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Career and Education Opportunities for Loan Officers in St. Paul, Minnesota

Loan officers can find many career and educational opportunities in the St. Paul, Minnesota area. About 9,970 people are currently employed as loan officers in Minnesota. By 2016, this is expected to grow by 14% to 11,330 people employed. 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. Loan officers generally evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

Loan officers earn about $27 hourly or $57,600 yearly on average in Minnesota and about $26 hourly or $54,700 annually on average nationally. Loan officers earn more than people working in the category of Accounting and Auditing generally in Minnesota and less than people in the Accounting and Auditing category nationally. Jobs in this field include: loan auditor, mortgage or loan underwriter, and loan workout officer.

There are seventy-seven schools of higher education in the St. Paul area, including ten within twenty-five miles of St. Paul 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, you can expect to spend only a short time studying 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 St. Paul 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

University of St Thomas - Saint Paul, MN

University of St Thomas, 2115 Summit Ave, Saint Paul, MN 55105-1078. University of St Thomas is a large university located in Saint Paul, Minnesota. It is a private not-for-profit school with primarily 4-year or above programs. It has 10,960 students and an admission rate of 81%. University of St Thomas has a bachelor's degree and a master's degree program in Finance which graduated sixteen and thirty-four students respectively in 2008.

Metropolitan State University - Saint Paul, MN

Metropolitan State University, 700 E Seventh St, Saint Paul, MN 55106-5000. Metropolitan State University is a medium sized university located in Saint Paul, Minnesota. It is a public school with primarily 4-year or above programs. It has 6,909 students and an admission rate of 53%. Metropolitan State University has a bachelor's degree program in Finance which graduated two students in 2008.

Capella University - Minneapolis, MN

Capella University, 225 South 6th Street, 9th Floor, Minneapolis, MN 55402-3389. Capella University is a large university located in Minneapolis, Minnesota. It is a private for-profit school with primarily 4-year or above programs. It has 23,733 students and an admission rate of 100%. Capella University has a bachelor's degree and a master's degree program in Finance which graduated ten and thirty-nine students respectively in 2008.

North Hennepin Community College - Brooklyn Park, MN

North Hennepin Community College, 7411 85th Ave N, Brooklyn Park, MN 55445. North Hennepin Community College is a medium sized college located in Brooklyn Park, Minnesota. It is a public school with primarily 2-year programs and has 6,904 students. North Hennepin Community College has an associate's degree program in Finance which graduated five students in 2008.

Walden University - Minneapolis, MN

Walden University, 155 Fifth Ave S, Suite 100, Minneapolis, MN 55401. Walden University is a large university located in Minneapolis, Minnesota. It is a private for-profit school with primarily 4-year or above programs and has 34,907 students. Walden University has bachelor's degree, master's degree, and doctor's degree programs in Finance which graduated sixteen, thirty-six, and two students respectively in 2008.

Concordia University-Saint Paul - Saint Paul, MN

Concordia University-Saint Paul, 275 Syndicate Street North, Saint Paul, MN 55104-5494. Concordia University-Saint Paul is a small university located in Saint Paul, Minnesota. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,644 students and an admission rate of 59%. Concordia University-Saint Paul has a bachelor's degree program in Finance which graduated one student in 2008.

University of Minnesota-Twin Cities - Minneapolis, MN

University of Minnesota-Twin Cities, 100 Church Street SE, Minneapolis, MN 55455-0213. University of Minnesota-Twin Cities is a large university located in Minneapolis, Minnesota. It is a public school with primarily 4-year or above programs. It has 51,140 students and an admission rate of 53%. University of Minnesota-Twin Cities has a bachelor's degree program in Finance which graduated thirty-six students in 2008.

Augsburg College - Minneapolis, MN

Augsburg College, 2211 Riverside Ave, Minneapolis, MN 55454. Augsburg College is a small college located in Minneapolis, Minnesota. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,827 students and an admission rate of 56%. Augsburg College has a bachelor's degree program in Finance which graduated eleven students in 2008.

Northwestern College - Saint Paul, MN

Northwestern College, 3003 Snelling Ave N, Saint Paul, MN 55113-1598. Northwestern College is a small college located in Saint Paul, Minnesota. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,022 students and an admission rate of 95%. Northwestern College has a bachelor's degree program in Finance.

American Indian OIC Inc - Minneapolis, MN

American Indian OIC Inc, 1845 E. Franklin Ave, Minneapolis, MN 55404-2221. American Indian OIC Inc is a small school located in Minneapolis, Minnesota. It is a private not-for-profit school with primarily less-than 2-year programs and has 111 students. American Indian OIC Inc has a less than one year program in Finance.

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

Residential Mortgage Originator or Servicer License

Phone: None
Website: Agriculture, Minnesota Dept. of Dairy and Food Inspection Division Minnesota Department of Agriculture

LOCATION INFORMATION: St. Paul, Minnesota

St. Paul, Minnesota
St. Paul, Minnesota photo by Gridge

St. Paul is located in Ramsey County, Minnesota. It has a population of over 279,590, which has shrunk by 2.6% in the past ten years. The cost of living index in St. Paul, 99, is near the national average. New single-family homes in St. Paul are valued at $213,300 on average, which is well below the state average. In 2008, thirty new homes were built in St. Paul, down from seventy-four the previous year.

The three most popular industries for women in St. Paul are educational services, health care, and finance and insurance. For men, it is educational services, professional, scientific, and technical services, and construction. The average commute to work is about 21 minutes. More than 32.0% of St. Paul residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 12.0%, is higher than the state average.

The unemployment rate in St. Paul is 7.4%, which is greater than Minnesota's average of 7.0%.

The percentage of St. Paul residents that are affiliated with a religious congregation, 61.3%, is more than both the national and state average. Zion Church, Convent of the Visitation and Saint Paul Cathedral are some of the churches located in St. Paul. The most prominent religious groups are the Catholic Church, the Evangelical Lutheran Church in America and the Baptist General Conference.

St. Paul is home to the Saint Paul Orphange and the Wilder Center as well as Terrace Park and East View Playground.