Loan Evaluation Officer in New Hampshire Career Overview

As a Loan Evaluation Officer, you play a significant role in the financial sector by assessing loan applications and determining the creditworthiness of potential borrowers. Your expertise ensures that financial institutions make sound lending decisions, which is vital for maintaining the health of the economy.

Your responsibilities typically include:

  • Analyzing Financial Information: You review applicants' financial statements, credit histories, and other relevant documents to evaluate their ability to repay loans.

  • Risk Assessment: You assess the risk levels associated with lending to specific individuals or businesses, making informed recommendations based on your findings.

  • Compliance with Regulations: You ensure that all loan evaluations adhere to federal and state regulations, contributing to the institution's legal adherence and reputation.

  • Collaboration: You work closely with loan officers, underwriters, and other financial professionals to facilitate the loan approval process and ensure all necessary documentation is completed accurately.

  • Customer Interaction: You may communicate with applicants to clarify information, explain the evaluation process, and provide feedback on loan application status.

Your role is essential in fostering trust between lenders and borrowers, as well as safeguarding against potential loan defaults. This careful evaluation process not only protects the financial institutions you work for but also helps individuals and businesses access the funding they need to thrive.

Loan Evaluation Officer Salary in New Hampshire

Annual Median: $79,420
Hourly Median: $38.18

Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Required Education To Become a Loan Evaluation Officer in New Hampshire

To become a Loan Evaluation Officer in New Hampshire, you typically need a bachelor’s degree. The following degree programs are particularly relevant:

  • Accounting: This program provides a strong foundation in financial principles, allowing you to understand financial statements and loan portfolios effectively.

  • Business Administration and Management: This degree equips you with knowledge of business operations, financial management, and strategic decision-making, all essential for evaluating loans.

  • Finance: A degree in finance focuses on financial analysis, investment strategies, and market behaviors, which are critical in determining loan viability and risk assessment.

  • General Studies in Business: A general business degree offers a broad understanding of various business disciplines, including finance and management, which is beneficial for a Loan Evaluation Officer.

  • Auditing: This specialized program focuses on the evaluation of financial records and compliance, making it valuable for assessing the legitimacy and reliability of loan applications.

  • Business Statistics: A program in business statistics provides skills in data analysis and quantitative reasoning, important for analyzing financial data and trends relevant to loan evaluation.

In addition to your degree, you may also benefit from further training or certification related to loan evaluation and risk assessment to enhance your qualifications in this field.

Best Schools to become a Loan Evaluation Officer in New Hampshire 2024

#1Maricopa County

University of Phoenix-Arizona

Phoenix, AZ

In-State Tuition:$9,552
Out-of-State Tuition:$9,552
Admission Rate:N/A
Graduation Rate:18%
Total Enrollment:88,891
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#3Salt Lake County

Western Governors University

Salt Lake City, UT

In-State Tuition:$7,404
Out-of-State Tuition:$7,404
Admission Rate:N/A
Graduation Rate:49%
Total Enrollment:156,935
#4El Paso County

Colorado Technical University-Colorado Springs

Colorado Springs, CO

In-State Tuition:$12,036
Out-of-State Tuition:$12,036
Admission Rate:N/A
Graduation Rate:20%
Total Enrollment:24,808
#5Maricopa County

Grand Canyon University

Phoenix, AZ

In-State Tuition:$16,407
Out-of-State Tuition:$16,407
Admission Rate:78%
Graduation Rate:45%
Total Enrollment:101,816
#6Lynchburg City

Liberty University

Lynchburg, VA

In-State Tuition:$15,467
Out-of-State Tuition:$15,467
Admission Rate:99%
Graduation Rate:66%
Total Enrollment:96,709
Loan Evaluation Officer Job Description:
  • Analyze 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 credit information for use in decisionmaking.

Loan Evaluation Officer Required Skills and Competencies in New Hampshire

  • Analytical Skills: You must be able to interpret and analyze complex financial data. Strong analytical abilities will enable you to assess loan applications and determine the creditworthiness of borrowers effectively.

  • Attention to Detail: You should possess a keen eye for detail to identify discrepancies in financial documents and ensure accuracy in your evaluations. This skill is critical for minimizing risk and avoiding costly mistakes.

  • Financial Acumen: A solid understanding of financial concepts, including credit analysis, risk assessment, and loan underwriting processes, is essential. This knowledge will help you evaluate loan requests and assess their viability.

  • Problem-Solving Skills: You need to develop and implement solutions for complex financial issues faced during the loan evaluation process. Strong problem-solving abilities will facilitate effective decision-making.

  • Communication Skills: Both written and verbal communication skills are vital. You will be required to articulate your findings and recommendations clearly to stakeholders, including clients and colleagues.

  • Time Management: The ability to prioritize tasks and manage your time efficiently will help you meet deadlines in a fast-paced environment. You should be adept at balancing multiple loan evaluations simultaneously.

  • Interpersonal Skills: Building relationships with clients, colleagues, and other stakeholders is essential for your role. Strong interpersonal skills will help facilitate discussions and foster trust.

  • Regulatory Awareness: Familiarity with federal and state regulations governing lending practices is important. You should stay updated on compliance requirements to mitigate legal risks.

  • Technical Proficiency: You will benefit from proficiency with financial software and tools that aid in data analysis and loan processing. Familiarity with banking systems and databases will enhance your efficiency.

  • Negotiation Skills: Effective negotiation skills will be beneficial when working with borrowers to structure loan terms that are acceptable to both parties. You should be able to advocate for the lending institution while considering borrower needs.

Job Duties for Loan Evaluation Officers

  • Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.

  • Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.

  • Generate financial ratios, using computer programs, to evaluate customers' financial status.

Technologies and Skills Used by Loan Evaluation Officers

Enterprise resource planning ERP software

  • Microsoft Dynamics
  • SAP software

Financial analysis software

  • CGI-AMS Strata
  • Moody's KMV Risk Advisor

Presentation software

  • Microsoft PowerPoint

Basic Skills

  • Figuring out how to use new ideas or things
  • Thinking about the pros and cons of different ways to solve a problem

Problem Solving

  • Noticing a problem and figuring out the best way to solve it

Job Market and Opportunities for Loan Evaluation Officer in New Hampshire

  • The demand for Loan Evaluation Officers in New Hampshire is driven largely by the growth of the financial services sector, including banks, credit unions, and mortgage companies. As lending continues to grow, so does the need for professionals who can assess loan applications and ensure compliance with regulations.

  • The state has experienced a stable increase in construction and real estate activities, leading to a heightened need for residential and commercial loans. This trend indicates a rising demand for Loan Evaluation Officers to ensure thorough assessments of these loans.

  • Geographically, the largest concentrations of job opportunities can be found in urban areas such as Manchester and Nashua. These cities boast a robust financial industry presence, enhancing the chances of finding roles in loan evaluation.

  • Concord, the state capital, also shows potential for job growth in this field, particularly within government and regulatory agencies that oversee lending practices, creating a demand for skilled Loan Evaluation Officers.

  • Smaller communities throughout the state are increasingly recognizing the need for specialized financial services, which can lead to new opportunities in local banks and credit unions, albeit at a smaller scale.

  • The employment outlook for Loan Evaluation Officers in New Hampshire appears positive, with industry reports indicating a gradual uptick in job openings as businesses seek to expand their teams to accommodate increasing loan volumes.

  • Networking within local professional associations, such as the New Hampshire Bankers Association, can help you connect with industry professionals and uncover unadvertised job openings.

  • The ongoing evolution of digital banking and online lending platforms may also create new opportunities for Loan Evaluation Officers in the state, as financial institutions adapt to technological advancements and changing consumer behavior.

Top Related Careers to Loan Evaluation Officer 2024

Risk Assessment Officer
Financial Risk Analyst
Lending Risk Specialist
Credit Risk Advisor

Additional Resources To Help You Become a Loan Evaluation Officer in New Hampshire

  • National Association of Federal Credit Unions (NAFCU)

    • Website: www.nafcu.org
    • Description: Offers resources and training for loan officers, including guidelines and updates on federal regulations.

  • American Bankers Association (ABA)

    • Website: www.aba.com
    • Description: Provides educational materials, industry news, and best practices for loan evaluation and underwriting.

  • Consumer Financial Protection Bureau (CFPB)

    • Website: www.consumerfinance.gov
    • Description: Offers a wealth of information about consumer lending regulations, compliance resources, and financial education.

  • The Federal Reserve

    • Website: www.federalreserve.gov
    • Description: A valuable source for accessing research, reports, and guidelines relevant to lending practices and economics.

  • New Hampshire Bankers Association

    • Website: www.nhbankers.com
    • Description: Connects state bankers and provides resources, networking opportunities, and legislative updates affecting the banking industry.

  • Online Courses and Certifications

    • Coursera
      • www.coursera.org
        • Offers courses on finance, risk management, and loan underwriting from top institutions.
    • edX
      • www.edx.org
        • Features online courses from universities covering financial analysis and regulatory compliance.
    • Institute of Financial Literacy
      • www.financiallit.org
        • Provides certifications and resources related to consumer financial literacy and evaluation methods.

  • Books and Publications

    • "The Loan Officer's Handbook: The Complete Guide to Successful Mortgage Loan Officering" by Scott P. Barlow
    • "Credit Risk Management in and Out of the Financial Crisis: New Approaches to Value at Risk and Other Paradigms" by Anthony Saunders and Linda Allen
    • Access these titles through libraries or major online bookstores like Amazon.

  • Networking Opportunities

    • LinkedIn Groups
      • Search for groups focused on lending, mortgage services, and financial professionals to engage with peers.
    • Meetup.com
      • Find local meetups related to finance and banking in New Hampshire for networking and professional development.

  • Regulatory Bodies

    • New Hampshire Department of Banking
      • www.banking.nh.gov
        • Provides information on state regulations and licensing for loan officers.
    • Federal Deposit Insurance Corporation (FDIC)
      • www.fdic.gov
        • Offers educational resources, tools, and guidelines relevant to general banking practices.

Utilize these resources to enhance your knowledge, remain informed on industry standards, and connect with other professionals in the field.

Frequently Asked Questions (FAQs) About Loan Evaluation Officer in New Hampshire

  • What does a Loan Evaluation Officer do?
    A Loan Evaluation Officer analyzes loan applications to determine the creditworthiness of borrowers. They assess financial information, evaluate collateral, and ensure compliance with lending policies and regulations.

  • What qualifications are needed to become a Loan Evaluation Officer in New Hampshire?
    Typically, a bachelor's degree in finance, business administration, or a related field is preferred. Relevant experience in banking or finance, along with strong analytical skills and knowledge of lending regulations, is highly beneficial.

  • What skills are essential for a Loan Evaluation Officer?
    Key skills include:

    • Strong analytical and critical thinking abilities
    • Excellent communication and interpersonal skills
    • Proficiency in financial analysis and risk assessment
    • Attention to detail and ability to work under pressure

  • Is certification required to work as a Loan Evaluation Officer?
    Certification is not usually required, but obtaining credentials such as the Certified Lender Business Analyst (CLBA) can enhance your qualifications and improve job prospects in the field.

  • What is the typical salary range for a Loan Evaluation Officer in New Hampshire?
    Salaries can vary based on experience and the specific employer. However, Loan Evaluation Officers in New Hampshire can expect a salary range from approximately $50,000 to $90,000 annually.

  • What is the job outlook for Loan Evaluation Officers in New Hampshire?
    The job outlook for Loan Evaluation Officers is generally positive due to consistent demand for lending services. Employment opportunities may grow as the economy develops and financial institutions expand their loan offerings.

  • What types of financial institutions employ Loan Evaluation Officers?
    Loan Evaluation Officers can work for a variety of financial institutions, including:

    • Banks
    • Credit unions
    • Mortgage companies
    • Investment firms

  • What are the typical work hours for a Loan Evaluation Officer?
    Most Loan Evaluation Officers work full-time during standard business hours, but there may be occasions when overtime is necessary, especially during peak lending periods.

  • How can I advance my career as a Loan Evaluation Officer?
    Career advancement can be achieved by gaining additional certifications, acquiring more experience within the field, and taking on leadership roles or specialized positions within the lending department.

  • What are common challenges faced by Loan Evaluation Officers?
    Challenges often include evaluating the creditworthiness of borrowers under tight deadlines, staying updated with changing regulations, and managing the expectations of both borrowers and management regarding loan approvals.