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O_Gram | Do you need a degree to become a Mortgage Underwriter or Loan Officer? |
Additional Details<a href="http://avatars.yahoo.com" target="_blank"><img src="http://lookup.avatars.yahoo.com/wim... width="48" height="48" border="0" alt="Yahoo! Avatars"></a> |
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529s.com
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You do not need a degree in most cases, but the individual company that you want to work for may require one. Its a great field, but the market is changing and a lot of the refi market is done. |
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Bo B
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As you can see by other responding parties, you do NOT have to have a degree for either position. However, you may want to know a few specifics about both.
a Loan Officer requires a tremendous amount of knowledge and training. There are seminars you can attend to give you the basics...both online and typical attendee seminars. Most mortgage brokers offer some degree of training, but no salary or guarantee for "rookies" so the first few months can be extremely tough financially. If you have some banking or financial experience, you may find a position with a large lender like Countrywide or Citi Mortgage or Wells Fargo. They offer good training and a guaranteed salary for a period of time to help you.
An Underwriter is a horse of a different color. It requires an enormous amount of training and experience in JUNIOR roles prior to moving into that specific position. You may be more interested in exploring the PROCESSING field which can certainly be a stepping stone to the Underwriting position. Look for entry level processing assistant position first...do a couple of years there and move to a Lender as a junior underwriter or Funder. |
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michelle_marie26
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Nope |
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woolhouse1
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no |
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Superman P
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This answer may depend on your state. In the state of Illinois No. You only have to pass the liscensing exam. |
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bilx2
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you do not and I know some people that work very hard in those fields and make great great money. |
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Skip
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You do not need a degree to be a loan officer nor do you need a degree to be an underwriter.
Most companies will train their loan officers and have special classes for them to continue their education once the initial training has been completed. if a loan officers has any hope of becoming a top loan consultant they must attend seminars on their own as well as some that are paid for by their company. Continuing education is a must. Technology constantly change as well a underwriting guidelines and loan programs.
An underwriter normally has been in the mortgage banking business for awhile in some type of administrative position such as loan processor, escrow officer, which would promote them to a position of junior underwriter and eventually to the position of underwriter.
There are several mortgage schools in the United States that offer an underwriting course, but even completion of this course, what company is going to hire you without experience, so upon completion of of such a course, you will probably start as a junior underwriter and later to the position of underwriter.
In both cases experience is the main criteria to obtain these positions.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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loansbyanthony
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you should but no there is no degree required |
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SndChaser
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Sadly, you don't... Which, for anyone who's gotten a loan, should explain a lot. |
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Mrs Apple
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No. You do not need a degree. As long as a company is willing to hire you and provide you with adequate training, you're all set. |
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insensitive male
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no...all you need is "SUCKER" printed across your forehead |
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NITA
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yes to really get paid |
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tigertiggerii
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A degree will help, but just going through training to learn the trade. Get the license if possible. Many companies will set you up although you will have to pay for the course. |
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StudentoftheHumanCondition
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No, you don't need a degree, but several other traits will help you succeed or fail as a loan officer:
1. Ability to multi-task
2. Work well under stress
3. Good negotiation skills
4. Decent math skills
5. Computer literacy (most loans are input onto mortgage software at the point of loan application)
6. Listening skills
7. Organization
8. Self-motivation
9. Grasp of real estate and mortgage basics. If you have no experience, I would recommend taking some courses (many are available on-line) and partnering with a company that offers a strong training and managerial staff.
10. Having been a loan officer for 8 years, I would also advise that you have some way to support yourself for the first 90 days if you are working for a fee-split only company.
11. Have a strong spirit. Anticipate what could go wrong and try to make accomodations.
12, Work your sphere of influence, and constantly seek to expand it.
Most underwriters I know come from the loan processing staff (an entirely different beast). I do not know of any company personally that hires underwriters with no prior mortgage background. |
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