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Career and Education Opportunities for Loan Officers in Provo, Utah

Many educational and employment opportunities exist for loan officers in the Provo, Utah area. There are currently 5,720 working loan officers in Utah; this should grow 23% to 7,050 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.

Loan officers earn approximately $24 per hour or $49,990 per year on average in Utah. Nationally they average about $26 per hour or $54,700 per year. Compared with people working in the overall category of Accounting and Auditing, people working as loan officers in Utah earn more. They earn less than people working in the overall category of Accounting and Auditing nationally. Jobs in this field include: branch banker, loan reviewer, and personal banking officer.

There are three schools within twenty-five miles of Provo where you can study to be a loan officer, among thirty-five schools of higher education total in the Provo area. 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 Provo 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

University of Phoenix-Utah Campus - Salt Lake City, UT

University of Phoenix-Utah Campus, 5373 S. Green Street, Salt Lake City, UT 84123-4617. University of Phoenix-Utah Campus is a small university located in Salt Lake City, Utah. It is a private for-profit school with primarily 4-year or above programs and has 2,867 students. University of Phoenix-Utah Campus has a bachelor's degree program in Finance which graduated twenty-eight students in 2008.

Salt Lake Community College - Salt Lake City, UT

Salt Lake Community College, 4600 S Redwood Rd, Salt Lake City, UT 84123. Salt Lake Community College is a large college located in Salt Lake City, Utah. It is a public school with primarily 2-year programs and has 29,539 students. Salt Lake Community College has a one to two year and an associate's degree program in Finance which graduated one and seven students respectively in 2008.

Brigham Young University - Provo, UT

Brigham Young University, Main Campus, Provo, UT 84602. Brigham Young University is a large university located in Provo, Utah. It is a private not-for-profit school with primarily 4-year or above programs. It has 34,227 students and an admission rate of 69%. Brigham Young University has a bachelor's degree program in Finance which graduated 189 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: Provo, Utah

Provo, Utah
Provo, Utah photo by Emes

Provo is situated in Utah County, Utah. It has a population of over 118,581, which has grown by 12.8% over the last ten years. The cost of living index in Provo, 92, is below the national average. New single-family homes in Provo cost $296,100 on average, which is far greater than the state average. In 2008, fifty-seven new homes were built in Provo, down from one hundred eighty-one the previous year.

The three most popular industries for women in Provo are educational services, health care, and accommodation and food services. For men, it is educational services, construction, and professional, scientific, and technical services. The average commute to work is about 16 minutes. More than 35.7% of Provo residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 10.9%, is higher than the state average.

The unemployment rate in Provo is 6.4%, which is greater than Utah's average of 6.3%.

The percentage of Provo residents that are affiliated with a religious congregation, 89.9%, is more than both the national and state average. Kingdom Hall of Jehovahs Witnesses, Seventh Day Adventist Church and The Church of Jesus Christ of Latter Day Saints are all churches located in Provo. The most prominent religious groups are the LDS (Mormon) Church, the Catholic Church and the Assemblies of God.

Provo is home to the Provo Temple and the Lakeside Campground as well as Utah Lake State Park and Cougar Stadium. Visitors to Provo can choose from Amenity Motor Inn, Hines Mansion Bed & Breakfast and Travelodge for temporary stays in the area.