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Career and Education Opportunities for Loan Officers in New York

New York has a population of 19,541,453, which has grown by 2.98% over the past 10 years. Nicknamed the "Empire State," its capital is Albany, though its most populous city is New York.

There are currently 13,890 working loan officers in New York; this should shrink 1% to about 13,760 working loan officers in the state by 2016. This is not quite as good as the national trend for loan officers, which sees this job pool growing by about 10.1% over the next eight years. In general, loan officers evaluate, authorize, or recommend approval of commercial, real estate, or credit loans.

The income of a loan officer is about $30 hourly or $62,480 per year on average in New York. In the U.S. as a whole, their income is about $26 per hour or $54,700 yearly on average. Earnings for loan officers are not quite as good as earnings in the general category of Accounting and Auditing in New York and not quite as good as general Accounting and Auditing category earnings nationally. People working as loan officers can fill a number of jobs, such as: personal banking officer, loan coordinator, and portfolio manager.

In 2008, there were a total of 11,289,001 jobs in New York. The average annual income was $48,809 in 2008, up from $47,628 the previous year. The unemployment rate in New York was 8.4% in 2009, which has grown by 3.1% since the previous year. Approximately 27.4% of New York residents have college degrees, which is higher than the national average.

The top industries in New York include securities contracts intermediation, investment banking dealing, and apparel, piece goods, and notions merchant wholesalers. Notable tourist destinations include the Children's Galleries for Jewish Culture, the 77 Gallery Limited, and the American Craft Museum.

CITIES WITH Loan Officer OPPORTUNITIES IN New York


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 New York 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: New York

New York
New York photo by William Warby

New York has a population of 19,541,453, which has grown by 2.98% over the past 10 years. Nicknamed the "Empire State," its capital is Albany, though its most populous city is New York. In 2008, there were a total of 11,289,001 jobs in New York. The average annual income was $48,809 in 2008, up from $47,628 the preceding year. The unemployment rate in New York was 8.4% in 2009, which has grown by 3.1% since the previous year. Approximately 27.4% of New York residents have college degrees, which is higher than the national average.

The top industries in New York include securities contracts intermediation, investment banking dealing, and apparel, piece goods, and notions merchant wholesalers. Notable tourist attractions include the Abigail Adams Smith Museum, the Asian American Arts Centre, and the Anthology Film Archives Administration.