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Career and Education Opportunities for Loan Officers in Cary, North Carolina

For those living in the Cary, North Carolina area, there are many career and education opportunities for loan officers. There are currently 11,630 jobs for loan officers in North Carolina and this is projected to grow 13% to about 13,190 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 $22 per hour or $46,420 per year on average in North Carolina. In the U.S. as a whole, their income is about $26 per hour or $54,700 per year on average. Earnings for loan officers are not quite as good as earnings in the general category of Accounting and Auditing in North Carolina and not quite as good as general Accounting and Auditing category earnings nationally. Jobs in this field include: loan adviser, mortgage originator, and mortgage broker.

The Cary area is home to twenty-seven schools of higher education, including one within twenty-five miles of Cary where you can get a degree 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 Cary 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.
  • 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

Meredith College - Raleigh, NC

Meredith College, 3800 Hillsborough St, Raleigh, NC 27607-5298. Meredith College is a small college located in Raleigh, North Carolina. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,250 students and an admission rate of 69%. Meredith College has a bachelor's degree program in Finance which graduated two 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: Cary, North Carolina

Cary, North Carolina
Cary, North Carolina photo by Erich_Fabricius

Cary is situated in Wake County, North Carolina. It has a population of over 129,545, which has grown by 37.0% in the past ten years. The cost of living index in Cary, 86, is well below the national average. New single-family homes in Cary are priced at $204,400 on average, which is well above the state average. In 2008, 1,313 new homes were built in Cary, down from 2,326 the previous year.

The three big industries for women in Cary are professional, scientific, and technical services, educational services, and health care. For men, it is professional, scientific, and technical services, computer and electronic products, and construction. The average commute to work is about 23 minutes. More than 60.7% of Cary residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 23.0%, is higher than the state average.

The unemployment rate in Cary is 6.2%, which is less than North Carolina's average of 10.6%.

The percentage of Cary residents that are affiliated with a religious congregation, 43.8%, is less than both the national and state average. The largest religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.

Cary is home to Hemlock Bluffs State Natural Area and Regency Park. Visitors to Cary can choose from Hampton Inn Cary, Embassy Suites Hotel Raleigh-Durham and Hampton Inn & Suites for temporary stays in the area.