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Loan officers typically need a bachelor's degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.
Do loan officers need to be licensed? Yes, loan officers need a license. They can receive a state license, with requirements varying from state to state, or a federal license.
The NMLS requirements may have been greater than those of mortgage originator requirements of some states, and this may help explain part of the drop in membership. MBA is headed by Robert Broeksmit, president and chief executive officer. Rodrigo Lopez, executive chairman of NorthMarq Capital, was MBA's chairman for 2017. [3]
Some that required a high school diploma, such as construction supervisors, loans officers, insurance clerks, and executive assistants, [4] are increasingly requiring a bachelor's degree. Some jobs that formerly required candidates to have a bachelor's degree, such as becoming a director in the federal government, [ 5 ] tutoring students, or ...
VA loan: The VA guarantees home loans for eligible U.S. military members (active duty, veterans and surviving spouses). These don’t require a down payment, though there is a funding fee .
When a business applies for a loan, lenders use this information to assess risk and determine if the business has the capacity to repay the loan. The ratio varies from lender to lender, but a DSCR ...
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