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Career and Education Opportunities for Loan Officers in Ramapo, New York

Ramapo, New York provides a wide variety of opportunities, both career and educational, for loan officers. About 13,890 people are currently employed as loan officers in New York. By 2016, this is expected to shrink 1% to 13,760 people employed. This is not quite as good as the nation as a whole, where employment opportunities for loan officers are expected to grow by about 10.1%. In general, loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

Loan officers earn approximately $30 per hour or $62,480 per year on average in New York. Nationally they average about $26 hourly or $54,700 per year. Incomes for loan officers are not quite as good as in the overall category of Accounting and Auditing in New York, and not quite as good as the overall Accounting and Auditing category nationally. People working as loan officers can fill a number of jobs, such as: mortgage specialist, portfolio manager, and loan counselor.

The Ramapo area is home to 136 schools of higher education, including ten within twenty-five miles of Ramapo where you can get a degree as a loan officer. The most common level of education 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 Ramapo 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.
  • 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.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Loan Officer Training

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.

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.

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.

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.

Long Island University-Rockland Campus - Orangeburg, NY

Long Island University-Rockland Campus, 70 Route 340, Orangeburg, NY 10962-2219. Long Island University-Rockland Campus is a small university located in Orangeburg, New York. It is a private not-for-profit school with primarily 4-year or above programs and has 414 students. Long Island University-Rockland Campus has a master's degree program in Finance.

Saint Thomas Aquinas College - Sparkill, NY

Saint Thomas Aquinas College, 125 Rte 340, Sparkill, NY 10976-1050. Saint Thomas Aquinas College is a small college located in Sparkill, New York. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,099 students and an admission rate of 79%. Saint Thomas Aquinas College has a bachelor's degree and a master's degree program in Finance which graduated seven and zero 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.

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.

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.

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.

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: Ramapo, New York

Ramapo, New York
Ramapo, New York photo by Mwanner

Ramapo is situated in Rockland County, New York. It has a population of over 115,096, which has grown by 5.7% in the past ten years. The cost of living index in Ramapo, 150, is far greater than the national average. New single-family homes in Ramapo are valued at $187,300 on average, which is well below the state average. In 2008, one hundred seventy-four new homes were built in Ramapo, down from two hundred fourteen the previous year.

The three most popular industries for women in Ramapo are health care, educational services, and professional, scientific, and technical services. For men, it is educational services, professional, scientific, and technical services, and construction. The average commute to work is about 33 minutes. More than 34.5% of Ramapo residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 15.1%, is higher than the state average.

The unemployment rate in Ramapo is 6.6%, which is less than New York's average of 8.7%. About 16.3% of Ramapo's residents are below the poverty line, which is worse than the state average.

The percentage of Ramapo residents that are affiliated with a religious congregation, 82.9%, is more than both the national and state average. Wesley Chapel and Saint Vincent De Paul Church are all churches located in Ramapo. The most prominent religious groups are the Catholic Church, the Muslim Estimate and the United Methodist Church.

Ramapo is home to the Kanes Open Camp and the Cedar Hollow Country Club.