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Career and Education Opportunities for Loan Officers in Grand Rapids, Michigan

Grand Rapids, Michigan provides a wide variety of opportunities, both career and educational, for loan officers. Currently, 12,020 people work as loan officers in Michigan. This is expected to grow by 6% to about 12,700 people 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%. In general, loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

The income of a loan officer is about $23 hourly or $49,220 per year on average in Michigan. In the U.S. as a whole, their income is about $26 per hour or $54,700 annually on average. Incomes for loan officers are not quite as good as in the overall category of Accounting and Auditing in Michigan, and not quite as good as the overall Accounting and Auditing category nationally. Jobs in this field include: loan reviewer, lender, and portfolio manager.

There are three schools within twenty-five miles of Grand Rapids where you can study to be a loan officer, among nineteen schools of higher education total in the Grand Rapids area. 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 Grand Rapids 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.
  • 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.
  • 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.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Loan Officer Training

Grand Valley State University - Allendale, MI

Grand Valley State University, 1 Campus Dr, Allendale, MI 49401-9403. Grand Valley State University is a large university located in Allendale, Michigan. It is a public school with primarily 4-year or above programs. It has 23,932 students and an admission rate of 78%. Grand Valley State University has a bachelor's degree program in Finance which graduated fifty-four students in 2008.

Cornerstone University - Grand Rapids, MI

Cornerstone University, 1001 E Beltline Ave NE, Grand Rapids, MI 49525-5897. Cornerstone University is a small university located in Grand Rapids, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,759 students and an admission rate of 75%. Cornerstone University has a bachelor's degree program in Finance which graduated four students in 2008.

Davenport University - Grand Rapids, MI

Davenport University, 6191 Kraft Avenue S.E., Grand Rapids, MI 49512-9396. Davenport University is a large university located in Grand Rapids, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 10,773 students and an admission rate of 91%. Davenport University has associate's degree, bachelor's degree, master's degree, and post-master's certificate programs in Finance which graduated seven, twenty-three, one, and zero 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: Grand Rapids, Michigan

Grand Rapids, Michigan
Grand Rapids, Michigan photo by Grguy2011

Grand Rapids is located in Kent County, Michigan. It has a population of over 193,396, which has shrunk by 2.2% over the last ten years. The cost of living index in Grand Rapids, 81, is well below the national average. New single-family homes in Grand Rapids cost $98,700 on average, which is far less than the state average. In 2008, forty-three new homes were built in Grand Rapids, down from ninety-two the previous year.

The three most popular industries for women in Grand Rapids are health care, educational services, and accommodation and food services. For men, it is construction, transportation equipment, and educational services. The average travel time to work is about 19 minutes. More than 23.8% of Grand Rapids residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 8.0%, is lower than the state average.

The unemployment rate in Grand Rapids is 15.4%, which is greater than Michigan's average of 14.3%.

The percentage of Grand Rapids residents that are affiliated with a religious congregation, 52.9%, is more than both the national and state average. Church of Jesus Christ, Immanuel Church and Trinity Church are among the churches located in Grand Rapids. The most prominent religious groups are the Catholic Church, the Christian Reformed Church in North America and the Reformed Church in America.

Grand Rapids is home to the Kent Country Club and the Walker Juvenile Court as well as Comstock Riverside Park and Richmond Park. Visitors to Grand Rapids can choose from Hampton Inn Grand Rapids, Hampton Inn Grand Rapids/North- Mi and Hampton Inn Fax for temporary stays in the area.