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Career and Education Opportunities for Loan Officers in Elizabeth, New Jersey

Many educational and employment opportunities exist for loan officers in the Elizabeth, New Jersey area. Currently, 11,000 people work as loan officers in New Jersey. This is expected to grow 11% to about 12,200 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.

Loan officers earn about $30 hourly or $63,440 per year on average in New Jersey and about $26 per hour or $54,700 yearly on average nationally. Loan officers earn less than people working in the category of Accounting and Auditing generally in New Jersey and less than people in the Accounting and Auditing category nationally. Jobs in this field include: personal banking officer, loan originator, and branch lending officer.

The Elizabeth area is home to 298 schools of higher education, including twenty-six within twenty-five miles of Elizabeth 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 Elizabeth 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

Pace University-New York - New York, NY

Pace University-New York, 1 Pace Plaza, New York, NY 10038-1598. Pace University-New York is a large university located in New York, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 12,229 students and an admission rate of 78%. Pace University-New York has bachelor's degree, master's degree, and post-master's certificate programs in Finance which graduated 213, 118, and zero students respectively in 2008.

Fordham University - Bronx, NY

Fordham University, 441 E Fordham Rd, Bronx, NY 10458. Fordham University is a large university located in Bronx, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 14,666 students and an admission rate of 47%. Fordham University has a bachelor's degree program in Finance which graduated twenty-six students in 2008.

Rutgers University-New Brunswick - New Brunswick, NJ

Rutgers University-New Brunswick, 83 Somerset St, New Brunswick, NJ 08901-1281. Rutgers University-New Brunswick is a large university located in New Brunswick, New Jersey. It is a public school with primarily 4-year or above programs. It has 36,041 students and an admission rate of 56%. Rutgers University-New Brunswick has a bachelor's degree program in Finance which graduated 136 students in 2008.

Princeton University - Princeton, NJ

Princeton University, , Princeton, NJ 08544-0070. Princeton University is a medium sized university located in Princeton, New Jersey. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,343 students and an admission rate of 10%. Princeton University has a master's degree program in Finance which graduated twenty-one students in 2008.

Fairleigh Dickinson University-Metropolitan Campus - Teaneck, NJ

Fairleigh Dickinson University-Metropolitan Campus, 1000 River Rd, Teaneck, NJ 07666. Fairleigh Dickinson University-Metropolitan Campus is a medium sized university located in Teaneck, New Jersey. It is a private not-for-profit school with primarily 4-year or above programs. It has 8,693 students and an admission rate of 61%. Fairleigh Dickinson University-Metropolitan Campus has a master's degree program in Finance which graduated thirty-one students in 2008.

Rutgers University-Newark - Newark, NJ

Rutgers University-Newark, 249 University Avenue, Blumenthal Hall, Newark, NJ 07102. Rutgers University-Newark is a large university located in Newark, New Jersey. It is a public school with primarily 4-year or above programs. It has 11,032 students and an admission rate of 50%. Rutgers University-Newark has a bachelor's degree and a master's degree program in Finance which graduated 152 and eleven students respectively in 2008.

CUNY Graduate School and University Center - New York, NY

CUNY Graduate School and University Center, 365 Fifth Ave, New York, NY 10016-4309. CUNY Graduate School and University Center is a medium sized university located in New York, New York. It is a public school with primarily 4-year or above programs and has 5,827 students. CUNY Graduate School and University Center has a one to two year program in Finance which graduated three students in 2008.

New Jersey City University - Jersey City, NJ

New Jersey City University, 2039 Kennedy Blvd, Jersey City, NJ 07305. New Jersey City University is a medium sized university located in Jersey City, New Jersey. It is a public school with primarily 4-year or above programs. It has 7,993 students and an admission rate of 32%. New Jersey City University has a master's degree program in Finance which graduated three students in 2008.

Kean University - Union, NJ

Kean University, 1000 Morris Ave, Union, NJ 07083-0411. Kean University is a large university located in Union, New Jersey. It is a public school with primarily 4-year or above programs. It has 14,203 students and an admission rate of 67%. Kean University has a bachelor's degree program in Finance which graduated forty-eight students in 2008.

CUNY Bernard M Baruch College - New York, NY

CUNY Bernard M Baruch College, One Bernard Baruch Way (55 Lexington at 24th St), New York, NY 10010. CUNY Bernard M Baruch College is a large college located in New York, New York. It is a public school with primarily 4-year or above programs. It has 15,906 students and an admission rate of 26%. CUNY Bernard M Baruch College has a master's degree program in Finance which graduated 143 students in 2008.

Globe Institute of Technology - New York, NY

Globe Institute of Technology, 291 Broadway, New York, NY 10007. Globe Institute of Technology is a small school located in New York, New York. It is a private for-profit school with primarily 4-year or above programs and has 511 students. Globe Institute of Technology has a bachelor's degree program in Finance which graduated four students in 2008.

Long Island University-Brooklyn Campus - Brooklyn, NY

Long Island University-Brooklyn Campus, University Plaza, Brooklyn, NY 11201-5372. Long Island University-Brooklyn Campus is a medium sized university located in Brooklyn, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 8,459 students and an admission rate of 60%. Long Island University-Brooklyn Campus has associate's degree, bachelor's degree, and master's degree programs in Finance which graduated zero, sixteen, and zero students respectively 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.

Manhattan College - Bronx, NY

Manhattan College, Manhattan College Pky, Bronx, NY 10471-4098. Manhattan College is a small college located in Bronx, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,446 students and an admission rate of 51%. Manhattan College has a bachelor's degree program in Finance which graduated fifty-eight students in 2008.

Saint Peters College - Jersey City, NJ

Saint Peters College, 2641 Kennedy Blvd, Jersey City, NJ 07306-5997. Saint Peters College is a small college located in Jersey City, New Jersey. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,045 students and an admission rate of 61%. Saint Peters College has a master's degree program in Finance which graduated forty-seven students in 2008.

CUNY Queens College - Flushing, NY

CUNY Queens College, 65-30 Kissena Blvd, Flushing, NY 11367-0904. CUNY Queens College is a large college located in Flushing, New York. It is a public school with primarily 4-year or above programs. It has 19,504 students and an admission rate of 40%. CUNY Queens College has a bachelor's degree program in Finance which graduated three students in 2008.

Wagner College - Staten Island, NY

Wagner College, One Campus Rd, Staten Island, NY 10301-4495. Wagner College is a small college located in Staten Island, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,269 students and an admission rate of 61%. Wagner College has a master's degree program in Finance which graduated seventeen students in 2008.

Seton Hall University - South Orange, NJ

Seton Hall University, 400 S Orange Ave, South Orange, NJ 07079-2697. Seton Hall University is a medium sized university located in South Orange, New Jersey. It is a private not-for-profit school with primarily 4-year or above programs. It has 9,592 students and an admission rate of 73%. Seton Hall University has a bachelor's degree program in Finance which graduated thirteen students in 2008.

St. John's University-New York - Queens, NY

St. John's University-New York, 8000 Utopia Pky, Queens, NY 11439. St. John's University-New York is a large university located in Queens, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 20,109 students and an admission rate of 56%. St. John's University-New York has bachelor's degree, master's degree, and post-master's certificate programs in Finance which graduated two, fifty, and zero students respectively in 2008.

New York Institute of Technology-Manhattan Campus - New York, NY

New York Institute of Technology-Manhattan Campus, 1855 Broadway, New York, NY 10023-7692. New York Institute of Technology-Manhattan Campus is a small school located in New York, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,633 students and an admission rate of 66%. New York Institute of Technology-Manhattan Campus has a bachelor's degree and a master's degree program in Finance which graduated fourteen and sixteen students respectively 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.

New York University - New York, NY

New York University, 70 Washington Sq South, New York, NY 10012-1091. New York University is a large university located in New York, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 42,204 students and an admission rate of 32%. New York University has bachelor's degree, master's degree, post-master's certificate, and doctor's degree programs in Finance which graduated 339, zero, zero, and five students respectively 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.

Touro College - New York, NY

Touro College, 27-33 W 23rd St, New York, NY 10010. Touro College is a large college located in New York, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 14,247 students and an admission rate of 57%. Touro College has a bachelor's degree and a master's degree program in Finance which graduated twenty-eight and three students respectively in 2008.

Fairleigh Dickinson University-College at Florham - Madison, NJ

Fairleigh Dickinson University-College at Florham, 285 Madison Ave, Madison, NJ 07940. Fairleigh Dickinson University-College at Florham is a small university located in Madison, New Jersey. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,465 students and an admission rate of 62%. Fairleigh Dickinson University-College at Florham has a master's degree program in Finance which graduated twenty-seven students in 2008.

Mercy College - Dobbs Ferry, NY

Mercy College, 555 Broadway, Dobbs Ferry, NY 10522. Mercy College is a medium sized college located in Dobbs Ferry, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 8,792 students and an admission rate of 35%. Mercy College has a master's degree program in Finance which graduated thirty-three 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.

LOCATION INFORMATION: Elizabeth, New Jersey

Elizabeth, New Jersey
Elizabeth, New Jersey photo by Cobber17

Elizabeth is situated in Union County, New Jersey. It has a population of over 124,755, which has grown by 3.5% over the last ten years. The cost of living index in Elizabeth, 140, is far greater than the national average. New single-family homes in Elizabeth are valued at $321,400 on average, which is far greater than the state average. In 2008, eight new homes were constructed in Elizabeth, up from six the previous year.

The three most popular industries for women in Elizabeth are health care, educational services, and accommodation and food services. For men, it is construction, accommodation and food services, and other transportation, and support activities, and couriers. The average travel time to work is about 28 minutes. More than 12.1% of Elizabeth residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 4.2%, is lower than the state average.

The unemployment rate in Elizabeth is 12.4%, which is greater than New Jersey's average of 9.3%.

The percentage of Elizabeth residents that are affiliated with a religious congregation, 65.5%, is more than both the national and state average. First Pentecostal Church, Christ Episcopal Church and Alliance International Fellowship Church are some of the churches located in Elizabeth. The largest religious groups are the Catholic Church, the Presbyterian Church (USA) and the American Baptist Churches in the USA.

Elizabeth is home to the North Elizabeth Station and the Julian Station as well as Kellogg Park and Jackson Park. Visitors to Elizabeth can choose from Hampton Inn Newark-Airport, Centro America Express and Hilton Newark Airport for temporary stays in the area.