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Career and Education Opportunities for Loan Officers in Killeen, Texas

There is a wide variety of career and education opportunities for loan officers in the Killeen, Texas area. There are currently 20,740 jobs for loan officers in Texas and this is projected to grow 21% to about 25,070 jobs 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%. Loan officers generally evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

The income of a loan officer is about $29 per hour or $61,320 per year on average in Texas. In the U.S. as a whole, their income is about $26 hourly or $54,700 per year on average. Compared with people working in the overall category of Accounting and Auditing, people working as loan officers in Texas earn more. They earn less than people working in the overall category of Accounting and Auditing nationally. Jobs in this field include: mortgage originator, corporate banking officer, and mortgage broker.

There is one school within twenty-five miles of Killeen where you can study to be a loan officer, among six schools of higher education total in the Killeen area. Loan officers usually hold a high school diploma or GED, so 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 Killeen 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.
  • 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 Mary Hardin-Baylor - Belton, TX

University of Mary Hardin-Baylor, 900 College St, Belton, TX 76513-2599. University of Mary Hardin-Baylor is a small university located in Belton, Texas. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,701 students and an admission rate of 43%. University of Mary Hardin-Baylor has a bachelor's degree program in Finance which graduated one student 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: Killeen, Texas

Killeen, Texas
Killeen, Texas photo by Ed Schipul

Killeen is situated in Bell County, Texas. It has a population of over 116,934, which has grown by 34.5% over the last ten years. The cost of living index in Killeen, 80, is well below the national average. New single-family homes in Killeen are valued at $121,700 on average, which is far less than the state average. In 2008, eight hundred fifty-five new homes were built in Killeen, down from 1,278 the previous year.

The top three industries for women in Killeen are educational services, health care, and accommodation and food services. For men, it is public administration, construction, and accommodation and food services. The average commute to work is about 22 minutes. More than 15.7% of Killeen residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 3.4%, is lower than the state average.

The unemployment rate in Killeen is 7.4%, which is less than Texas's average of 8.1%.

The percentage of Killeen residents that are affiliated with a religious congregation, 47.9%, is less than both the national and state average. Abiding Savior Lutheran Church, Power House Church of God in Christ and Primera Iglesia Bautista Church are all churches located in Killeen. The most common religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.

Killeen is home to Long Branch Park and Long Branch Park. Visitors to Killeen can choose from Best Western Killeen, Comfort Inn and Best Value Inn & Suites for temporary stays in the area.