Career

Best Loan Advisory Specialist Schools 2024

Learn everything you need to know about becoming a Loan Advisory Specialist, including salary, schools, and programs.

Explore Loan Advisory Specialist Schools (2024)

Looking to start your journey as a Loan Advisory Specialist? Finding the right education is key. Here's a curated list of schools offering quality Loan Advisory Specialist programs:

  • We've identified top institutions known for excellent Loan Advisory Specialist education.
  • Options include both local schools and nationally recognized programs.
  • Each listing highlights relevant degree programs for aspiring Loan Advisory Specialist professionals.
  • You'll also find information on related career paths in the field.

Browse through these options to find a program that aligns with your career goals in the Loan Advisory Specialist industry.

Top Loan Advisory Specialist Schools in the U.S. (2024)

#1Maricopa County

University of Phoenix-Arizona

Phoenix, AZ

In-State Tuition:$9,552
Out-of-State Tuition:$9,552
Admission Rate:N/A
Graduation Rate:18%
Total Enrollment:88,891
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#3Salt Lake County

Western Governors University

Salt Lake City, UT

In-State Tuition:$7,404
Out-of-State Tuition:$7,404
Admission Rate:N/A
Graduation Rate:49%
Total Enrollment:156,935
#4El Paso County

Colorado Technical University-Colorado Springs

Colorado Springs, CO

In-State Tuition:$12,036
Out-of-State Tuition:$12,036
Admission Rate:N/A
Graduation Rate:20%
Total Enrollment:24,808
#5Maricopa County

Grand Canyon University

Phoenix, AZ

In-State Tuition:$16,407
Out-of-State Tuition:$16,407
Admission Rate:78%
Graduation Rate:45%
Total Enrollment:101,816
#6Lynchburg City

Liberty University

Lynchburg, VA

In-State Tuition:$15,467
Out-of-State Tuition:$15,467
Admission Rate:99%
Graduation Rate:66%
Total Enrollment:96,709

Loan Advisory Specialist Required Education (2024)

To become a Loan Advisory Specialist, you will need to meet certain educational requirements that generally fall into two main categories: minimum and advanced education options.

Minimum Education

  • High School Diploma or GED: This is the basic educational requirement. Completing high school provides you with fundamental skills in mathematics, communication, and problem-solving that are essential in the loan advisory field.
  • Associate's Degree: While not always mandatory, obtaining an associate's degree in finance, business, or a related field can enhance your job prospects. This degree typically takes about two years to complete and provides foundational knowledge about financial principles and practices.

Advanced Education

  • Bachelor's Degree: Many employers prefer candidates with a bachelor’s degree in finance, business administration, economics, or accounting. This four-year degree equips you with in-depth understanding of financial systems, lending processes, and regulatory environments.
  • Master's Degree: For those looking to advance their careers in loan advisory, pursuing a master's degree, such as a Master of Business Administration (MBA) with a focus on finance, can be beneficial. This level of education is often sought after for higher positions within organizations.

Loan Advisory Specialist Professional Certifications & Licenses (2024)

To establish yourself as a competent Loan Advisory Specialist, you may need to obtain specific certifications and licenses that validate your expertise in the field. Here are the primary certifications and licenses typically required:

  • Mortgage Loan Originator (MLO) License

    • Required in several states to legally offer mortgage loan products.
    • Must complete a pre-licensure education requirement of at least 20 hours of courses, covering federal law, ethics, and mortgage loan operations.
    • Pass the Nationwide Multistate Licensing System (NMLS) exam.

  • Certified Mortgage Consultant (CMC)

    • Offered by the Mortgage Bankers Association (MBA) and signifies advanced professional knowledge and competency in mortgage lending.
    • Requires a combination of industry experience and continuing education courses.

  • Housing Counselor Certification

    • Provided by the U.S. Department of Housing and Urban Development (HUD).
    • Primarily for those advising clients on government-backed loan programs and housing assistance.
    • Requires passing a certification exam and adherence to ethical standards in mortgage counseling.

  • Certified Financial Planner (CFP) (optional)

    • While not mandatory, having a CFP certification may enhance your ability to advise clients on financial matters related to loans.
    • Involves completing education requirements, passing a comprehensive exam, and obtaining relevant experience in financial planning.

  • Continuing Education Courses

    • Many states require Loan Advisory Specialists to complete ongoing education courses regularly to maintain their MLO licenses.
    • These can include updates on state regulations, fair lending practices, and ethical considerations.

Ensuring that you possess these certifications and licenses will not only enhance your credibility as a Loan Advisory Specialist but also keep you compliant with industry regulations.

Job Duties for Loan Advisory Specialists

  • Calculate clients' available monthly income to meet debt obligations.

  • Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.

  • Explain services or policies to clients, such as debt management program rules, advantages and disadvantages of using services, or creditor concession policies.

Technologies and Skills Used by Loan Advisory Specialists

Data base user interface and query software

  • CoreLogic DebtorTrace
  • Microsoft Access

Financial analysis software

  • Freddie Mac Loan Prospector
  • Prime Debt Software Credit Repair

Presentation software

  • Microsoft PowerPoint

Basic Skills

  • Listening to others, not interrupting, and asking good questions
  • Talking to others

Problem Solving

  • Noticing a problem and figuring out the best way to solve it

Social

  • Looking for ways to help people
  • Talking people into changing their minds or their behavior

Loan Advisory Specialist Internships, Apprenticeships & Practical Training

As you pursue a career as a Loan Advisory Specialist, gaining practical experience through internships or apprenticeships is essential. These opportunities can help you develop the skills and knowledge necessary for success in this field. Here are some examples of valuable experiences you might consider:

Internship Opportunities

  • Banking Institutions: Many banks offer internship programs specifically designed for students interested in finance and loan advisory roles. Interns may assist loan officers, participate in client meetings, and learn about various loan products and underwriting processes.

  • Credit Unions: Smaller financial institutions like credit unions often provide internship opportunities that allow interns to work closely with members. You might engage in one-on-one consultations, guiding members through loan applications, which provides insight into member needs and financing options.

  • Mortgage Companies: Larger mortgage firms frequently offer internships where you can rotate through different departments, such as underwriting, customer service, and loan processing. This exposure will deepen your understanding of the loan lifecycle and the role of a Loan Advisory Specialist.

  • Government Agencies: Some government entities offer internships in financial departments that deal with public loans, grants, and housing programs. Such experiences are valuable for understanding regulatory environments and government funding options.

  • Nonprofit Organizations: Certain nonprofits focus on financial literacy and assisting low-income families with loan applications. Interning here allows you to gain experience while making a positive impact on your community.

Apprenticeship Opportunities

  • Financial Services Apprenticeships: Some financial services firms offer apprenticeship programs targeting loan processing and advisory roles. These programs typically combine on-the-job training with classroom education, allowing you to gain hands-on experience while working toward industry-recognized credentials.

  • Private Wealth Management Firms: Consider seeking apprenticeships at firms that provide advisory services to high-net-worth clients. You can learn how to assess clients' financial situations, providing advice on loan products and investment options.

Practical Training

  • In-house Training Programs: Many banks and financial institutions have structured training programs for new employees. As an intern, you may have the opportunity to participate in these programs, learning from experienced professionals in the field.

  • Workshops and Seminars: Look for workshops hosted by financial associations or local chambers of commerce. These events often feature industry experts and can provide valuable insights into current trends and best practices in loan advising.

Participating in these internships, apprenticeships, or training opportunities can significantly enhance your resume and provide you with practical skills that will be beneficial in your career as a Loan Advisory Specialist.

Loan Advisory Specialist Continuing Education & Professional Development (2024)

As a Loan Advisory Specialist, staying current with industry trends and regulations is essential for your career growth. Engaging in continuing education and professional development can enhance your skills, expand your knowledge, and increase your value to employers. Here are a variety of options suitable for your professional advancement:

  • Certification Programs

    • Consider obtaining certifications specific to loan advising, such as the Certified Loan Specialist (CLS) or Certified Mortgage Planning Specialist (CMPS). These designations demonstrate your expertise and commitment to the field.

  • Workshops and Seminars

    • Participate in workshops and seminars focusing on topics relevant to loan advising. This can include changes in lending laws, financial products, and customer service techniques. Many industry associations offer these programs.

  • Online Courses

    • Enroll in online courses offered by accredited institutions. Look for courses on financial literacy, credit analysis, and risk management, which can be critical for loan advisory roles.

  • Networking Events

    • Attend industry conferences and networking events to connect with other professionals. Building a robust network can open doors to mentorship and collaborative opportunities.

  • Professional Associations

    • Join associations such as the National Association of Mortgage Brokers (NAMB) or the Mortgage Bankers Association (MBA). These organizations often provide resources for continuing education, including webinars, research reports, and publications.

  • Regulatory Updates

    • Commit to regularly reviewing updates from regulatory bodies, such as the Consumer Financial Protection Bureau (CFPB). Understanding compliance requirements is necessary for maintaining best practices in loan advising.

  • Soft Skills Development

    • Enhance your communication, negotiation, and interpersonal skills through specialized courses. These skills are vital for building client relationships and closing loans effectively.

  • Mentorship Programs

    • Engage with a mentor who has extensive experience in the loan advisory field. A mentor can provide practical insights and guidance on navigating your career path.

  • Job Shadowing

    • Consider job shadowing opportunities within your organization or with partners in related fields. Observing experienced professionals can provide valuable on-the-job training.

  • Advanced Education

    • If you are interested in deepening your expertise, consider pursuing a degree in finance, business administration, or a related field. Advanced degrees can lead to higher positions within your organization or the industry.

  • Feedback and Self-Assessment

    • Regularly seek feedback from peers and supervisors to identify areas for improvement. Implementing constructive feedback into your practice can significantly enhance your effectiveness as a Loan Advisory Specialist.

Engaging in these continuing education and professional development opportunities will empower you to advance your career, improve your advisory skills, and better serve your clients.

What To Look For When Deciding On Campus vs Online Degree Programs for Loan Advisory Specialists (2024)

When considering a career as a Loan Advisory Specialist, you have the option of pursuing education through online or campus-based programs. Each mode of learning has its own benefits and challenges that you should evaluate based on your personal needs and preferences.

Online Education Programs

  • Flexibility: Online programs allow you to set your schedule, making it easier to balance education with work or personal responsibilities. You can often study at your own pace.
  • Access to Resources: Many online courses provide extensive databases, e-libraries, and digital resources that can enhance your learning experience.
  • Geographical Convenience: You are not limited by location, enabling you to enroll in programs that might not be available in your area. This opens opportunities to learn from institutions renowned for their financial services programs.
  • Technology Use: Online education improves your digital literacy, which is valuable in the financial sector as technology-driven solutions become increasingly prevalent.
  • Networking Limitations: While online platforms may offer discussion forums, they may not provide the same networking opportunities as in-person interactions. Engaging with classmates and faculty face-to-face can often lead to valuable connections.

Campus-Based Education Programs

  • Structured Learning Environment: Campus-based programs provide a more structured setting with fixed schedules. This can be beneficial if you thrive in an organized atmosphere.
  • Direct Interaction: You have the opportunity for immediate interaction with instructors and classmates, facilitating active discussions and learning.
  • Access to Campus Resources: Many campuses offer libraries, research facilities, and workshop events that can enhance your educational experience. In-person access to these resources can be a significant advantage.
  • Networking Opportunities: Attending classes on campus allows you to build relationships with peers, instructors, and industry professionals. Networking through campus events can lead to internships and job opportunities.
  • Extracurricular Activities: Campus life often includes clubs, seminars, and workshops that provide professional development and personal growth opportunities in the finance sector.

Additional Considerations

  • Cost: Online programs might have lower tuition costs, but consider additional fees that can arise from technology or materials. Conversely, campus programs may have higher tuition but could provide housing and meal plans that impact your budget.
  • Learning Style: Reflect on your preferred learning style. If you excel with visual or hands-on activities, campus programs may be more suitable. If you perform better through self-directed study, online may be ideal.

Evaluate both modes in relation to your personal circumstances, capabilities, and career aspirations. This reflection will guide you in choosing the program type that aligns best with your goals as a Loan Advisory Specialist.

Loan Advisory Specialist Typical Career Path (2024)

As a Loan Advisory Specialist, your career can progress through various levels, each offering unique responsibilities and opportunities for growth. Below is an outline of the typical career path you may follow within this field.

Entry-Level Positions

  • Loan Processor: In this role, you will assist in processing loan applications by collecting necessary documentation, conducting preliminary assessments, and ensuring applications are complete and accurate.
  • Loan Officer Assistant: Support loan officers by managing client communications, preparing loan documents, and maintaining organized records. This position allows you to gain insights into the loan process and develop client management skills.
  • Customer Service Representative: Work within a bank or financial institution, addressing client inquiries related to loan products, interest rates, and application statuses. This role enhances your communication skills and knowledge of loan offerings.

Mid-Level Positions

  • Loan Officer: As a Loan Officer, you will evaluate the creditworthiness of applicants, determine financial needs, and recommend suitable loan products. This position involves building relationships with clients and working towards sales targets.
  • Credit Analyst: In this role, you will analyze financial information and credit reports to assess risk and make recommendations on loan approvals. You gain a deeper understanding of financial analysis and risk management in lending.
  • Loan Underwriter: Responsible for assessing and approving loan applications, you will evaluate credit risk and ensure compliance with company policies and regulations. This role often requires more extensive experience in the lending process.

Advanced Roles

  • Senior Loan Advisory Specialist: In this role, you will provide expert guidance to clients, streamline loan processes, and mentor junior staff. You will have more influence in decision-making and the development of loan products.
  • Branch Manager: Oversee the operations of a lending branch, including managing staff, achieving sales goals, and ensuring compliance with regulations. This position combines leadership skills with advanced knowledge of loan management.
  • Director of Lending: As a high-level executive, you will be responsible for the strategic direction of the lending department. Your role will involve policy development, executive decision-making, and overseeing loan portfolios to drive profitability.

Navigating through these roles will depend on your professional development, experience, and networking within the industry. Each step offers opportunities to refine your skills and expand your understanding of the lending landscape.

Related Fields and Alternative Career Paths to Loan Advisory Specialists (2024)

As a Loan Advisory Specialist, you develop a unique set of skills that can be applied to various related fields. If you’re considering a career change or seeking to enhance your career path, here are some alternative options that build on your education and experience:

  • Financial Advisor
    Many skills overlap between Loan Advisory Specialists and Financial Advisors. Both roles require a strong understanding of financial products, customer service abilities, and compliance knowledge. A certification such as the Certified Financial Planner (CFP) designation can further strengthen your qualifications in this field.

  • Mortgage Specialist
    This role focuses specifically on home loans and mortgages, allowing you to leverage your knowledge of loan products and customer relationship management. Experience as a Loan Advisory Specialist provides a great foundation as you'll already be familiar with underwriting and loan acceptance criteria.

  • Credit Analyst
    If you enjoy analyzing financial data, transitioning to a Credit Analyst position could be a good fit. Your background in evaluating loan applications can aid in assessing creditworthiness and risk, making you well-suited for this role.

  • Commercial Loan Officer
    In this position, you work with businesses to secure loans for various purposes. The analytical skills and client advisory background you possess as a Loan Advisory Specialist will be directly applicable, giving you an edge in understanding business finances and loan structuring.

  • Risk Management Specialist
    Your knowledge of loan products and financial regulations can be beneficial in a risk management role, where you will analyze potential risks and develop strategies to mitigate them in a financial institution's operations.

  • Real Estate Agent
    Understanding financing options can set you apart in the real estate market. Your experience with loans enhances your ability to guide clients through the purchasing process, making real estate a viable alternative career path.

  • Insurance Underwriter
    This role involves analyzing the risks associated with insuring individuals or properties, much like evaluating the risks tied to loan approvals. Your attention to detail and understanding of financial products will smooth the transition to this field.

  • Loan Processor
    If you're interested in a more operational role, becoming a Loan Processor allows you to be involved in the day-to-day handling of loan applications. Your advisory background equips you to communicate effectively with clients and lenders, ensuring that applications meet all requirements.

  • Consumer Credit Counselor
    In this position, you help individuals manage their debts and improve their credit ratings. The skills you honed in advising clients about loans will be invaluable in supporting clients’ financial literacy and solving their financial issues.

These related fields not only benefit from the expertise you've gained as a Loan Advisory Specialist but also expand your professional options. By pursuing additional education or certifications relevant to your desired career path, you can effectively pivot into a role that aligns with your skills and interests.

Loan Advisory Specialist Frequently Asked Questions (FAQs) (2024)

  • What is the minimum educational requirement to become a Loan Advisory Specialist?
    A minimum of a high school diploma or GED is required. However, many employers prefer candidates with a bachelor's degree in finance, business, economics, or a related field.

  • Is a specific certification necessary to work as a Loan Advisory Specialist?
    While certification is not always mandatory, obtaining credentials such as the Certified Mortgage Advisor (CMA) or Certified Loan Advisor (CLA) can enhance your qualifications and improve your job prospects.

  • What additional training might I need after my degree?
    You may benefit from training courses in financial analysis, credit risk assessment, and consumer loan products. Many employers offer in-house training programs that cover their specific processes and software.

  • How important is knowledge of financial regulations in this role?
    Understanding financial regulations is essential. A Loan Advisory Specialist must remain compliant with state and federal lending laws, so courses or training that focus on these regulations can be very beneficial.

  • Are there any recommended soft skills for this career?
    Yes, strong communication skills, attention to detail, problem-solving abilities, and customer service skills are critical. Consider workshops or courses that help develop these soft skills alongside your technical training.

  • What experience should I pursue to be competitive in this field?
    Gaining experience in finance, banking, or customer service roles can be very helpful. Internships or entry-level positions in financial institutions will give you practical exposure to loan processes and client interactions.

  • Do I need to keep up with continuing education as a Loan Advisory Specialist?
    Yes, many certifications require continuing education to maintain your credentials. Additionally, staying informed on industry changes through workshops, seminars, and additional courses is advisable.

  • What is the best way to stay updated on industry trends and regulations?
    Subscribing to industry newsletters, joining professional organizations, and attending conferences can help you stay informed. Engaging with online forums or discussion groups related to loan advisement can also be beneficial.

  • Is there a demand for Loan Advisory Specialists in the job market?
    Yes, there is a growing demand for Loan Advisory Specialists as more individuals seek guidance in navigating complex loan products. This trend is expected to continue, driven by the ongoing evolution of the financial services industry.

  • What types of advanced degrees could improve my career prospects?
    Pursuing a master's degree in business administration (MBA) with a focus on finance or a related area may enhance your skills and open doors to higher-level positions in the financial sector.

Additional Resources for Loan Advisory Specialists (2024)

  • Educational Institutions

    • Local Community Colleges and Universities: Many institutions offer finance or business administration degrees with concentrations in banking and financial services. Check local community colleges or universities for programs tailored to this field.

  • Online Learning Platforms

    • Coursera: Offers various courses on finance, financial analysis, and loan management that can enhance your knowledge.
    • edX: Provides professional certification courses from recognized universities on topics related to financial services.

  • Professional Associations

    • National Association of Mortgage Brokers (NAMB): A key resource for networking, training, and certification in the mortgage industry.
    • American Bankers Association (ABA): Offers training programs, resources, and publications relevant to banking and loan advisory services.

  • Certification Bodies

    • Mortgage Bankers Association (MBA): Provides certification programs that may enhance your credentials as a loan advisory specialist.
    • National Association of Realtors (NAR): Offers varying certifications related to finance and mortgage processes.

  • Regulatory Resources

    • Consumer Financial Protection Bureau (CFPB): A valuable resource for understanding consumer rights, loan processes, and regulatory compliance in the financial industry.
    • Federal Housing Finance Agency (FHFA): Provides information regarding regulations and guidelines affecting the mortgage industry.

  • Books and Publications

    • "The Complete Guide to Mortgage and Loan Processing" by Michael J. P. Dugan: Offers insights into the mortgage process and specialized knowledge critical for a loan advisor.
    • "Real Estate Finance and Investments" by William Brueggeman and Jeffrey Fisher: Focuses on the financial aspects of real estate investing and financing.

  • Networking Platforms

    • LinkedIn: Develop your professional network by connecting with other finance professionals and joining groups dedicated to loan advising.
    • Meetup: Find or create local groups focused on finance and banking to expand your knowledge and connections.

  • Job Resources

    • Indeed: Provides job listings, company reviews, and salary information for loan advisory roles.
    • Glassdoor: Offers insights on job titles, company culture, and potential employers in the finance sector.

Utilizing these resources will help you stay informed, enhance your skills, and further your career as a Loan Advisory Specialist.