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Career and Education Opportunities for Loan Officers in Warwick, Rhode Island

If you want to be a loan officer, the Warwick, Rhode Island area offers many opportunities both for education and employment. About 2,280 people are currently employed as loan officers in Rhode Island. By 2016, this is expected to grow 15% to about 2,610 people employed. 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. Loan officers generally evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

Income for loan officers is about $32 per hour or $67,480 annually on average in Rhode Island. Nationally, their income is about $26 hourly or $54,700 annually. Earnings for loan officers are better than earnings in the general category of Accounting and Auditing in Rhode Island and not quite as good as general Accounting and Auditing category earnings nationally. Loan officers work in a variety of jobs, including: personal banking officer, loan specialist, and loan service officer.

There are eleven schools within twenty-five miles of Warwick where you can study to be a loan officer, among fifty-one schools of higher education total in the Warwick area. 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 Warwick 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.
  • 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

Bridgewater State College - Bridgewater, MA

Bridgewater State College, 131 Summer Street, Bridgewater, MA 02325. Bridgewater State College is a large college located in Bridgewater, Massachusetts. It is a public school with primarily 4-year or above programs. It has 10,269 students and an admission rate of 62%. Bridgewater State College has a bachelor's degree program in Finance.

Salve Regina University - Newport, RI

Salve Regina University, 100 Ochre Point Avenue, Newport, RI 02840-4192. Salve Regina University is a small university located in Newport, Rhode Island. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,691 students and an admission rate of 59%. Salve Regina University has a bachelor's degree program in Finance.

Johnson & Wales University - Providence, RI

Johnson & Wales University, 8 Abbott Park Place, Providence, RI 02903-3703. Johnson & Wales University is a large university located in Providence, Rhode Island. It is a private not-for-profit school with primarily 4-year or above programs. It has 10,488 students and an admission rate of 72%. Johnson & Wales University has associate's degree, bachelor's degree, master's degree, and post-master's certificate programs in Finance which graduated ten, forty-seven, zero, and three students respectively in 2008.

Rhode Island College - Providence, RI

Rhode Island College, 600 Mount Pleasant Ave, Providence, RI 02908. Rhode Island College is a medium sized college located in Providence, Rhode Island. It is a public school with primarily 4-year or above programs. It has 9,085 students and an admission rate of 72%. Rhode Island College has a bachelor's degree program in Finance.

University of Rhode Island - Kingston, RI

University of Rhode Island, , Kingston, RI 02881. University of Rhode Island is a large university located in Kingston, Rhode Island. It is a public school with primarily 4-year or above programs. It has 15,609 students and an admission rate of 82%. University of Rhode Island has a bachelor's degree program in Finance which graduated thirty students in 2008.

Bryant University - Smithfield, RI

Bryant University, 1150 Douglas Pike, Smithfield, RI 02917-1284. Bryant University is a small university located in Smithfield, Rhode Island. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,807 students and an admission rate of 44%. Bryant University has bachelor's degree, master's degree, and post-master's certificate programs in Finance which graduated four, one, and zero students respectively in 2008.

Roger Williams University - Bristol, RI

Roger Williams University, One Old Ferry Rd, Bristol, RI 02809-2923. Roger Williams University is a small university located in Bristol, Rhode Island. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,609 students and an admission rate of 61%. Roger Williams University has a bachelor's degree program in Finance which graduated twenty-six students in 2008.

Stonehill College - Easton, MA

Stonehill College, 320 Washington Street, Easton, MA 02357-6110. Stonehill College is a small college located in Easton, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,426 students and an admission rate of 45%. Stonehill College has a bachelor's degree program in Finance.

University of Massachusetts-Dartmouth - North Dartmouth, MA

University of Massachusetts-Dartmouth, 285 Old Westport Rd, North Dartmouth, MA 02747-2300. University of Massachusetts-Dartmouth is a medium sized university located in North Dartmouth, Massachusetts. It is a public school with primarily 4-year or above programs. It has 9,200 students and an admission rate of 66%. University of Massachusetts-Dartmouth has a bachelor's degree program in Finance which graduated two students in 2008.

Providence College - Providence, RI

Providence College, River Ave and Eaton St, Providence, RI 02918-0001. Providence College is a medium sized college located in Providence, Rhode Island. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,180 students and an admission rate of 45%. Providence College has a bachelor's degree program in Finance.

Nichols College - Dudley, MA

Nichols College, Center Rd, Dudley, MA 01571-5000. Nichols College is a small college located in Dudley, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,520 students and an admission rate of 65%. Nichols College has a bachelor's degree program in Finance which graduated 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: Warwick, Rhode Island

Warwick, Rhode Island
Warwick, Rhode Island photo by Marcbela

Warwick is located in Kent County, Rhode Island. It has a population of over 84,483, which has shrunk by 1.5% over the last ten years. The cost of living index in Warwick, 94, is below the national average. New single-family homes in Warwick are priced at $129,500 on average, which is far less than the state average. In 2008, thirty new homes were constructed in Warwick, down from forty-nine the previous year.

The three most popular industries for women in Warwick are health care, educational services, and finance and insurance. For men, it is construction, accommodation and food services, and public administration. The average travel time to work is about 22 minutes. More than 24.5% of Warwick residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 7.9%, is lower than the state average.

The unemployment rate in Warwick is 11.5%, which is less than Rhode Island's average of 12.2%.

The percentage of Warwick residents that are affiliated with a religious congregation, 67.1%, is more than both the national and state average. Warwick Bible Chapel, Warwick Central Baptist Church and Warwick Christian Fellowship Church are all churches located in Warwick. The largest religious groups are the Catholic Church, the Episcopal Church and the Evangelical Lutheran Church in America.

Warwick is home to the Kent County Chamber of Commerce and the Community College of Rhode Island Learning Resources Center as well as Apponaug Historic District and Salter Grove State Park. Shopping malls in the area include Buttonwoods Plaza Shopping Center, Buttonwoods Shopping Center and Clocktower Square Shopping Center. Visitors to Warwick can choose from Fairfield Inn Providence/Warwick, Extended Stay America and Courtyard by Marriott for temporary stays in the area.