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Career and Education Opportunities for Loan Officers in Columbia, South Carolina

Loan officer career and educational opportunities abound in Columbia, South Carolina. There are currently 4,590 working loan officers in South Carolina; this should grow by 9% to about 5,010 working loan officers in the state by 2016. This is not quite as good as 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.

Loan officers earn about $24 hourly or $50,530 annually on average in South Carolina and about $26 per hour or $54,700 per year on average nationally. Earnings for loan officers are better than earnings in the general category of Accounting and Auditing in South Carolina and not quite as good as general Accounting and Auditing category earnings nationally. Jobs in this field include: lender, loan consultant, and commercial lender.

There is one school within twenty-five miles of Columbia where you can study to be a loan officer, among twenty schools of higher education total in the Columbia area. 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.

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 Columbia 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.
  • Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
  • 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

University of South Carolina-Columbia - Columbia, SC

University of South Carolina-Columbia, , Columbia, SC 29208. University of South Carolina-Columbia is a large university located in Columbia, South Carolina. It is a public school with primarily 4-year or above programs. It has 27,500 students and an admission rate of 59%. University of South Carolina-Columbia has a bachelor's degree program in Finance which graduated forty-four 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: Columbia, South Carolina

Columbia, South Carolina
Columbia, South Carolina photo by Akhenaton06

Columbia is located in Richland County, South Carolina. It has a population of over 127,029, which has grown by 9.2% over the last ten years. The cost of living index in Columbia, 86, is well below the national average. New single-family homes in Columbia cost $142,700 on average, which is well below the state average. In 2008, four hundred thirty-four new homes were built in Columbia, down from seven hundred the previous year.

The three most popular industries for women in Columbia are educational services, health care, and public administration. For men, it is educational services, public administration, and accommodation and food services. The average commute to work is about 18 minutes. More than 35.7% of Columbia residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 14.3%, is higher than the state average.

The unemployment rate in Columbia is 16.1%, which is greater than South Carolina's average of 12.0%.

The percentage of Columbia residents that are affiliated with a religious congregation, 41.6%, is less than both the national and state average. Progressive Church, Bishop Memorial African Methodist Episcopal Church and Lutheran Seminary are among the churches located in Columbia. The largest religious groups are the Southern Baptist Convention, the United Methodist Church and the Catholic Church.

Columbia is home to the Booker T Washington Center and the Longstreet Annex as well as Irwin Park and Columbia Historic District II. Shopping centers in the area include Five Points Shopping Center, Market Place Shopping Center and Columbiana Centre Shopping Center. Visitors to Columbia can choose from Marriott Columbia, Hampton Inn Columbia-SE-Fort Jackson and Embassy Suites Hotel for temporary stays in the area.