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Career and Education Opportunities for Loan Officers in Orlando, Florida

If you want to be a loan officer, the Orlando, Florida area offers many opportunities both for education and employment. There are currently 29,370 jobs for loan officers in Florida and this is projected to grow by 34% to about 39,300 jobs by 2016. This is better than the national trend for loan officers, which sees this job pool growing by about 10.1% over the next eight years. In general, loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

The income of a loan officer is about $24 per hour or $51,030 annually on average in Florida. In the U.S. as a whole, their income is about $26 hourly or $54,700 yearly 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. People working as loan officers can fill a number of jobs, such as: mortgage banker, commercial banker, and loan analyst.

There are four schools within twenty-five miles of Orlando where you can study to be a loan officer, among fifty schools of higher education total in the Orlando 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 Orlando 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.
  • 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

University of Phoenix-Central Florida Campus - Maitland, FL

University of Phoenix-Central Florida Campus, 2290 Lucien Way, Suite 400, Maitland, FL 32751-7057. University of Phoenix-Central Florida Campus is a small university located in Maitland, Florida. It is a private for-profit school with primarily 4-year or above programs and has 1,380 students. University of Phoenix-Central Florida Campus has a bachelor's degree program in Finance which graduated one student in 2008.

Polk Community College - Winter Haven, FL

Polk Community College, 999 Avenue H NE, Winter Haven, FL 33881-4299. Polk Community College is a medium sized college located in Winter Haven, Florida. It is a public school with primarily 2-year programs and has 8,516 students. Polk Community College has an associate's degree program in Finance which graduated two students in 2008.

Lake-Sumter Community College - Leesburg, FL

Lake-Sumter Community College, 9501 US Hwy 441, Leesburg, FL 34788-8751. Lake-Sumter Community College is a small college located in Leesburg, Florida. It is a public school with primarily 2-year programs and has 4,112 students. Lake-Sumter Community College has an associate's degree program in Finance.

University of Central Florida - Orlando, FL

University of Central Florida, 4000 Central Florida Blvd, Orlando, FL 32816. University of Central Florida is a large university located in Orlando, Florida. It is a public school with primarily 4-year or above programs. It has 50,181 students and an admission rate of 48%. University of Central Florida has a bachelor's degree program in Finance which graduated twenty-four 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

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: Orlando, Florida

Orlando, Florida
Orlando, Florida photo by A3RO

Orlando is situated in Orange County, Florida. It has a population of over 230,519, which has grown by 24.0% over the last ten years. The cost of living index in Orlando, 91, is below the national average. New single-family homes in Orlando are valued at $217,400 on average, which is far less than the state average. In 2008, three hundred forty-eight new homes were built in Orlando, down from six hundred twenty-two the previous year.

The three big industries for women in Orlando are accommodation and food services, health care, and educational services. For men, it is accommodation and food services, construction, and arts, entertainment, and recreation. The average travel time to work is about 25 minutes. More than 28.2% of Orlando residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 8.3%, is higher than the state average.

The unemployment rate in Orlando is 11.1%, which is less than Florida's average of 11.3%.

The percentage of Orlando residents that are affiliated with a religious congregation, 40.2%, is less than both the national and state average. Church of Scientology of Orlando, Church of the Holy Spirit Episcopal and Metropolitan Community Church-Joy are some of the churches located in Orlando. The largest religious groups are the Catholic Church, the Southern Baptist Convention and the United Methodist Church.

Orlando is home to the Dubsdread Country Club and the Conway Center as well as Mayor Carl Langford Park and Sunshine Park. Shopping centers in the area include Lake Conway Woods Shopping Center, Colonial Plaza Mall and Coytown Shopping Center. Visitors to Orlando can choose from Blue Nile Hotel Liquidators, Clarion Hotel Universal and Buena Vista Suites for temporary stays in the area.