Career and Education Opportunities for Loan Officers in Michigan
Michigan has a population of 9,969,727, which has grown by 0.31% in the last 10 years. Nicknamed the "Great Lakes State," its capital is Lansing, though its largest city is Detroit.
There are currently 12,020 jobs for loan officers in Michigan and this is projected to grow 6% to about 12,700 jobs by 2016. 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%. Loan officers generally evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.
Loan officers earn about $23 per hour or $49,220 annually on average in Michigan and about $26 per hour or $54,700 yearly on average nationally. Compared with people working in the overall category of Accounting and Auditing, people working as loan officers in Michigan earn less. They earn less than people working in the overall category of Accounting and Auditing nationally. Jobs in this field include: mortgage or loan underwriter, loan originator, and mortgage broker.
In 2008, there were a total of 5,397,807 jobs in Michigan. The average annual income was $34,953 in 2008, up from $34,185 the previous year. The unemployment rate in Michigan was 13.6% in 2009, which has grown by 5.3% since the previous year. Approximately 21.8% of Michigan residents have college degrees, which is lower than the national average.
The top industries in Michigan include transportation equipment manufacturing, motor vehicle manufacturing, and motor vehicle parts manufacturing. Notable tourist attractions include the Detroit City, the Bullock Edwards & Associates, and the Dossin Great Lakes Museum.
CITIES WITH Loan Officer OPPORTUNITIES IN Michigan
JOB DESCRIPTION: Loan Officer
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 Michigan 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.
LOCATION INFORMATION: Michigan
Michigan has a population of 9,969,727, which has grown by 0.31% over the past 10 years. Nicknamed the "Great Lakes State," its capital is Lansing, though its most populous city is Detroit. In 2008, there were a total of 5,397,807 jobs in Michigan. The average annual income was $34,953 in 2008, up from $34,185 in 2007. The unemployment rate in Michigan was 13.6% in 2009, which has grown by 5.3% since the previous year. About 21.8% of Michigan residents have college degrees, which is lower than the national average.
The top industries in Michigan include transportation equipment manufacturing, motor vehicle manufacturing, and motor vehicle parts manufacturing. Notable tourist destinations include the Bullock Edwards & Associates, the Detroit Historical Society, and the Charles H Wright Museum of African American Histry.