Popular Careers

Career Development

Career development resources for aspiring professionals.

Career Change Center

Career change guides, tutorials and resources for professionals in transition.

Job Search Resources

Job search resources, websites, guides and directories for job seekers.


Career and Education Opportunities for Loan Officers in Nashville-Davidson, Tennessee

Loan officer career and educational opportunities abound in Nashville-Davidson, Tennessee. There are currently 6,070 jobs for loan officers in Tennessee and this is projected to grow by 11% to about 6,750 jobs by 2016. 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.

Loan officers earn about $21 per hour or $45,210 per year on average in Tennessee and about $26 hourly or $54,700 annually on average nationally. Earnings for loan officers are not quite as good as earnings in the general category of Accounting and Auditing in Tennessee and not quite as good as general Accounting and Auditing category earnings nationally. Jobs in this field include: loan administrator, mortgage specialist, and loan reviewer.

There are four schools within twenty-five miles of Nashville-Davidson where you can study to be a loan officer, among fifty schools of higher education total in the Nashville-Davidson area. Given that the most common education level for loan officers is a high school diploma or GED, 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 Nashville-Davidson 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: Nashville-Davidson, Tennessee

Nashville-Davidson, Tennessee
Nashville-Davidson, Tennessee photo by Kaldari

Nashville-Davidson is located in Williamson County, Tennessee. It has a population of over 596,462, which has grown by 9.3% over the last ten years. The cost of living index in Nashville-Davidson, 86, is well below the national average. New single-family homes in Nashville-Davidson are priced at $196,100 on average, which is well above the state average. In 2008, 1,483 new homes were constructed in Nashville-Davidson, down from 3,070 the previous year.

The three big industries for women in Nashville-Davidson are health care, educational services, and accommodation and food services. For men, it is construction, health care, and professional, scientific, and technical services. The average travel time to work is about 23 minutes. More than 29.7% of Nashville-Davidson residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 10.0%, is higher than the state average.

The percentage of Nashville-Davidson residents that are affiliated with a religious congregation, 55.2%, is more than both the national and state average. The most common religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.