How to Become a Community Development Loan Officer
Step 1: Understand the job description and responsibilities of a Community Development Loan Officer
What does a Community Development Loan Officer do?
A Community Development Loan Officer oversees the bank's CRA Programs and policies to ensure compliance with federal Community Reinvestment Act banking regulations to meet the credit needs of the area's low to moderate-income populations. Serves as the subject matter expert of CRA laws, rules, and regulations by maintaining a deep and up-to-date knowledge of regulatory requirements, proposed legislation, and announcements. Being a Community Development Loan Officer reviews and analyzes lending activity data and practices to ensure compliance with CRA policies. Develops, implements, and administers the overall corporate CRA plan and localized or remedial plans with guidelines and standards to assist with compliance. Additionally, Community Development Loan Officer advises management and coordinates with legal staff on the potential impact of actions. Coordinates and delivers reports to bank leadership and regulatory agencies. Ensures the bank has a positive and visible role in community economic development activities, events, and initiatives. Requires a bachelor's degree or equivalent. Typically reports to a director. The Community Development Loan Officer work is generally independent and collaborative in nature. Contributes to moderately complex aspects of a project. To be a Community Development Loan Officer typically requires 4 -7 years of related experience.
Based on our compensation data, the estimated salary potential for Community Development Loan Officer will increase 16 % over 5 years.
The Loan Fund provides financing for the development of projects such as affordable housing, community facilities and commercial real estate, with each loan providing significant community impact. The Loan Fund is in the midst of a period of strong, strategic growth.
The Loan Officer has significant responsibility for business development and loan origination, and will market the Loan Fund while attending various events in fulfillment of those responsibilities. The primary duties of this position are to develop and maintain lending relationships while identifying, structuring, and underwriting community development loans. Traveling will be required within the Loan Fund’s target market of the Delmarva Peninsula.
The Community Development Banking (CDB) Loan Officer (LO) is responsible for covering a cluster of retail bank branches on the origination of residential mortgage loans.
On non-branch day(s), CDB LO’s are expected to focus on business development activities which likely will take the CDB LO outside of the branch and/or could occur outside of regular banking hours, which may necessitate a flexible work schedule.
Step 2: Learn best tips to become a Community Development Loan Officer
Best tips for those who want to become a Community Development Loan Officer
Here are some tips to become a Community Development Loan Officer.
Step 3: View best colleges and universities for Community Development Loan Officer
Best colleges and universities for Community Development Loan Officer
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Community Development Loan Officer
Is being a Community Development Loan Officer Worth it?
Oversees and ensures successful completion of all assigned Mortgage Loan Officer Training activities.
Minimum 5 years program management and technical assistance experience in community development.
FCLF is seeking* an experienced Community Development Loan Officer to promote FCLF in Florida with a concentration in the greater Tampa area.
Coordinates training and staff development activities and the Mission Awards program.
Serve on local board(s) of directors for influential community organizations that promote the bank’s interests.
Step 5: Prepare relevant skills for being a Community Development Loan Officer
What skills do you need to be a Community Development Loan Officer?
Management often looks to professional level roles for execution on their visions and goals, as such some specific skills are required. The workload of this role requires knowledge of: Community Development, Lending Regulatory Compliance. Sometimes for this role, knowledge of the following is helpful: Banking Software, Loan Software. If you highlight these skills during your interview process, you will be more likely to land the job!
PCDC is building healthy, thriving communities through community investments, capacity-building services, and policy initiatives.
PCDC’s Capital Investment staff understand primary care business models and monitor policy changes and regulations that affect primary care practices and revenue streams and serve as trusted advisors to clients on what it takes to successfully finance capital projects in a changing health care environment. To fund our loans, we raise impact-focused capital from government, banks, and foundations.
Prepare and present proposals to loan committees. Prepare commitment letters and coordinate the loan closing process, including the preparation of loan documentation, in accordance with committee approvals.
Minimum of three years lending experience in community development and/or community facility financing, including underwriting and management of construction and permanent commercial loans, preferably with a CDFI or other community development lender.
The position requires a highly motivated, experienced lender with a background in community development finance, commercial real estate, or nonprofit housing/facility development and/or a strong management consulting background with excellent communication skills.
Step 6: View average salary for Community Development Loan Officer
How much does a Community Development Loan Officer make?
The average salary range for a Community Development Loan Officer is from $66,796 to $117,156. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Community Development Loan Officer jobs
- Community Development Lending Officer
- Community Reinvestment Officer
- SBA Loan Officer
- Agricultural Loan Officer
- Junior Commercial Loan Business Development Officer
- Senior Commercial Loan Business Development Officer
- Commercial Loan Business Development Officer I
- Commercial Loan Business Development Officer II
Step 7: Find relevant Community Development Loan Officer jobs, and apply.
Looking for Community Development Loan Officer jobs?
Here are some Community Development Loan Officer jobs in the United States.