Loan Officer Salary
Getting a Good Salary as a Loan Officer
Take Measured Chances With Great Customer Service!
In this day and age it seems like every organization requires their employees to have college degrees in order to work for them and make a good salary, but that’s not the case with the position of loan officer. In fact, officers even at an entry level can make a competitive loan officer salary in comparison with other entry level positions. So how can you put yourself into a position where you can make a good salary as a loan officer?
Start From the Bottom Up
A vast majority of loan officers earn a good salary because they started at the bottom rung. Taking a position at a bank or credit union as a teller, a collections agent, or even just in general customer service will be able to let you gain valuable experience within the banking industry – experience you need to obtain a good salary as a loan officer. It is here in these positions that you learn the basics of customer service, the basics of what consumer lending is, and the basics of enforcing those loans that are granted to customers. These positions may not pay well and may not even be part time, but if you are just breaking into the field, this is the place to start.
Take the Step to be a Loan Representative
If you have a bit of experience in the financial field but not enough to get you any attention when a loan officer position, then taking a position as a loan representative is a good place to either start or move up into in order to earn a loan officer salary. A loan representative is generally just a fancy term for being a salesperson – you get to be the one in the trenches, generating leads, processing forms, and weeding out all the applicants who couldn’t qualify for a loan even if their wealthy Great Aunt Martha cosigned on it. Spending time as a loan representative also gives you that great experience you need in order to move into a loan officer position earning a good salary.
You’ve Made It Into a Loan Officer Position… Now What?
Just because you’ve gotten yourself a position as a loan officer doesn’t mean that you’re automatically going to earn a good salary. Many loan officers have a quota of loans that they must generate monthly and earn a commission based off of the amount they are successfully able to lend. However, with further experience, the earning potential in this field is literally unlimited, so there is a light at the end of the tunnel if you pay your dues first in your quest to make a good salary as a loan officer.
Just like in any field, in any employment position, you will find that you gain more if you put in more time, gain more experience, and work your way from the bottom up. That’s really the only way to earn a good salary as a loan officer – there are no shortcuts!