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Career and Education Opportunities for Loan Officers in Seattle, Washington

There are many career and education opportunities for loan officers in the Seattle, Washington area. About 9,890 people are currently employed as loan officers in Washington. By 2016, this is expected to grow 5% to 10,420 people employed. This is not quite as good as 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.

A person working as a loan officer can expect to earn about $31 hourly or $64,830 per year on average in Washington and about $26 per hour or $54,700 yearly on average in the U.S. as a whole. Loan officers earn more than people working in the category of Accounting and Auditing generally in Washington and less than people in the Accounting and Auditing category nationally. Jobs in this field include: lender, loan adviser, and mortgage loan officer.

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

Argosy University-Seattle - Seattle, WA

Argosy University-Seattle, 2601-A Elliott Avenue, Seattle, WA 98121. Argosy University-Seattle is a small university located in Seattle, Washington. It is a private for-profit school with primarily 4-year or above programs. It has 448 students and an admission rate of 85%. Argosy University-Seattle has a master's degree program in Finance.

Seattle University - Seattle, WA

Seattle University, 900 Broadway, Seattle, WA 98122-4340. Seattle University is a medium sized university located in Seattle, Washington. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,560 students and an admission rate of 65%. Seattle University has a bachelor's degree and a master's degree program in Finance which graduated twenty-eight and twenty-two students respectively in 2008.

University of Washington-Seattle Campus - Seattle, WA

University of Washington-Seattle Campus, 1400 NE Campus Parkway, Seattle, WA 98195-4550. University of Washington-Seattle Campus is a large university located in Seattle, Washington. It is a public school with primarily 4-year or above programs. It has 39,675 students and an admission rate of 61%. University of Washington-Seattle Campus has a bachelor's degree program in Finance which graduated forty-four students in 2008.

University of Washington-Tacoma Campus - Tacoma, WA

University of Washington-Tacoma Campus, 1900 Commerce St, Tacoma, WA 98402-3100. University of Washington-Tacoma Campus is a small university located in Tacoma, Washington. It is a public school with primarily 4-year or above programs. It has 2,915 students and an admission rate of 82%. University of Washington-Tacoma Campus has a bachelor's degree program in Finance which graduated thirty-five students in 2008.

Seattle Pacific University - Seattle, WA

Seattle Pacific University, 3307 3rd Ave W, Seattle, WA 98119-1997. Seattle Pacific University is a small university located in Seattle, Washington. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,891 students and an admission rate of 84%. Seattle Pacific University has a bachelor's degree program in Finance.

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: Seattle, Washington

Seattle, Washington
Seattle, Washington photo by Dschwen

Seattle is located in King County, Washington. It has a population of over 598,541, which has grown by 6.2% in the past ten years. The cost of living index in Seattle, 126, is far greater than the national average. New single-family homes in Seattle are valued at $206,700 on average, which is well below the state average. In 2008, five hundred ninety-five new homes were built in Seattle, down from seven hundred seventy-five the previous year.

The three big industries for women in Seattle are health care, professional, scientific, and technical services, and educational services. For men, it is professional, scientific, and technical services, construction, and educational services. The average commute to work is about 25 minutes. More than 47.2% of Seattle residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 17.3%, is higher than the state average.

The unemployment rate in Seattle is 7.8%, which is less than Washington's average of 8.7%.

The percentage of Seattle residents that are affiliated with a religious congregation, 37.3%, is less than the national average but more than the state average. The largest religious groups are the Catholic Church, the LDS (Mormon) Church and the Evangelical Lutheran Church in America.

Seattle is home to the Berth 5 and the Akli Point Lighthouse as well as Lincoln Park and Myrtle Edwards Park. Shopping centers in the area include Lake City Shopping Center, Westwood Village Shopping Center and Oak Tree Village Shopping Center. Visitors to Seattle can choose from A-1 Motel, Arlington Suites and Marriott Sea-Tac Airport for temporary stays in the area.