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Career and Education Opportunities for Loan Officers in Bridgeport, Connecticut

There are many career and education opportunities for loan officers in the Bridgeport, Connecticut area. About 3,530 people are currently employed as loan officers in Connecticut. By 2016, this is expected to grow by 6% to about 3,750 people employed. This is not quite as good as 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.

Loan officers earn approximately $29 per hour or $61,210 yearly on average in Connecticut. Nationally they average about $26 per hour or $54,700 annually. Incomes for loan officers are not quite as good as in the overall category of Accounting and Auditing in Connecticut, and not quite as good as the overall Accounting and Auditing category nationally. Loan officers work in a variety of jobs, including: loan administrator, agricultural loan officer, and relationship manager.

The Bridgeport area is home to seventy-five schools of higher education, including nine within twenty-five miles of Bridgeport where you can get a degree as a loan officer. Loan officers usually hold a high school diploma or GED, so 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 Bridgeport 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.
  • 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.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Loan Officer Training

Central Connecticut State University - New Britain, CT

Central Connecticut State University, 1615 Stanley St, New Britain, CT 06050. Central Connecticut State University is a large university located in New Britain, Connecticut. It is a public school with primarily 4-year or above programs. It has 12,233 students and an admission rate of 60%. Central Connecticut State University has a bachelor's degree program in Finance which graduated eighty-five students in 2008.

Long Island University-Westchester Campus - Purchase, NY

Long Island University-Westchester Campus, LIU/Westchester Campus, 735 Anderson Hill Road, Purchase, NY 10577-1400. Long Island University-Westchester Campus is a small university located in Purchase, New York. It is a private not-for-profit school with primarily 4-year or above programs and has 290 students. Long Island University-Westchester Campus has a master's degree program in Finance.

Post University - Waterbury, CT

Post University, 800 Country Club Rd, Waterbury, CT 06723. Post University is a small university located in Waterbury, Connecticut. It is a private for-profit school with primarily 4-year or above programs. It has 1,687 students and an admission rate of 51%. Post University has a less than one year and a bachelor's degree program in Finance which graduated zero and two students respectively in 2008.

University of Bridgeport - Bridgeport, CT

University of Bridgeport, 126 Park Avenue, Bridgeport, CT 06604-5620. University of Bridgeport is a medium sized university located in Bridgeport, Connecticut. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,323 students and an admission rate of 62%. University of Bridgeport has a bachelor's degree program in Finance which graduated four students in 2008.

Manhattanville College - Purchase, NY

Manhattanville College, 2900 Purchase St, Purchase, NY 10577. Manhattanville College is a small college located in Purchase, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,950 students and an admission rate of 52%. Manhattanville College has a bachelor's degree program in Finance.

Quinnipiac University - Hamden, CT

Quinnipiac University, Mt Carmel Ave, Hamden, CT 06518. Quinnipiac University is a medium sized university located in Hamden, Connecticut. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,413 students and an admission rate of 45%. Quinnipiac University has a bachelor's degree program in Finance which graduated three students in 2008.

University of New Haven - West Haven, CT

University of New Haven, 300 Boston Post Road, West Haven, CT 06516. University of New Haven is a medium sized university located in West Haven, Connecticut. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,739 students and an admission rate of 68%. University of New Haven has a bachelor's degree and a postbaccalaureate certificate program in Finance which graduated four and two students respectively in 2008.

Western Connecticut State University - Danbury, CT

Western Connecticut State University, 181 White Street, Danbury, CT 06810-6826. Western Connecticut State University is a medium sized university located in Danbury, Connecticut. It is a public school with primarily 4-year or above programs. It has 6,316 students and an admission rate of 58%. Western Connecticut State University has a bachelor's degree program in Finance which graduated twenty-five students in 2008.

Iona College - New Rochelle, NY

Iona College, 715 North Ave, New Rochelle, NY 10801-1890. Iona College is a small college located in New Rochelle, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,375 students and an admission rate of 59%. Iona College has bachelor's degree, master's degree, and post-master's certificate programs in Finance which graduated one, forty-six, and one 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.

LOCATION INFORMATION: Bridgeport, Connecticut

Bridgeport, Connecticut
Bridgeport, Connecticut photo by Xtremeyanksfan22

Bridgeport is located in Fairfield County, Connecticut. It has a population of over 136,405, which has shrunk by 2.2% in the past ten years. The cost of living index in Bridgeport, 151, is far greater than the national average. New single-family homes in Bridgeport are valued at $110,900 on average, which is far less than the state average. In 2008, twenty-six new homes were built in Bridgeport, down from forty-one the previous year.

The three big industries for women in Bridgeport are health care, educational services, and finance and insurance. For men, it is construction, administrative and support and waste management services, and accommodation and food services. The average commute to work is about 25 minutes. More than 12.2% of Bridgeport 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 Bridgeport is 12.1%, which is greater than Connecticut's average of 8.3%.

The percentage of Bridgeport residents that are affiliated with a religious congregation, 70.1%, is more than both the national and state average. Calvary Episcopal Church, Golden Hill United Methodist Church and Good Shepherd Christian Church are among the churches located in Bridgeport. The most common religious groups are the Catholic Church, the Episcopal Church and the United Church of Christ.

Bridgeport is home to the North Branch Bridgeport Public Library and the Challenger Learning Center as well as Went Field and Johnson Oak Park. Shopping centers in the area include Lafayette Shopping Plaza Shopping Center, Baldwin Plaza Shopping Center and Bayview Shopping Center.