According to the U.S. Bureau of Labor Statistics (BLS), loan officers typically have a high school diploma and receive on-the-job training. However, commercial loan officers often hold a bachelor's degree in a related field, such as finance or business administration. Although experience requirements vary by position, most employers require that you have some background in the field.
What Type of License or Certification Will I Need?
If you plan on working with mortgage loans, you need to obtain a Mortgage Loan Originator license in your state. Typical requirements for licensure include completion of 20 hours of coursework approved by the Nationwide Mortgage Licensing System and Registry (NMLS) and an exam; background and credit checks are often required as well. Private organizations, like the Mortgage Bankers Association, usually offer NMLS-approved coursework.
While certification isn't required for loan officers, it may increase your employment options. The American Bankers Association offers the Certified Lender Business Banker credential to applicants who have a bachelor's degree and at least three years of lending experience. Alternatively, applicants with two years of experience can qualify for certification by completing an approved commercial lending program. In either case, you'll also need to take an exam.
What Salary Could I Expect?
According to the BLS in 2015, loan officers earned a median salary of about $63,430. The top-paying states for these professionals included New York, Rhode Island and Massachusetts. Some positions might include commission.
What Are Some Related Alternative Careers?
If you like dealing with money and being the originator of a loan, you might also like working as a bank branch manager or loan underwriter. Bank branch managers lead a team of bank branch employees, making strong relationships with customers a priority. They need at least a bachelor's in marketing, business, finance or something related as well as experience in real estate lending. Underwriters also work in banks, and their job is mainly to analyze the risks of lending money to individuals. No degree is required, although candidates with a bachelor's in a related field are looked upon more favorably.
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