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Career and Education Opportunities for Loan Officers in Miami, Florida

Loan officer career and educational opportunities abound in Miami, Florida. Currently, 29,370 people work as loan officers in Florida. This is expected to grow by 34% to about 39,300 people by 2016. This is better than 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.

The income of a loan officer is about $24 hourly or $51,030 yearly on average in Florida. In the U.S. as a whole, their income is about $26 per hour or $54,700 annually on average. Compared with people working in the overall category of Accounting and Auditing, people working as loan officers in Florida earn less. They earn less than people working in the overall category of Accounting and Auditing nationally. Jobs in this field include: branch manager, loan reviewer, and loan counselor.

There are six schools within twenty-five miles of Miami where you can study to be a loan officer, among ninety-eight schools of higher education total in the Miami area. 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 Miami 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.
  • 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

Saint Thomas University - Miami Gardens, FL

Saint Thomas University, 16401 NW 37th Ave, Miami Gardens, FL 33054-6459. Saint Thomas University is a small university located in Miami Gardens, Florida. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,381 students and an admission rate of 65%. Saint Thomas University has a bachelor's degree program in Finance which graduated one student in 2008.

Miami Dade College - Miami, FL

Miami Dade College, 300 NE 2nd Ave., Miami, FL 33132-2297. Miami Dade College is a large college located in Miami, Florida. It is a public school with primarily 4-year or above programs and has 57,106 students. Miami Dade College has a one to two year and an associate's degree program in Finance which graduated one and eight students respectively in 2008.

Barry University - Miami, FL

Barry University, 11300 NE 2nd Ave, Miami, FL 33161-6695. Barry University is a medium sized university located in Miami, Florida. It is a private not-for-profit school with primarily 4-year or above programs. It has 8,364 students and an admission rate of 60%. Barry University has a bachelor's degree program in Finance which graduated ten students in 2008.

University of Miami - Coral Gables, FL

University of Miami, University of Miami, Coral Gables, FL 33124. University of Miami is a large university located in Coral Gables, Florida. It is a private not-for-profit school with primarily 4-year or above programs. It has 15,323 students and an admission rate of 39%. University of Miami has a bachelor's degree program in Finance which graduated twenty students in 2008.

Nova Southeastern University - Fort Lauderdale, FL

Nova Southeastern University, 3301 College Ave, Fort Lauderdale, FL 33314-7796. Nova Southeastern University is a large university located in Fort Lauderdale, Florida. It is a private not-for-profit school with primarily 4-year or above programs. It has 27,518 students and an admission rate of 45%. Nova Southeastern University has a bachelor's degree program in Finance which graduated twenty-one students in 2008.

Florida International University - Miami, FL

Florida International University, 11200 S. W. 8 Street, Miami, FL 33199. Florida International University is a large university located in Miami, Florida. It is a public school with primarily 4-year or above programs. It has 34,159 students and an admission rate of 44%. Florida International University has a bachelor's degree and a master's degree program in Finance which graduated thirty-seven and ninety-two 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

Mortgage Broker

Licensing agency: Fl. Department of Banking and Finance
Address: 101 E Gaines Street, Tallahassee, FL 32399

Phone: None
Website: Fl. Department of Banking and Finance

LOCATION INFORMATION: Miami, Florida

Miami, Florida
Miami, Florida photo by Averette

Miami is located in Miami-Dade County, Florida. It has a population of over 413,201, which has grown by 14.0% in the past ten years. The cost of living index in Miami, 140, is far greater than the national average. New single-family homes in Miami cost $273,500 on average, which is near the state average. In 2008, thirty-seven new homes were built in Miami, down from seventy-three the previous year.

The three big industries for women in Miami are health care, accommodation and food services, and educational services. For men, it is construction, accommodation and food services, and administrative and support and waste management services. The average travel time to work is about 28 minutes. More than 16.2% of Miami residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 7.7%, is lower than the state average.

The unemployment rate in Miami is 12.5%, which is greater than Florida's average of 11.3%.

The percentage of Miami residents that are affiliated with a religious congregation, 39.6%, is less than both the national and state average. Church of Resurrection, Church of the Ascension and Church of the Incarnation are all churches located in Miami. The most prominent religious groups are the Catholic Church, the Southern Baptist Convention and the Seventh-Day Adventist Church.

Miami is home to the Edison West Little River Neighborhood Center and the Miamarina South Pier Light as well as Belle Meade Park and 54th Street Mini Park. Shopping malls in the area include Central Shopping Center, Northside Mall and Northside Shopping Center. Visitors to Miami can choose from AmeriSuites Miami / Kendall, Four Seasons Hotel Miami and Airways Airport Inn & Suites for temporary stays in the area.