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Career and Education Opportunities for Loan Officers in Montgomery, Alabama

Montgomery, Alabama provides a wide variety of opportunities, both career and educational, for loan officers. About 4,030 people are currently employed as loan officers in Alabama. By 2016, this is expected to grow 11% to about 4,450 people employed. This is better than the national trend for loan officers, which sees this job pool growing by about 10.1% over the next eight years. In general, loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

The income of a loan officer is about $26 hourly or $55,670 per year on average in Alabama. In the U.S. as a whole, their income is about $26 per hour or $54,700 annually on average. Loan officers earn more than people working in the category of Accounting and Auditing generally in Alabama and less than people in the Accounting and Auditing category nationally. People working as loan officers can fill a number of jobs, such as: commercial lender, loan workout officer, and agricultural loan officer.

There are twelve schools of higher education in the Montgomery area, including three within twenty-five miles of Montgomery where you can get a degree to start your career as a loan officer. Loan officers usually hold a high school diploma or GED, so it will take only a short time to learn to be a loan officer if you already have a high school diploma.

CAREER DESCRIPTION: Loan Officer

Loan Officer video from the State of New Jersey Dept. of Labor and Workforce Development

In general, loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. They also advise borrowers on financial status and methods of payments.

Loan officers meet with applicants to obtain data for loan applications and to respond to questions about the process. They also analyze applicants' financial status and property evaluations to establish feasibility of granting loans. Equally important, loan officers have to obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial data. They are often called upon to stay abreast of new types of loans and other financial services and products to better meet customers' needs. They are expected to explain to customers the different types of loans and credit options that are available, as well as the terms of those services. Finally, loan officers handle customer complaints and take appropriate action to deal with them.

Every day, loan officers are expected to be able to articulate ideas and problems. They need to see details at a very fine level of focus. It is also important that they listen to and understand others in meetings.

It is important for loan officers to coordinate with clients to pinpoint their financial goals and to discover ways of reaching those goals. They are often called upon to approve loans within specified limits, and refer loan applications outside those limits to management for approval. They also inspect loan agreements to insure that they are complete and accurate in line with policy. They are sometimes expected to talk with underwriters to assist in resolving mortgage application problems. Somewhat less frequently, loan officers are also expected to supervise loan personnel.

Loan officers sometimes are asked to ready reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action. and interview and train new employees. And finally, they sometimes have to market bank products to individuals and firms, promoting bank services that may meet customers' needs.

Like many other jobs, loan officers must have exceptional integrity and have a strong social orientation.

Similar jobs with educational opportunities in Montgomery include:

  • Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
  • Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
  • Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
  • Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
  • Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
  • Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
  • Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
  • Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Loan Officer Training

Tuskegee University - Tuskegee, AL

Tuskegee University, Kresge Center, 3rd Floor, Tuskegee, AL 36088-1920. Tuskegee University is a small university located in Tuskegee, Alabama. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,973 students and an admission rate of 59%. Tuskegee University has a bachelor's degree program in Finance which graduated two students in 2008.

Alabama State University - Montgomery, AL

Alabama State University, 915 S Jackson Street, Montgomery, AL 36101-0271. Alabama State University is a medium sized university located in Montgomery, Alabama. It is a public school with primarily 4-year or above programs. It has 5,695 students and an admission rate of 42%. Alabama State University has a bachelor's degree program in Finance which graduated eleven students in 2008.

Auburn University-Montgomery - Montgomery, AL

Auburn University-Montgomery, 7440 East Drive, Montgomery, AL 36117-3596. Auburn University-Montgomery is a medium sized university located in Montgomery, Alabama. It is a public school with primarily 4-year or above programs. It has 5,248 students and an admission rate of 91%. Auburn University-Montgomery has a bachelor's degree program in Finance which graduated two students in 2008.

CERTIFICATIONS

Certified Lender Business Banker: Applicable to financial services professionals whose primary function and expertise focuses on the provision of credit and financial transaction services to businesses and/or corporations.

For more information, see the Institute of Certified Bankers website.

Certified Personal Banker: Applicable to financial services professionals who have completed the AIB Personal Banking Diploma and who function as personal bankers.

For more information, see the Institute of Certified Bankers website.

Certified Investment Management Analyst: The CIMA offers an intense educational experience focusing on asset allocation, manager search and selection, investment policy and performance measurement.

For more information, see the Investment Management Consultants Association website.

Certified Residential Underwriter: The Residential Underwriting Professional Certificate is designed for residential underwriters seeking recognition for continued excellence in education and professionalism.

For more information, see the Mortgage Bankers Association of America website.

Mortgage Compliance Achievement Certificate: The Mortgage Compliance Achievement Certificate recognizes compliance officers, lawyers and other professionals who seek to maintain current and comprehensive knowledge of the laws, regulations and other compliance requirements applicable to the residential real estate finance industry.

For more information, see the Mortgage Bankers Association of America website.

Commercial Certified Mortgage Servicer: The Certified Mortgage Servicer (CMS) designation recognizes an individual's superior knowledge and experience in servicing practices, theories and applications.

For more information, see the Mortgage Bankers Association of America website.

Residential Certified Loan Officer: The Certified Loan Officer(CMT) designation creates a recognizable and meaningful seal of quality for residential loan officers.

For more information, see the Mortgage Bankers Association of America website.

LOCATION INFORMATION: Montgomery, Alabama

Montgomery, Alabama
Montgomery, Alabama photo by Spyder Monkey

Montgomery is situated in Montgomery County, Alabama. It has a population of over 202,696, which has grown by 0.6% over the last ten years. The cost of living index in Montgomery, 83, is well below the national average. New single-family homes in Montgomery are valued at $129,500 on average, which is well below the state average. In 2008, two hundred seventy-eight new homes were built in Montgomery, down from six hundred nineteen the previous year.

The three most popular industries for women in Montgomery are health care, educational services, and public administration. For men, it is public administration, construction, and educational services. The average travel time to work is about 20 minutes. More than 29.4% of Montgomery residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 11.3%, is higher than the state average.

The unemployment rate in Montgomery is 10.1%, which is less than Alabama's average of 10.7%.

The percentage of Montgomery residents that are affiliated with a religious congregation, 50.6%, is more than the national average but less than the state average. Big Roxanna Church, William African Methodist Episcopal Zion Chapel and Whitfield Memorial United Methodist Church are some of the churches located in Montgomery. The largest religious groups are the Southern Baptist Convention, the United Methodist Church and the Churches of Christ.

Montgomery is home to the Montgomery Public Library and the Booker T Washington Community Center as well as Old Selma Road Park and Montgomery East Exchange Park. Shopping centers in the area include Montgomery East Plaza Shopping Center, Montgomery Mall Shopping Center and Norman Bridge South Shopping Center. Visitors to Montgomery can choose from Relax Inn, Islander and Towne Place Suites by Marriott for temporary stays in the area.