There are many different types of loan officers, but John Kresevic chose to work in the mortgage business because he saw the devastation caused by too many people taking out mortgages that they couldn’t possibly pay back, resulting in the economic crisis of 2008. Kresevic knew he could do better, so he joined Quicken Loans. Today, he works as a loan officer for Forthright Funding in Scottsdale, Arizona, where he works to get families the best mortgage offerings possible. Here’s how you can get started as a loan officer:
- Complete high school and college. It’s possible to be a successful loan officer with only a high school diploma and work experience. That could be an excellent career choice in certain situations, but for John Kresevic, who wants to rise fast and own his own mortgage lending company one day, he needed the connections to the industry and the opportunities for added experience in the industry that college provided. Earning a degree in marketing, like John Kresevic, accounting, or finance will give you the prerequisite skills and connections to succeed in the long-term in the lending industry.
- Gain experience in banking. Some banks hire loan officers with college degrees for entry-level positions. Get your foot in the door by taking a position at a bank if you can. You’ll gain some on-the-job training and build your experience.
- Get licensed. Federal requirements state that all mortgage loan officers be licensed to work in the industry. States have their own requirements as well. You’ll likely have to complete at least 20 hours of classroom study and pass an exam to get your license.
John Kresevic hopes to start his own mortgage lending company.