How To Become A Loan Adviser: What It Is and Career Path

What is a loan adviser and how to become one

Updated January 8, 2025

4 min read

Whether it's to buy a car, a house, or some other large purchase, sooner or later, most of us will need to borrow money. The loan advisor plays a key role in the process. Loan advisors work for financial institutions, such as credit unions and banks. They are knowledgeable about all of the products and services offered by their financial institution and help walk their clients through the entire loan process, from the initial application to closing. They also meet with members to review and analyze credit and financial data and make product recommendations.

Loan advisors are also responsible for collecting and submitting all documentation related to the loan application process. They must also be knowledgeable of state and federal lending laws, rules, regulations, and Fannie Mae guidelines.

Loan advisors should also educate customers about the features and benefits of products in order to improve customer satisfaction and increase sales. They may be expected to develop a business referral network through marketing, cold-calling, prospecting, and networking activities. If you'd like to become a loan advisor, you'll typically need at least a Bachelor's degree, preferably in a business-related field such as finance, economics, or accounting.

ScoreLoan AdviserUS Average

Salary

3.2

Avg. Salary $40,365

Avg. Salary $59,228

Stability Level

7.3

Growth Rate 4%

Growth Rate 0.3%

Diversity

5.5

Race

American Indian and Alaska Native 0.48%

Asian 6.42%

Black or African American 9.25%

Hispanic or Latino 16.08%

Unknown 4.64%

White 63.14%

Gender

female 52.31%

male 47.69%

Age - 44

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 44

Stress Level

7.3

Stress level is high

7.1 - high

Complexity Level

8.8

Complexity Level is advanced

7 - challenging

Work Life Balance

5.6

Work Life balance is fair

6.4 - fair

Key steps to become a loan adviser

Explore loan adviser education requirements

Most common loan adviser degrees

Bachelor's

52.4 %

Associate

17.7 %

High School Diploma

16.3 %

Start to develop specific loan adviser skills

Skills	Percentages
Customer Service	44.42%
Origination	14.17%
Mortgage Loans	7.01%
Loan Process	4.63%
Automated Underwriting	4.44%

Complete relevant loan adviser training and internships

Accountants spend an average of 6-12 months on post-employment, on-the-job training. New loan advisers learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a loan adviser based on U.S. Bureau of Labor Statistics data and data from real loan adviser resumes.

Research loan adviser duties and responsibilities

Manage a multifacete commercial real estate investment firm.
Follow the FDCPA, FCRA and TCPA guidelines and is a license collector.
Assist future homeowners obtain financing through FHA, VA, USDA, or conventional financing.
Handle all calls with due care to ensure proper adherence to FDCPA rules and regulations.

Get loan adviser experience

Generally, it takes 4-6 years to become a loan adviser. The most common roles before becoming a loan adviser include customer service representative, cashier team lead and loan officer.

Prepare your loan adviser resume

When your background is strong enough, you can start writing your loan adviser resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a loan adviser resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose From 10+ Customizable Loan Adviser Resume templates

Build a professional Loan Adviser resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your Loan Adviser resume.

Apply for loan adviser jobs

Now it's time to start searching for a loan adviser job. Consider the tips below for a successful job search:

Browse job boards for relevant postings
Consult your professional network
Reach out to companies you're interested in working for directly
Watch out for job scams

How do loan advisers rate their job?

-/5

5 Stars

4 Stars

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1 Star

Loan Adviser reviews

A zippia user wrote a review on Mar 2022

Cons

Having to Decline applicants