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Career and Education Opportunities for Loan Officers in Santa Clarita, California

If you want to be a loan officer, the Santa Clarita, California area offers many opportunities both for education and employment. About 48,000 people are currently employed as loan officers in California. By 2016, this is expected to grow by 4% to 50,000 people employed. 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 hourly or $65,570 per year on average in California. Nationally they average about $26 hourly or $54,700 annually. 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: loan coordinator, loan adviser, and loan counselor.

There are four schools within twenty-five miles of Santa Clarita where you can study to be a loan officer, among 210 schools of higher education total in the Santa Clarita area. Given that the most common education level for loan officers is a high school diploma or GED, you can expect to spend only a short time training to become 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 Santa Clarita 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

California State University-Northridge - Northridge, CA

California State University-Northridge, 18111 Nordhoff St, Northridge, CA 91330. California State University-Northridge is a large university located in Northridge, California. It is a public school with primarily 4-year or above programs. It has 36,208 students and an admission rate of 69%. California State University-Northridge has a bachelor's degree program in Finance which graduated twenty-five students in 2008.

University of Southern California - Los Angeles, CA

University of Southern California, University Park, Los Angeles, CA 90089. University of Southern California is a large university located in Los Angeles, California. It is a private not-for-profit school with primarily 4-year or above programs. It has 33,747 students and an admission rate of 22%. University of Southern California has a postbaccalaureate certificate program in Finance which graduated sixteen students in 2008.

Pacific States University - Los Angeles, CA

Pacific States University, 1516 S Western Ave, Los Angeles, CA 90006-4234. Pacific States University is a small university located in Los Angeles, California. It is a private not-for-profit school with primarily 4-year or above programs and has 194 students. Pacific States University has a master's degree program in Finance which graduated one student in 2008.

Pepperdine University - Malibu, CA

Pepperdine University, 24255 Pacific Coast Hwy, Malibu, CA 90263. Pepperdine University is a medium sized university located in Malibu, California. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,170 students and an admission rate of 35%. Pepperdine University has a bachelor's degree program in Finance which graduated fifteen 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: Santa Clarita, California

Santa Clarita, California
Santa Clarita, California photo by Guillaume h

Santa Clarita is situated in Los Angeles County, California. It has a population of over 169,500, which has grown by 12.2% over the last ten years. The cost of living index in Santa Clarita, 137, is far greater than the national average. New single-family homes in Santa Clarita are valued at $396,800 on average, which is far greater than the state average. In 2008, one hundred ten new homes were built in Santa Clarita, down from one hundred ninety-eight the previous year.

The three most popular industries for women in Santa Clarita are educational services, health care, and finance and insurance. For men, it is construction, professional, scientific, and technical services, and public administration. The average travel time to work is about 33 minutes. More than 29.1% of Santa Clarita residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 8.8%, is lower than the state average.

The unemployment rate in Santa Clarita is 7.8%, which is less than California's average of 12.3%.

The percentage of Santa Clarita residents that are affiliated with a religious congregation, 58.1%, is more than both the national and state average. The most common religious groups are the Catholic Church, the Southern Baptist Convention and the LDS (Mormon) Church.

Santa Clarita is home to the Monogram Ranch and the Placeritos Ranch as well as William S Hart Park and Almendra Park. Shopping centers in the area include River Oaks Shopping Center, Granary Square Shopping Center and Lyons Station Shopping Center.