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Career and Education Opportunities for Loan Officers in Little Rock, Arkansas

For those living in the Little Rock, Arkansas area, there are many career and education opportunities for loan officers. About 2,520 people are currently employed as loan officers in Arkansas. By 2016, this is expected to grow 19% to 2,990 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. Loan officers generally evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

Income for loan officers is about $25 hourly or $52,900 annually on average in Arkansas. Nationally, their income is about $26 hourly or $54,700 yearly. Earnings for loan officers are better than earnings in the general category of Accounting and Auditing in Arkansas and not quite as good as general Accounting and Auditing category earnings nationally. Jobs in this field include: real estate officer, loan supervisor, and loan workout officer.

There are twenty-five schools of higher education in the Little Rock area, including two within twenty-five miles of Little Rock 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 you can expect to spend only a short time studying 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 Little Rock 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.
  • Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
  • 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

University of Central Arkansas - Conway, AR

University of Central Arkansas, 201 Donaghey Ave, Conway, AR 72035-0001. University of Central Arkansas is a large university located in Conway, Arkansas. It is a public school with primarily 4-year or above programs. It has 12,961 students and an admission rate of 49%. University of Central Arkansas has a bachelor's degree program in Finance which graduated three students in 2008.

University of Arkansas at Little Rock - Little Rock, AR

University of Arkansas at Little Rock, 2801 S University Ave, Little Rock, AR 72204. University of Arkansas at Little Rock is a large university located in Little Rock, Arkansas. It is a public school with primarily 4-year or above programs and has 11,694 students. University of Arkansas at Little Rock has a bachelor's degree program in Finance which graduated forty-seven 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.

LICENSES

Loan Officer

Licensing agency: Arkansas Securities Department
Address: Heritage West Building, Suite 300, 201 East Markham, Little Rock, AR 72201-1692

Phone: (501) 324-9260
Website: Arkansas Securities Department

Mortgage Broker, Mortgage Banker, Mortgage Servicer

Licensing agency: Arkansas Securities Department
Address: Heritage West Building, Suite 300, 201 East Markham, Little Rock, AR 72201-1692

Phone: (501) 324-9260
Website: Arkansas Securities Department

LOCATION INFORMATION: Little Rock, Arkansas

Little Rock, Arkansas
Little Rock, Arkansas photo by Broooooooce

Little Rock is located in Pulaski County, Arkansas. It has a population of over 189,515, which has grown by 3.5% in the past ten years. The cost of living index in Little Rock, 87, is well below the national average. New single-family homes in Little Rock cost $236,400 on average, which is far greater than the state average. In 2008, three hundred sixty-one new homes were built in Little Rock, down from seven hundred thirty-one the previous year.

The top three industries for women in Little Rock are health care, educational services, and public administration. For men, it is health care, professional, scientific, and technical services, and construction. The average commute to work is about 20 minutes. More than 35.5% of Little Rock residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 13.4%, is higher than the state average.

The unemployment rate in Little Rock is 6.1%, which is less than Arkansas's average of 6.9%.

The percentage of Little Rock residents that are affiliated with a religious congregation, 59.1%, is more than both the national and state average. Macedonia Spiritual Church, Baseline Christian Church and Baseline Missionary Baptist Church are all churches located in Little Rock. The largest religious groups are the Southern Baptist Convention, the United Methodist Church and the Catholic Church.

Little Rock is home to the Rock Creek Golf Course and the Barton Coliseum as well as McArthur Park Historic District and Meriwether Park. Shopping malls in the area include Mainstreet Market Shopping Center, Market Street Plaza Shopping Center and Markham Plaza Shopping Center. Visitors to Little Rock can choose from LA Quinta - Inns- Medical Center Area, Hampton Inn & Suites and Acme Motel for temporary stays in the area.