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Career and Education Opportunities for Loan Officers in San Bernardino, California

Loan officers can find both educational opportunities and jobs in the San Bernardino, California area. Currently, 48,000 people work as loan officers in California. This is expected to grow by 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%. Loan officers generally evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

Loan officers earn about $31 per hour or $65,570 annually on average in California and about $26 hourly or $54,700 per year on average nationally. 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. Loan officers work in a variety of jobs, including: mortgage specialist, commercial loan officer, and agricultural loan officer.

There is one school within twenty-five miles of San Bernardino where you can study to be a loan officer, among fifty-one schools of higher education total in the San Bernardino area. 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 San Bernardino 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.
  • Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
  • 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.
  • Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
  • 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.
  • Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Loan Officer Training

La Sierra University - Riverside, CA

La Sierra University, 4500 Riverwalk Parkway, Riverside, CA 92515-8247. La Sierra University is a small university located in Riverside, California. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,899 students and an admission rate of 55%. La Sierra University has a bachelor's degree and a master's degree program in Finance which graduated nine and ten students respectively 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: San Bernardino, California

San Bernardino, California
San Bernardino, California photo by Ie909

San Bernardino is situated in San Bernardino County, California. It has a population of over 198,580, which has grown by 7.1% in the past ten years. The cost of living index in San Bernardino, 125, is far greater than the national average. New single-family homes in San Bernardino cost $182,700 on average, which is far less than the state average. In 2008, twenty-one new homes were constructed in San Bernardino, down from one hundred fifty-nine the previous year.

The three big industries for women in San Bernardino are health care, educational services, and accommodation and food services. For men, it is construction, educational services, and accommodation and food services. The average commute to work is about 28 minutes. More than 11.6% of San Bernardino residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 3.9%, is lower than the state average.

The unemployment rate in San Bernardino is 18.6%, which is greater than California's average of 12.3%.

The percentage of San Bernardino residents that are affiliated with a religious congregation, 42.0%, is less than both the national and state average. Golden Avenue Church, Allen Chapel African Methodist Episcopal Church and Kingdom Hall of Jehovahs Witnesses are among the churches located in San Bernardino. The most prominent religious groups are the Catholic Church, the Southern Baptist Convention and the LDS (Mormon) Church.

San Bernardino is home to the Warm Creek Golf Course and the San Bernardino Public Golf Course as well as Plaza Park and Palm Field Park. Shopping malls in the area include Wildwood Plaza Shopping Center, Highland Avenue Plaza Shopping Center and Mountain Shadows Plaza Shopping Center. Visitors to San Bernardino can choose from American Inn, Best Western Hospitality Lane and American Tex-Chem Corporation for temporary stays in the area.