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Career and Education Opportunities for Loan Officers in Oklahoma City, Oklahoma

For those living in the Oklahoma City, Oklahoma area, there are many career and education opportunities for loan officers. Currently, 3,670 people work as loan officers in Oklahoma. This is expected to grow by 11% to about 4,090 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%. In general, loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

A person working as a loan officer can expect to earn about $19 per hour or $39,870 per year on average in Oklahoma and about $26 hourly or $54,700 annually on average in the U.S. as a whole. Compared with people working in the overall category of Accounting and Auditing, people working as loan officers in Oklahoma earn less. They earn less than people working in the overall category of Accounting and Auditing nationally. Loan officers work in a variety of jobs, including: personal banking officer, mortgage underwriter, and agricultural loan officer.

There are six schools within twenty-five miles of Oklahoma City where you can study to be a loan officer, among forty-four schools of higher education total in the Oklahoma City area. 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 Oklahoma City 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

Oklahoma City University - Oklahoma City, OK

Oklahoma City University, 2501 N Blackwelder, Oklahoma City, OK 73106-1402. Oklahoma City University is a small university located in Oklahoma City, Oklahoma. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,897 students and an admission rate of 79%. Oklahoma City University has a bachelor's degree and a master's degree program in Finance which graduated one and two students respectively in 2008.

Oklahoma Baptist University - Shawnee, OK

Oklahoma Baptist University, 500 W University, Shawnee, OK 74804. Oklahoma Baptist University is a small university located in Shawnee, Oklahoma. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,753 students and an admission rate of 63%. Oklahoma Baptist University has a bachelor's degree program in Finance which graduated four students in 2008.

University of Oklahoma Norman Campus - Norman, OK

University of Oklahoma Norman Campus, 660 Parrington Oval, Norman, OK 73019-3072. University of Oklahoma Norman Campus is a large university located in Norman, Oklahoma. It is a public school with primarily 4-year or above programs. It has 26,201 students and an admission rate of 73%. University of Oklahoma Norman Campus has a bachelor's degree program in Finance which graduated 104 students in 2008.

Southern Nazarene University - Bethany, OK

Southern Nazarene University, 6729 NW 39th Expy, Bethany, OK 73008. Southern Nazarene University is a small university located in Bethany, Oklahoma. It is a private not-for-profit school with primarily 4-year or above programs and has 2,069 students. Southern Nazarene University has a bachelor's degree program in Finance which graduated ten students in 2008.

Oklahoma Christian University - Edmond, OK

Oklahoma Christian University, 2501 E Memorial Rd, Edmond, OK 73013-1100. Oklahoma Christian University is a small university located in Edmond, Oklahoma. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,161 students and an admission rate of 56%. Oklahoma Christian University has a bachelor's degree and a master's degree program in Finance which graduated six and twenty students respectively in 2008.

University of Central Oklahoma - Edmond, OK

University of Central Oklahoma, 100 N University Dr, Edmond, OK 73034. University of Central Oklahoma is a large university located in Edmond, Oklahoma. It is a public school with primarily 4-year or above programs. It has 13,724 students and an admission rate of 69%. University of Central Oklahoma has a bachelor's degree program in Finance which graduated 117 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: Oklahoma City, Oklahoma

Oklahoma City, Oklahoma
Oklahoma City, Oklahoma photo by CPacker

Oklahoma City is located in Oklahoma County, Oklahoma. It has a population of over 551,789, which has grown by 9.0% in the past ten years. The cost of living index in Oklahoma City, 82, is well below the national average. New single-family homes in Oklahoma City cost $142,600 on average, which is below the state average. In 2008, 1,474 new homes were built in Oklahoma City, down from 2,559 the previous year.

The three most popular industries for women in Oklahoma City are health care, educational services, and accommodation and food services. For men, it is construction, public administration, and accommodation and food services. The average travel time to work is about 21 minutes. More than 24.0% of Oklahoma City residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 8.1%, is higher than the state average.

The unemployment rate in Oklahoma City is 6.5%, which is less than Oklahoma's average of 7.1%.

The percentage of Oklahoma City residents that are affiliated with a religious congregation, 65.7%, is more than both the national and state average. Grace Place Baptist Church, Grace Presbyterian Church and Grace United Methodist Church are some of the churches located in Oklahoma City. The most prominent religious groups are the Southern Baptist Convention, the United Methodist Church and the Catholic Church.

Oklahoma City is home to the Colonial Square and the 50 Penn Place as well as Rotary Park and River Park. Shopping malls in the area include 240 Plaza Shopping Center, 74 South Shopping Center and Council Crossings Shopping Center. Visitors to Oklahoma City can choose from Rodeway Inn Oklahoma City, Harvey Janitorial Sales and Market Source for temporary stays in the area.