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Career and Education Opportunities for Loan Officers in Chesapeake, Virginia

Loan officer career and educational opportunities abound in Chesapeake, Virginia. The national trend for loan officers 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 approximately $25 per hour or $52,540 yearly on average in Virginia. Nationally they average about $26 hourly or $54,700 yearly. Incomes for loan officers are not quite as good as in the overall category of Accounting and Auditing in Virginia, and not quite as good as the overall Accounting and Auditing category nationally. Loan officers work in a variety of jobs, including: loan consultant, loan approver, and mortgage loan officer.

The Chesapeake area is home to thirty-six schools of higher education, including two within twenty-five miles of Chesapeake 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. 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 Chesapeake 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.
  • 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.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.


Hampton University - Hampton, VA

Hampton University, , Hampton, VA 23668-0099. Hampton University is a medium sized university located in Hampton, Virginia. It is a private not-for-profit school with primarily 4-year or above programs and has an admission rate of 45%. Hampton University has a bachelor's degree program in Finance which graduated twenty-three students in 2008.

Old Dominion University - Norfolk, VA

Old Dominion University, 5115 Hampton Blvd, Norfolk, VA 23529. Old Dominion University is a large university located in Norfolk, Virginia. It is a public school with primarily 4-year or above programs. It has 22,973 students and an admission rate of 72%. Old Dominion University has a bachelor's degree program in Finance which graduated three 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.

LOCATION INFORMATION: Chesapeake, Virginia

Chesapeake, Virginia
Chesapeake, Virginia photo by BetacommandBot

Chesapeake is located in Chesapeake City County, Virginia. It has a population of over 220,111, which has grown by 10.5% in the past ten years. The cost of living index in Chesapeake, 87, is well below the national average. New single-family homes in Chesapeake are priced at $160,000 on average, which is well above the state average. In 2008, five hundred eighty-nine new homes were constructed in Chesapeake, down from seven hundred fifty-eight the previous year.

The three most popular industries for women in Chesapeake are educational services, health care, and public administration. For men, it is construction, public administration, and transportation equipment. The average travel time to work is about 25 minutes. More than 24.7% of Chesapeake residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 8.8%, is lower than the state average.

The unemployment rate in Chesapeake is 6.1%, which is less than Virginia's average of 6.4%.

Pleasant Grove Church, Refuge Mission Church and Saint Andrews Church are among the churches located in Chesapeake.

Chesapeake is home to the Jacks Camp and the Portlock Yard as well as Cascade Park and Ford Park. Shopping malls in the area include Great Bridge Shopping Center, Greenbrier Mall Shopping Center and Poplar Hill Plaza Shopping Center. Visitors to Chesapeake can choose from Courtyard By Marriott, Chesapeake Travelodge Motel and Comfort Inn Bowers Hill for temporary stays in the area.