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Career and Education Opportunities for Loan Officers in Fargo, North Dakota

Loan officer career and educational opportunities abound in Fargo, North Dakota. Currently, 960 people work as loan officers in North Dakota. This is expected to grow 10% to about 1,060 people by 2016. 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%. Loan officers generally evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

A person working as a loan officer can expect to earn about $25 per hour or $52,670 yearly on average in North Dakota and about $26 per hour or $54,700 annually on average in the U.S. as a whole. Incomes for loan officers are better than in the overall category of Accounting and Auditing in North Dakota, 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: portfolio manager, loan coordinator, and mortgage banker.

There are eight schools of higher education in the Fargo area, including two within twenty-five miles of Fargo where you can get a degree to start your career 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 studying to be a loan officer if you already have a high school diploma.


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 Fargo 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.


North Dakota State University-Main Campus - Fargo, ND

North Dakota State University-Main Campus, 1301 12th Avenue North, Fargo, ND 58108-6050. North Dakota State University-Main Campus is a large university located in Fargo, North Dakota. It is a public school with primarily 4-year or above programs. It has 13,229 students and an admission rate of 80%. North Dakota State University-Main Campus has a less than one year program in Finance.

Minnesota State University-Moorhead - Moorhead, MN

Minnesota State University-Moorhead, 1104 7th Ave S, Moorhead, MN 56563. Minnesota State University-Moorhead is a medium sized university located in Moorhead, Minnesota. It is a public school with primarily 4-year or above programs. It has 7,486 students and an admission rate of 80%. Minnesota State University-Moorhead has a bachelor's degree program in Finance which graduated eight students in 2008.


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.


Fargo, North Dakota
Fargo, North Dakota photo by Unimatic1140

Fargo is located in Cass County, North Dakota. It has a population of over 93,531, which has grown by 3.2% in the past ten years. The cost of living index in Fargo, 83, is well below the national average. New single-family homes in Fargo are priced at $139,800 on average, which is well below the state average. In 2008, four hundred four new homes were constructed in Fargo, down from four hundred forty-seven the previous year.

The top three industries for women in Fargo are health care, educational services, and finance and insurance. For men, it is construction, accommodation and food services, and educational services. The average commute to work is about 15 minutes. More than 34.4% of Fargo residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 9.5%, is higher than the state average.

The unemployment rate in Fargo is 3.5%, which is greater than North Dakota's average of 3.2%.

The percentage of Fargo residents that are affiliated with a religious congregation, 56.8%, is more than the national average but less than the state average. The most common religious groups are the Evangelical Lutheran Church in America, the Catholic Church and the United Methodist Church.

Fargo is home to the Elm Tree Square and the Market Square as well as Roosevelt Playground and Oak Grove Park. Shopping malls in the area include Valley North Mall, Northport Mall and West Acres Shopping Center. Visitors to Fargo can choose from Rodeway Inn Fargo, Wingate Inn and Sleep Inn Fargo for temporary stays in the area.