Graduated with a Degree in Finance? Consider Becoming a Loan Officer
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After graduating from college, it can be hard what steps to take next. If you graduated with a Degree in Finance, becoming a mortgage loan officer may be a great option to consider because it is a job that will always be needed and can be a lucrative profession over time. The following guide provides you with a few tips to follow when you want to get a job as a mortgage loan officer after graduating college.
Apply for an Internship at a Mortgage Loan Company
The first thing you want to do is learn the basics of the mortgage loan business. Apply for an internship at a mortgage loan company that is well established so that you can learn the ins and outs of lending. It is important to realize that some internships do not pay a lot of money or pay nothing at all. You will have to find a way to pay your way outside of the internship if you plan to live on your own while learning everything that you need to know.
While you may have personal experience with getting a loan, knowing the intricate details about what goes on behind the scenes will allow you to do the best that you can when you get the job as a mortgage lender.
Establish or Repair Your Credit Rating
When you work as a mortgage loan officer, you will be dealing with personal information about the clients. Having a strong credit rating will show the company that you are trustworthy and responsible with money. It can be hard for a company to hire someone to give their clients advice on mortgages when they are not smart with their own money.
Establishing your credit does not have to be overly difficult to do. You may want to get a small loan and repay it over an extended period of time to show that you are responsible enough to repay a loan on time and in full. This will boost your credit rating without causing you to go into too much debt.
Get the Proper Licensing to Work as a Mortgage Loan Officer
Once you have been interning for a while, you may want to test to get a license as a mortgage loan officer. To get the license, you will need to take a specific course that teaches you everything you need to know. You will then need to pass a test that establishes that you know the things you need to know. Once you pass a background check that shows that you do not have a criminal history involving anything that could make it questionable to trust you with someone’s financial information and pass a credit check, you will be able to get your license. Once you have a license, it will be easier to get a full-time paid position as a mortgage lending officer.
When you apply for a job as a mortgage lending officer, it is important to realize that you may have to start off as an assistant to an officer so that the company can see what you can do before letting you loose on your own. Do your very best as the assistant and you should be able to be promoted in a very short period of time, so you can start helping people get the money to purchase the homes of their dreams as quickly as possible.