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 McKinney, Texas

Loan officer career and educational opportunities abound in McKinney, Texas. There are currently 20,740 working loan officers in Texas; this should grow 21% to 25,070 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%. Loan officers generally evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

The income of a loan officer is about $29 hourly or $61,320 per year on average in Texas. In the U.S. as a whole, their income is about $26 per hour 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. Loan officers work in a variety of jobs, including: loan examiner, mortgage specialist, and mortgage consultant.

The McKinney area is home to fifteen schools of higher education, including one within twenty-five miles of McKinney where you can get a degree as a loan officer. The most common level of education for loan officers is a high school diploma or GED. 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 McKinney 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

The University of Texas at Dallas - Richardson, TX

The University of Texas at Dallas, 800 West Campbell Road, Richardson, TX 75080-3021. The University of Texas at Dallas is a large university located in Richardson, Texas. It is a public school with primarily 4-year or above programs. It has 14,940 students and an admission rate of 54%. The University of Texas at Dallas has a bachelor's degree program in Finance which graduated 193 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: McKinney, Texas

McKinney, Texas
McKinney, Texas photo by Agriffin

Mckinney is situated in Collin County, Texas. It has a population of over 121,211, which has grown by 122.9% in the past ten years. The cost of living index in Mckinney, 90, is below the national average. New single-family homes in Mckinney are valued at $168,500 on average, which is below the state average. In 2008, nine hundred eighty-seven new homes were built in Mckinney, down from 1,662 the previous year.

The top three industries for women in Mckinney are health care, educational services, and professional, scientific, and technical services. For men, it is construction, computer and electronic products, and professional, scientific, and technical services. The average commute to work is about 27 minutes. More than 39.1% of Mckinney residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 10.3%, is higher than the state average.

The unemployment rate in Mckinney is 7.8%, which is less than Texas's average of 8.1%.

The percentage of Mckinney residents that are affiliated with a religious congregation, 53.7%, is more than the national average but less than the state average. Redeemer Presbyterian Church, Eternity Community Church and Church of Christ are some of the churches located in Mckinney. The most common religious groups are the Catholic Church, the Southern Baptist Convention and the United Methodist Church.

Mckinney is home to the Estes House and the A M Scott House as well as Mouzon Park and Murphy Park.