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.

Degree Required Bachelor's
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.

To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below:

  • 1. Degree Options:
The schools in the listing below are not free and may include sponsored content but are popular choices among our users. Tuition and costs will vary across programs and locations. Be sure to always request tuition information before starting a program.

Popular Schools

  • Georgetown University

    Georgetown University responds quickly to information requests through this website.

    Popular programs at Georgetown University:

    • Master

    Online Programs Available

  • Grand Canyon University

    Grand Canyon University responds quickly to information requests through this website.

    Popular programs at Grand Canyon University:

    • Doctoral
    • Master
    • Bachelor Degrees

    Online Programs Available

  • Strayer University

    Strayer University responds quickly to information requests through this website.

    Popular programs at Strayer University:

    • Master
    • Bachelor Degrees
    • Associate Programs
    • Certificates

    Online Programs Available

  • Johns Hopkins University

    Johns Hopkins University responds quickly to information requests through this website.

    Popular programs at Johns Hopkins University:

    • Master

    Online Programs Available

  • Colorado State University Global

    Colorado State University Global responds quickly to information requests through this website.

    Popular programs at Colorado State University Global:

    • Master
    • Bachelor Degrees
    • Certificates

    Online Programs Available

  • Judson University

    Judson University responds quickly to information requests through this website.

    Popular programs at Judson University:

    • Master
    • Bachelor Degrees

    Online Programs Available

  • Saint John's University

    Saint John's University responds quickly to information requests through this website.

    Popular programs at Saint John's University:

    • Master

    Online Programs Available

  • Virginia International University

    Virginia International University responds quickly to information requests through this website.

    Popular programs at Virginia International University:

    • Master
    • Bachelor Degrees

    Online Programs Available

  • Capella University

    Capella University responds quickly to information requests through this website.

    Popular programs at Capella University:

    • Doctoral
    • Master
    • Bachelor Degrees

    Online Programs Available

  • Virginia College

    Virginia College responds quickly to information requests through this website.

    Popular programs at Virginia College:

    Online Programs Available

  1. 1
  2. 2
  3. 3
  4. 4
  5. Next »