This $200K Work From Home Job Requires No Degree — Are You Qualified?
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David Nadelle
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Nicholas Morine
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With each passing year, an increasing number of Americans are dealing with mental health issues. Thankfully, more are seeking care, so it’s not surprising that six out of the top 25 positions on Indeed’s Best Jobs of 2024 list are in the field of mental health.
However, what is surprising is that among the engineering, high-level manager and attorney job titles ranked, the second best job for 2024, with the second highest average annual salary, is that of a loan officer.
Using the parameters of a minimum salary of at least $75,000 and with at least 10% of job posting containing “remote” or “hybrid” work phrases, Indeed sought to find the best opportunities for job seekers in terms of compensation and flexibility. The study found that loan officers make a staggering average salary of $192,339 a year.
Additionally, the position is second only to mental health technician for number of jobs per one million total postings (1,044) — and the best for percentage of jobs advertising remote or hybrid work opportunities (75%).
U.S. Bureau of Labour Statistics (BLS) data from May 2022 has the median annual wage for loan officers at $65,740. However, compensation varies widely from employer and industry. Some loan officers get paid a flat salary while others are paid on commission. However, if you’re willing to work at it, the compensation can be unlimited.
“There’s a hard limit on what you can make in a lot of jobs, but for loan officers, there’s no ceiling on how much you can earn,” said Ciara Glover, a loan officer who specializes in mortgages in Louisiana, per CNBC. “It’s the kind of profession where you get whatever you put in — so if you work hard, you’re looking at a nice paycheck.”
When you factor in the fact that you can become a loan officer without a bachelor’s degree and can more than likely work from home, it’s easy to see why the job is an appealing prospect.
How To Qualify To Be a Loan Officer
Loan officers evaluate loan applicants’ financial information and recommend approval for personal and business loans. Some officers specialize in consumer or commercial loans, others stick strictly to mortgages. Still others deal only with either collections (contacting borrowers who fail to make payments) or underwriting (evaluating if an applicant is creditworthy).
Having a bachelor’s degree in a related field like business or finance might be required by some organizations, but it’s not typically mandatory. Licensing is, however, particularly if you plan on specializing in mortgage loans.
There’s a customer service and sales component to the position as well, as many loan officers market the products of their company or lending institution, per the Bureau of Labor Statistics. If you don’t have a degree, taking supporting courses and collecting qualifications will help you climb the salary ladder, as will making yourself stand out among your peers by building your personal brand, enhancing your clients’ experience and strengthening referral partners, per American Pacific Mortgage.
To start, CNBC Make It indicated that qualifications differ from state to state. However, these four steps are generally regarded as the process most loan officers take to obtaining this potentially well-paid and very rewarding job.
1. Register with the Nationwide Multistate Licensing System and Registry (NMLS). The NMLS site has a of resources and registration information.
2. Take pre-licensure courses on federal law and regulations, lending standards and ethics. Coursework and training will be required along the way to becoming a loan officer, but any additional education and certification shows dedication and expertise — and may enhance a candidate’s employment opportunities.
3. Pass a state or national license test. Check your state’s required licences here.
4. Find an employer to sponsor your license. Once an individual has applied for their license in the appropriate state, the state may require that a relationship and sponsorship be established with a company. For an individual to hold an approved license in a particular state, an approved sponsorship is required. Only a company can establish a relationship and sponsorship.
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