How Can I Become a Loan Consultant?
Research what it takes to become a loan consultant. Learn about education requirements, job duties, median salary and job outlook to find out if this is the career for you.
What Does a Loan Consultant Do?
Loan consultants assist clients with loan and mortgage decisions. Their duties may include contacting people to ask if they want a loan, meeting with loan applicants and explaining different loan options. They also analyze applicants' financial information and choose whether or not to offer a loan. Loan consultants generally work in an institution such as a bank and they might choose to specialize in a particular type of loan such as commercial, consumer, or mortgage. The table below introduces some quick facts about employment in this career.
|Degree Required||Bachelor's degree|
|Licensure/Certification||Loan consultants who can issue loans need to be licensed; Voluntary certification is available|
|Key Responsibilities||Assess the financial situations of clients, inform clients of various types of loans and approve loans|
|Job Growth (2018-2028)*||8% for all loan officers|
|Average Salary (2018)*||$76,270 for all loan officers|
Source: *U.S. Bureau of Labor Statistics
What Is a Loan Consultant?
Loan consultants share similar job duties to loan officers and work in financial environments such as banks, credit unions, real estate offices and mortgage companies. These consultants may also conduct their business in private offices.
You may perform a variety of tasks related to the mortgage lending or loan application process. You may also meet with existing or potential clients to assess their financial situation, provide information on the various types of loans and approve loans.
What Education and Training Might I Need?
Working as a loan consultant, you'll likely need an undergraduate degree in business, finance or another relevant field. In some positions, you may receive initial on-the-job training, and some employers also provide additional in-house training opportunities.
If you're interested in becoming a mortgage loan officer, the BLS states that you'll need a Mortgage Loan Originator license. The licensing process includes a combination of coursework and an exam, as well as a background check and financial history review. Once you obtain a license, it will need to be renewed every year.
How Does Certification Work?
Although not required, the BLS indicates certification can increase your employment opportunities as a loan officer. According to the National Association of Mortgage Brokers (NAMB), certification may also increase your earning potential.
The NAMB provides the General Mortgage Associate (GMA), Certified Residential Mortgage Specialist (CRMS) and Certified Mortgage Consultant (CMC) designations. Credentials are awarded based on experience, qualifying points and multiple-choice exams. The GMA is an entry-level certification, so you wouldn't be expected to have qualifying points. To qualify for the CRMS certification, you'd need a minimum of two years of experience and 50 points. You'd need a minimum of five years experience and 100 points in order to qualify for the CMC certification.
What Are Some Related Alternative Careers?
Those interested in becoming a loan consultant might also wish to research some related alternative careers which require a similar skill set and a bachelor's degree. For instance, financial analysts advise individuals and businesses about investing and monitor the performance of their investments. Insurance underwriters evaluate insurance applications and determine whether or not to provide coverage. Tax examiners and collectors work for the government to review tax returns and collect payments.