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Career and Education Opportunities for Loan Officers in Oxnard, California

Oxnard, California provides a wide variety of opportunities, both career and educational, for loan officers. Currently, 48,000 people work as loan officers in California. This is expected to grow 4% to 50,000 people by 2016. This is not quite as good as the nation as a whole, where employment opportunities for loan officers are expected to grow by about 10.1%. In general, loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

Loan officers earn approximately $31 per hour or $65,570 per year on average in California. Nationally they average about $26 hourly or $54,700 yearly. Loan officers earn more than people working in the category of Accounting and Auditing generally in California 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 loan officer, bank representative, and loan administrator.

The Oxnard area is home to sixteen schools of higher education, including one within twenty-five miles of Oxnard where you can get a degree 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 Oxnard 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.
  • 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

California Lutheran University - Thousand Oaks, CA

California Lutheran University, 60 W Olsen Rd, Thousand Oaks, CA 91360-2787. California Lutheran University is a small university located in Thousand Oaks, California. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,499 students and an admission rate of 65%. California Lutheran University has a master's degree program in Finance which graduated forty-five 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

California Finance Lender Law

Licensing agency: Department of Corporations
Address: Financial Services Division, 320 West Fourth Street, Suite 750, Los Angeles, CA 90013

Phone: (866) 275-2677
Website: Department of Corporations Financial Services Division

Escrow Agent

Licensing agency: Department of Corporations
Address: Financial Services Division, 320 West Fourth Street, Suite 750, Los Angeles, CA 90013

Phone: (866) 275-2677
Website: Department of Corporations Financial Services Division

LOCATION INFORMATION: Oxnard, California

Oxnard, California
Oxnard, California photo by Lan56

Oxnard is situated in Ventura County, California. It has a population of over 185,717, which has grown by 9.0% in the past ten years. The cost of living index in Oxnard, 132, is far greater than the national average. New single-family homes in Oxnard are valued at $247,700 on average, which is well below the state average. In 2008, seventy-four new homes were built in Oxnard, down from two hundred five the previous year.

The three most popular industries for women in Oxnard are health care, educational services, and accommodation and food services. For men, it is agriculture, forestry, fishing and hunting, construction, and administrative and support and waste management services. The average travel time to work is about 23 minutes. More than 13.7% of Oxnard residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 4.6%, is lower than the state average.

The unemployment rate in Oxnard is 15.0%, which is greater than California's average of 12.3%.

The percentage of Oxnard residents that are affiliated with a religious congregation, 44.6%, is less than the national average but more than the state average. All Saints Episcopal Church, Park Avenue Church of Christ and Good Shepherd Baptist Church are all churches located in Oxnard. The most common religious groups are the Catholic Church, the LDS (Mormon) Church and the Evangelical Lutheran Church in America.

Oxnard is home to the Silver K Golf Course and the Saint Johns Regional Medical Center Health Sciences Library as well as Plaza Park and Mandalay County Park. Shopping malls in the area include Esplanade Mall Shopping Center, Rose Shopping Center and Fremont Square Shopping Center. Visitors to Oxnard can choose from Best Western Oxnard Inn and Ambassador Motel for temporary stays in the area.