You can earn upward of $200,000 working from the comfort of your own home — no bachelor’s degree required — if you’re willing to crunch some numbers.
Loan officers claimed the No. 2 spot in Indeed’s annual ranking of the “best jobs” in the U.S., thanks to its high earning potential and increasing demand for these skilled professionals across several industries.
The pay is great: The average salary for loan officers is $192,339, per Indeed’s research. Positions also tend to offer a lot of workplace flexibility. At least 75% of the listings for loan officers on Indeed’s database have remote or hybrid options.
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Loan officers assist people and businesses in the process of applying for loans, evaluating financial documents and helping borrowers complete their applications.
The demand for these services has grown in recent months, as industries like real estate, education, retail and e-commerce feel the squeeze of inflation and a tighter housing market, says Scott Dobroski, vice president of global corporate communications at Indeed.
Banks might be tightening up their lending standards because of recession fears, but the demand for mortgages remains high. “The need for loans will always be there, even if it ebbs and flows a bit,” adds Dobroski.
How to qualify for the job
You can become a loan officer without a bachelor’s degree.
The requirements for becoming a loan officer vary from state to state, but generally, the process includes the following steps:
- Register with the Nationwide Multistate Licensing System and Registry (NMLS)
- Take pre-licensure courses on federal law and regulations, lending standards and ethics
- Pass a state or national license test
- Find an employer to sponsor your license
To become a loan officer, you must be at least 18 years old and have a high school diploma or GED, Indeed reports. Before you can work as a practicing loan officer, you’ll need to find an employer,…
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