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Career and Education Opportunities for Loan Officers in Murfreesboro, Tennessee

There is a wide variety of career and education opportunities for loan officers in the Murfreesboro, Tennessee area. There are currently 6,070 working loan officers in Tennessee; this should grow by 11% to about 6,750 working loan officers in the state 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.

The income of a loan officer is about $21 per hour or $45,210 annually on average in Tennessee. In the U.S. as a whole, their income is about $26 hourly or $54,700 annually on average. Incomes for loan officers are not quite as good as in the overall category of Accounting and Auditing in Tennessee, and not quite as good as the overall Accounting and Auditing category nationally. Loan officers work in a variety of jobs, including: branch manager, loan approver, and loan analyst.

There are forty-five schools of higher education in the Murfreesboro area, including four within twenty-five miles of Murfreesboro where you can get a degree to start your career as a loan officer. 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 Murfreesboro 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.
  • 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

Lipscomb University - Nashville, TN

Lipscomb University, One University Park Drive, Nashville, TN 37204-3951. Lipscomb University is a small university located in Nashville, Tennessee. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,054 students and an admission rate of 75%. Lipscomb University has a master's degree program in Finance which graduated one student in 2008.

Middle Tennessee State University - Murfreesboro, TN

Middle Tennessee State University, 1301 East Main Street, Murfreesboro, TN 37132. Middle Tennessee State University is a large university located in Murfreesboro, Tennessee. It is a public school with primarily 4-year or above programs. It has 23,872 students and an admission rate of 65%. Middle Tennessee State University has a bachelor's degree program in Finance which graduated eighty-nine students in 2008.

Belmont University - Nashville, TN

Belmont University, 1900 Belmont Blvd, Nashville, TN 37212-3757. Belmont University is a small university located in Nashville, Tennessee. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,075 students and an admission rate of 63%. Belmont University has a bachelor's degree program in Finance which graduated one student in 2008.

Vanderbilt University - Nashville, TN

Vanderbilt University, 2101 West End Avenue, Nashville, TN 37240. Vanderbilt University is a large university located in Nashville, Tennessee. It is a private not-for-profit school with primarily 4-year or above programs. It has 12,093 students and an admission rate of 25%. Vanderbilt University has a master's degree program in Finance which graduated thirteen 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: Murfreesboro, Tennessee

Murfreesboro, Tennessee
Murfreesboro, Tennessee photo by Pollinator

Murfreesboro is situated in Rutherford County, Tennessee. It has a population of over 101,753, which has grown by 47.9% in the past ten years. The cost of living index in Murfreesboro, 85, is well below the national average. New single-family homes in Murfreesboro are valued at $145,900 on average, which is near the state average. In 2008, five hundred seventy-nine new homes were constructed in Murfreesboro, down from 1,157 the previous year.

The top three industries for women in Murfreesboro are educational services, health care, and accommodation and food services. For men, it is construction, accommodation and food services, and educational services. The average commute to work is about 24 minutes. More than 30.8% of Murfreesboro residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 9.9%, is higher than the state average.

The unemployment rate in Murfreesboro is 9.6%, which is less than Tennessee's average of 10.2%.

The percentage of Murfreesboro residents that are affiliated with a religious congregation, 37.6%, is less than both the national and state average. Central Christian Church, Saint Rose of Lima Catholic Church and Saint Pauls Episcopal Church are some of the churches located in Murfreesboro. The most common religious groups are the Southern Baptist Convention, the Churches of Christ and the United Methodist Church.

Murfreesboro is home to the Clement Hall and the Military Park Brannons Redoubt as well as Old Fort Park and Jones Field. Shopping malls in the area include Northside Plaza Shopping Center, Northfield Crossing Shopping Center and Northfield Court Shopping Center. Visitors to Murfreesboro can choose from Doubletree Hotel Murfeesboro, Best Western Chaffin Inn and Hampton Inn Motel Fax Line for temporary stays in the area.