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Career and Education Opportunities for Loan Officers in Detroit, Michigan

Loan officers can find many career and educational opportunities in the Detroit, Michigan area. There are currently 12,020 jobs for loan officers in Michigan and this is projected to grow by 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 approximately $23 hourly or $49,220 annually on average in Michigan. Nationally they average about $26 hourly or $54,700 per year. Loan officers earn less than people working in the category of Accounting and Auditing generally in Michigan and less than people in the Accounting and Auditing category nationally. Loan officers work in a variety of jobs, including: loan administrator, farm loan representative, and mortgage specialist.

There are seventy-three schools of higher education in the Detroit area, including five within twenty-five miles of Detroit where you can get a degree to start your career as a loan officer. Given that the most common education level for loan officers is a high school diploma or GED, you can expect to spend only a short time studying to be a loan officer if you already have a high school diploma.

CAREER 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.

Loan officers meet with applicants to obtain data for loan applications and to respond to questions about the process. They also analyze applicants' financial status and property evaluations to establish feasibility of granting loans. Equally important, loan officers have to obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial data. They are often called upon to stay abreast of new types of loans and other financial services and products to better meet customers' needs. They are expected to explain to customers the different types of loans and credit options that are available, as well as the terms of those services. Finally, loan officers handle customer complaints and take appropriate action to deal with them.

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.

It is important for loan officers to coordinate with clients to pinpoint their financial goals and to discover ways of reaching those goals. They are often called upon to approve loans within specified limits, and refer loan applications outside those limits to management for approval. They also inspect loan agreements to insure that they are complete and accurate in line with policy. They are sometimes expected to talk with underwriters to assist in resolving mortgage application problems. Somewhat less frequently, loan officers are also expected to supervise loan personnel.

Loan officers sometimes are asked to ready reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action. and interview and train new employees. And finally, they sometimes have to market bank products to individuals and firms, promoting bank services that may meet customers' needs.

Like many other jobs, loan officers must have exceptional integrity and have a strong social orientation.

Similar jobs with educational opportunities in Detroit 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.

EDUCATIONAL OPPORTUNITIES: Loan Officer Training

Walsh College of Accountancy and Business Administration - Troy, MI

Walsh College of Accountancy and Business Administration, 3838 Livernois, Troy, MI 48083-5066. Walsh College of Accountancy and Business Administration is a small college located in Troy, Michigan. It is a private not-for-profit school with primarily 4-year or above programs and has 3,109 students. Walsh College of Accountancy and Business Administration has a postbaccalaureate certificate and a master's degree program in Finance which graduated zero and eighty-six students respectively in 2008.

University of Michigan-Dearborn - Dearborn, MI

University of Michigan-Dearborn, 4901 Evergreen Rd, Dearborn, MI 48128-1491. University of Michigan-Dearborn is a medium sized university located in Dearborn, Michigan. It is a public school with primarily 4-year or above programs. It has 8,311 students and an admission rate of 61%. University of Michigan-Dearborn has a bachelor's degree and a master's degree program in Finance which graduated sixty-two and fifty-five students respectively in 2008.

Oakland University - Rochester Hills, MI

Oakland University, , Rochester Hills, MI 48309-4401. Oakland University is a large university located in Rochester Hills, Michigan. It is a public school with primarily 4-year or above programs. It has 18,169 students and an admission rate of 78%. Oakland University has a bachelor's degree program in Finance which graduated five students in 2008.

Wayne State University - Detroit, MI

Wayne State University, 656 West Kirby Street, Detroit, MI 48202. Wayne State University is a large university located in Detroit, Michigan. It is a public school with primarily 4-year or above programs. It has 31,025 students and an admission rate of 79%. Wayne State University has a bachelor's degree program in Finance which graduated eighty-four students in 2008.

Eastern Michigan University - Ypsilanti, MI

Eastern Michigan University, , Ypsilanti, MI 48197. Eastern Michigan University is a large university located in Ypsilanti, Michigan. It is a public school with primarily 4-year or above programs. It has 22,137 students and an admission rate of 75%. Eastern Michigan University has bachelor's degree, postbaccalaureate certificate, and master's degree programs in Finance which graduated three, four, and nine students respectively in 2008.

CERTIFICATIONS

Certified Lender Business Banker: Applicable to financial services professionals whose primary function and expertise focuses on the provision of credit and financial transaction services to businesses and/or corporations.

For more information, see the Institute of Certified Bankers website.

Certified Personal Banker: Applicable to financial services professionals who have completed the AIB Personal Banking Diploma and who function as personal bankers.

For more information, see the Institute of Certified Bankers website.

Certified Investment Management Analyst: The CIMA offers an intense educational experience focusing on asset allocation, manager search and selection, investment policy and performance measurement.

For more information, see the Investment Management Consultants Association website.

Certified Residential Underwriter: The Residential Underwriting Professional Certificate is designed for residential underwriters seeking recognition for continued excellence in education and professionalism.

For more information, see the Mortgage Bankers Association of America website.

Mortgage Compliance Achievement Certificate: The Mortgage Compliance Achievement Certificate recognizes compliance officers, lawyers and other professionals who seek to maintain current and comprehensive knowledge of the laws, regulations and other compliance requirements applicable to the residential real estate finance industry.

For more information, see the Mortgage Bankers Association of America website.

Commercial Certified Mortgage Servicer: The Certified Mortgage Servicer (CMS) designation recognizes an individual's superior knowledge and experience in servicing practices, theories and applications.

For more information, see the Mortgage Bankers Association of America website.

Residential Certified Loan Officer: The Certified Loan Officer(CMT) designation creates a recognizable and meaningful seal of quality for residential loan officers.

For more information, see the Mortgage Bankers Association of America website.

LICENSES

Mortgage Broker/Lender/Servicer

Licensing agency: Department of Consumer and Industry Services
Address: Office of Financial and Insurance Services, Division of Financial Institutions, 333 South Capital Ave., Suite A, PO Box 30224, Lansing, MI 48909

Phone: (517) 373-3460
Website: Department of Consumer and Industry Services Office of Financial and Insurance Services Division of Financial Institutions

LOCATION INFORMATION: Detroit, Michigan

Detroit, Michigan
Detroit, Michigan photo by Durova

Detroit is located in Wayne County, Michigan. It has a population of over 912,062, which has shrunk by 4.1% in the past ten years. The cost of living index in Detroit, 86, is well below the national average. New single-family homes in Detroit are priced at $108,900 on average, which is well below the state average. In 2008, eighty-five new homes were built in Detroit, down from one hundred fifty-four the previous year.

The three big industries for women in Detroit are health care, educational services, and transportation equipment. For men, it is transportation equipment, construction, and administrative and support and waste management services. The average commute to work is about 28 minutes. More than 11.0% of Detroit residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 4.2%, is lower than the state average.

The unemployment rate in Detroit is 27.0%, which is greater than Michigan's average of 14.3%.

The percentage of Detroit residents that are affiliated with a religious congregation, 37.7%, is less than both the national and state average. The most common religious groups are the Catholic Church, the Muslim Estimate and the Lutheran Church.

Detroit is home to the Memorial Park Marina and the Detroit Golf Club as well as Chene Park and Mallett Playground. Visitors to Detroit can choose from Corktown Inn, Clark's Motel and Days Inn of Downtown Detroit for temporary stays in the area.