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Career and Education Opportunities for Loan Officers in Cambridge, Massachusetts

There are many career and education opportunities for loan officers in the Cambridge, Massachusetts area. There are currently 8,200 working loan officers in Massachusetts; this should grow by 6% to about 8,700 working loan officers in the state by 2016. 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 about $30 hourly or $64,450 annually on average in Massachusetts and about $26 per hour or $54,700 annually on average nationally. Earnings for loan officers are not quite as good as earnings in the general category of Accounting and Auditing in Massachusetts and not quite as good as general Accounting and Auditing category earnings nationally. Jobs in this field include: mortgage underwriter, loan analyst, and loan reviewer.

There are 149 schools of higher education in the Cambridge area, including sixteen within twenty-five miles of Cambridge where you can get a degree to start your career as a loan officer. Given that the most common education level for loan officers is a high school diploma or GED, it will take only a short time to learn 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 Cambridge 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

Merrimack College - North Andover, MA

Merrimack College, 315 Turnpike St, North Andover, MA 01845. Merrimack College is a small college located in North Andover, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,154 students and an admission rate of 79%. Merrimack College has a bachelor's degree program in Finance which graduated twenty-eight students in 2008.

Bentley University - Waltham, MA

Bentley University, 175 Forest St, Waltham, MA 02452-4705. Bentley University is a medium sized university located in Waltham, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,675 students and an admission rate of 38%. Bentley University has bachelor's degree, postbaccalaureate certificate, and master's degree programs in Finance which graduated 203, zero, and ninety students respectively in 2008.

Suffolk University - Boston, MA

Suffolk University, 8 Ashburton Pl Beacon Hill, Boston, MA 02108-2770. Suffolk University is a medium sized university located in Boston, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,783 students and an admission rate of 82%. Suffolk University has bachelor's degree, postbaccalaureate certificate, master's degree, and post-master's certificate programs in Finance which graduated thirteen, zero, zero, and zero students respectively in 2008.

Simmons College - Boston, MA

Simmons College, 300 The Fenway, Boston, MA 02115-5898. Simmons College is a small college located in Boston, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,933 students and an admission rate of 55%. Simmons College has a bachelor's degree program in Finance.

Nichols College - Dudley, MA

Nichols College, Center Rd, Dudley, MA 01571-5000. Nichols College is a small college located in Dudley, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,520 students and an admission rate of 65%. Nichols College has a bachelor's degree program in Finance which graduated eight students in 2008.

Lasell College - Newton, MA

Lasell College, 1844 Commonwealth Ave, Newton, MA 02466-2716. Lasell College is a small college located in Newton, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,484 students and an admission rate of 61%. Lasell College has a bachelor's degree program in Finance which graduated one student in 2008.

Stonehill College - Easton, MA

Stonehill College, 320 Washington Street, Easton, MA 02357-6110. Stonehill College is a small college located in Easton, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,426 students and an admission rate of 45%. Stonehill College has a bachelor's degree program in Finance.

Gordon College - Wenham, MA

Gordon College, 255 Grapevine Rd, Wenham, MA 01984. Gordon College is a small college located in Wenham, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,700 students and an admission rate of 71%. Gordon College has a bachelor's degree program in Finance which graduated two students in 2008.

Salem State College - Salem, MA

Salem State College, 352 Lafayette St, Salem, MA 01970. Salem State College is a large college located in Salem, Massachusetts. It is a public school with primarily 4-year or above programs. It has 10,168 students and an admission rate of 58%. Salem State College has a bachelor's degree program in Finance which graduated twenty-seven students in 2008.

Assumption College - Worcester, MA

Assumption College, 500 Salisbury St, Worcester, MA 01609-1296. Assumption College is a small college located in Worcester, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,888 students and an admission rate of 71%. Assumption College has a bachelor's degree program in Finance which graduated one student in 2008.

Newbury College-Brookline - Brookline, MA

Newbury College-Brookline, 129 Fisher Ave, Brookline, MA 02445. Newbury College-Brookline is a small college located in Brookline, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs and has 1,042 students. Newbury College-Brookline has an associate's degree and a bachelor's degree program in Finance which graduated zero and three students respectively in 2008.

Clark University - Worcester, MA

Clark University, 950 Main St, Worcester, MA 01610-1477. Clark University is a small university located in Worcester, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,330 students and an admission rate of 56%. Clark University has a master's degree program in Finance which graduated thirty-nine students in 2008.

Brandeis University - Waltham, MA

Brandeis University, 415 South St, Waltham, MA 02454-9110. Brandeis University is a medium sized university located in Waltham, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,347 students and an admission rate of 34%. Brandeis University has a master's degree program in Finance which graduated twenty-two students in 2008.

Bunker Hill Community College - Boston, MA

Bunker Hill Community College, 250 New Rutherford Ave, Boston, MA 02129-2925. Bunker Hill Community College is a medium sized college located in Boston, Massachusetts. It is a public school with primarily 2-year programs and has 9,500 students. Bunker Hill Community College has an associate's degree program in Finance which graduated nine students in 2008.

Boston College - Chestnut Hill, MA

Boston College, 140 Commonwealth Ave, Chestnut Hill, MA 02467. Boston College is a large college located in Chestnut Hill, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 14,623 students and an admission rate of 26%. Boston College has bachelor's degree, master's degree, and doctor's degree programs in Finance which graduated sixty-two, seventy-two, and five students respectively in 2008.

Northeastern University - Boston, MA

Northeastern University, 360 Huntington Ave, Boston, MA 02115-5000. Northeastern University is a large university located in Boston, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 25,368 students and an admission rate of 35%. Northeastern University has associate's degree, bachelor's degree, and master's degree programs in Finance which graduated three, zero, and twenty 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: Cambridge, Massachusetts

Cambridge, Massachusetts
Cambridge, Massachusetts photo by Scs

Cambridge is located in Middlesex County, Massachusetts. It has a population of over 105,596, which has grown by 4.2% in the past ten years. The cost of living index in Cambridge, 142, is far greater than the national average. New single-family homes in Cambridge are priced at $1,078,700 on average, which is far greater than the state average. In 2008, twelve new homes were constructed in Cambridge, down from twenty-five the previous year.

The top three industries for women in Cambridge are educational services, professional, scientific, and technical services, and health care. For men, it is educational services, professional, scientific, and technical services, and health care. The average travel time to work is about 24 minutes. More than 65.1% of Cambridge residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 38.5%, is higher than the state average.

The unemployment rate in Cambridge is 5.6%, which is less than Massachusetts's average of 8.4%.

The percentage of Cambridge residents that are affiliated with a religious congregation, 73.6%, is more than both the national and state average. Western Avenue Baptist Church, Massachusetts Institute of Technology Chapel and Cambridgeport Baptist Church are some of the churches located in Cambridge. The largest religious groups are the Catholic Church, the United Church of Christ and the Episcopal Church.

Cambridge is home to the Great Court and the Cutter Square as well as John A Ahern Field and Sheridan Square. Shopping malls in the area include Porter Square Shopping Center, The Atrium Shopping Center and Cambridgeside Galleria Shopping Center.