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Career and Education Opportunities for Loan Officers in Maryland

Maryland has a population of 5,699,478, which has grown by 7.61% over the past decade. Nicknamed the "Old Line State," its capital is Annapolis, though its biggest city is Baltimore.

There are currently 8,190 jobs for loan officers in Maryland and this is projected to grow 11% to about 9,080 jobs by 2016. This is better than the national trend for loan officers, which 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.

The income of a loan officer is about $26 hourly or $54,140 per year on average in Maryland. In the U.S. as a whole, their income is about $26 per hour or $54,700 per year on average. Incomes for loan officers are not quite as good as in the overall category of Accounting and Auditing in Maryland, and not quite as good as the overall Accounting and Auditing category nationally. Jobs in this field include: loan examiner, loan coordinator, and commercial loan collection officer.

In 2008, there were a total of 3,471,985 jobs in Maryland. The average annual income was $48,164 in 2008, up from $46,922 in 2007. The unemployment rate in Maryland was 7.0% in 2009, which has grown by 2.6% since the previous year. About 31.4% of Maryland residents have college degrees, which is higher than the national average.

The top industries in Maryland include engineering services, radio broadcasting communications equipment manufacturing, and photofinishing. Notable tourist destinations include the Maryland Art Place Inc, the Dorfman Museum Figures Inc, and the Preservation Society.

CITIES WITH Loan Officer OPPORTUNITIES IN Maryland


JOB 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.

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.

Similar jobs with educational opportunities in Maryland 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.
  • Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
  • 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.

LOCATION INFORMATION: Maryland

Maryland
Maryland photo by Abhijit Tembhekar

Maryland has a population of 5,699,478, which has grown by 7.61% in the last 10 years. Nicknamed the "Old Line State," its capital is Annapolis, though its largest city is Baltimore. In 2008, there were a total of 3,471,985 jobs in Maryland. The average annual income was $48,164 in 2008, up from $46,922 the preceding year. The unemployment rate in Maryland was 7.0% in 2009, which has grown by 2.6% since the previous year. Roughly 31.4% of Maryland residents have college degrees, which is higher than the national average.

The top industries in Maryland include engineering services, radio broadcasting communications equipment manufacturing, and photofinishing. Notable tourist attractions include the Dorfman Museum Figures Inc, the Baltimore Civil War Museum, and the National Park Service.