Tools commonly used in the Savings & Loan Assns-Representatives industry for day-to-day tasks and operations.

• Loan origination software
• Customer relationship management (CRM) software
• Financial calculators
• Electronic signature software
• Document management software
• Credit analysis software
• Loan servicing software
• Accounting software
• Compliance management software
• Data analytics software

Common products and services typical of NAICS Code 522180-01, illustrating the main business activities and contributions to the market.

• Mortgage brokers
• Financial advisors
• Loan officers
• Loan consultants
• Loan brokers
• Loan processors
• Loan underwriters
• Loan closers
• Loan originators
• Loan coordinators

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Mortgage Loan Originator License: A license required by the Nationwide Mortgage Licensing System and Registry (NMLS) for individuals who originate mortgage loans. The license is mandatory for individuals who work for depository institutions, subsidiaries of depository institutions, or institutions regulated by the Farm Credit Administration.
• Series 6 License: A license required by the Financial Industry Regulatory Authority (FINRA) for individuals who sell mutual funds, variable annuities, and insurance premiums. The license is mandatory for individuals who work for savings and loan associations and other depository credit intermediation firms.
• Series 63 License: A license required by FINRA for individuals who solicit orders for any type of security in a particular state. The license is mandatory for individuals who work for savings and loan associations and other depository credit intermediation firms.
• Series 65 License: A license required by FINRA for individuals who provide investment advice or manage portfolios for clients. The license is mandatory for individuals who work for savings and loan associations and other depository credit intermediation firms.
• Anti-Money Laundering (AML) Certification: A certification required by the Financial Crimes Enforcement Network (FinCEN) for individuals who work in the financial industry. The certification is mandatory for individuals who work for savings and loan associations and other depository credit intermediation firms.

A concise historical narrative of NAICS Code 522180-01 covering global milestones and recent developments within the United States.

• The Savings & Loan Assns-Representatives industry has a long history dating back to the 19th century when savings and loan associations were first established in the United States. These associations were created to provide a safe place for people to save their money and to offer affordable loans to members of the community. In the 20th century, the industry experienced significant growth, with many new savings and loan associations being established across the country. However, in the 1980s, the industry faced a crisis due to risky lending practices and a lack of government oversight. Many savings and loan associations failed, leading to the creation of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. Since then, the industry has undergone significant changes, with many savings and loan associations merging or being acquired by larger financial institutions. In recent years, the Savings & Loan Assns-Representatives industry in the United States has faced new challenges due to changing consumer preferences and increased competition from online banks and other financial institutions. However, the industry has also seen new opportunities emerge, such as the growing demand for personalized financial advice and the increasing popularity of mobile banking. Overall, the industry has adapted to these changes and continues to play an important role in the US financial system.

The anticipated future trajectory of the NAICS 522180-01 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The industry of Savings & Loan Assns-Representatives in the USA is expected to experience a decline in the next five years. The industry is expected to face challenges due to the increasing use of online banking and mobile applications, which reduces the need for physical branches and representatives. Additionally, the industry is expected to face increased competition from other financial institutions, such as commercial banks and credit unions. However, the industry is expected to benefit from the growing demand for mortgage loans and refinancing, which is expected to increase due to the low-interest rates. The industry is also expected to benefit from the growing demand for financial planning and investment advice. Overall, the industry is expected to experience a moderate decline in the next five years due to the aforementioned challenges.

Recent groundbreaking advancements and milestones in the Savings & Loan Assns-Representatives industry, reflecting notable innovations that have reshaped its landscape.

• Digital Banking: Many Savings & Loan Assns-Representatives in the USA have started offering digital banking services to their customers. This includes online banking, mobile applications, and other digital services that allow customers to access their accounts and perform transactions remotely.
• Personalized Financial Advice: Some Savings & Loan Assns-Representatives in the USA have started offering personalized financial advice to their customers. This includes financial planning, investment advice, and other services that help customers manage their finances more effectively.
• Mortgage Refinancing: Many Savings & Loan Assns-Representatives in the USA have started offering mortgage refinancing services to their customers. This allows customers to refinance their existing mortgages at lower interest rates, which can help them save money on their monthly payments.
• Online Loan Applications: Some Savings & Loan Assns-Representatives in the USA have started offering online loan applications to their customers. This allows customers to apply for loans online, which can save them time and make the application process more convenient.
• Automated Teller Machines (Atms): Many Savings & Loan Assns-Representatives in the USA have installed ATMs in their branches and other locations. This allows customers to access their accounts and perform transactions outside of regular business hours.