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Career and Education Opportunities for Loan Officers in Midland, Texas

Loan officers can find many career and educational opportunities in the Midland, Texas area. Currently, 20,740 people work as loan officers in Texas. This is expected to grow 21% to about 25,070 people 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 $29 per hour or $61,320 annually on average in Texas. In the U.S. as a whole, their income is about $26 hourly or $54,700 annually on average. Incomes for loan officers are better than in the overall category of Accounting and Auditing in Texas, and not quite as good as the overall Accounting and Auditing category nationally. People working as loan officers can fill a number of jobs, such as: portfolio manager, loan adviser, and mortgage specialist.

There are five schools of higher education in the Midland area, including one within twenty-five miles of Midland where you can get a degree to start your career as a loan officer. 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 training to become a loan officer if you already have a high school diploma.


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 Midland 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.


The University of Texas of the Permian Basin - Odessa, TX

The University of Texas of the Permian Basin, 4901 E University, Odessa, TX 79762-0001. The University of Texas of the Permian Basin is a small university located in Odessa, Texas. It is a public school with primarily 4-year or above programs. It has 3,560 students and an admission rate of 98%. The University of Texas of the Permian Basin has a bachelor's degree program in Finance which graduated twenty students in 2008.


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.


Midland, Texas
Midland, Texas photo by Billy_Hathorn

Midland is situated in Midland County, Texas. It has a population of over 106,561, which has grown by 12.2% over the last ten years. The cost of living index in Midland, 80, is well below the national average. New single-family homes in Midland cost $117,500 on average, which is far less than the state average. In 2008, four hundred eighty-three new homes were built in Midland, down from five hundred fourteen the previous year.

The three big industries for women in Midland are health care, educational services, and mining, quarrying, and oil and gas extraction. For men, it is mining, quarrying, and oil and gas extraction, construction, and health care. The average commute to work is about 17 minutes. More than 27.2% of Midland residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 7.0%, is lower than the state average.

The unemployment rate in Midland is 5.7%, which is less than Texas's average of 8.1%.

The percentage of Midland residents that are affiliated with a religious congregation, 61.5%, is more than both the national and state average. Alamo Heights Church, Ellis Chapel North Church and Primera Iglesia Bautista Church are among the churches located in Midland. The most common religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.

Midland is home to the Windmill Number Three and the Ranchland Hills Country Club as well as Tolbert Park and Doug Russell Park. Visitors to Midland can choose from Best Inn & Suites - Harrys Bar & Grill, Bradford Inn and Budget Inn for temporary stays in the area.