Loan Counselors

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About the Job

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.

It is also Called

  • Commercial Lending Vice President
  • Credit Counselor
  • Farm Mortgage Agent
  • Finance Manager
  • Financial Aid Administrator
  • Financial Aid Advisor
  • Financial Aid Coordinator
  • Financial Aid Counselor
  • Financial Aid Director
  • Financial Aid Officer

What They Do

  • Maintain current knowledge of credit regulations.
  • Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
  • Check loan agreements to ensure that they are complete and accurate, according to policies.
  • Refer loans to loan committees for approval.
  • Approve loans within specified limits.
  • Submit applications to credit analysts for verification and recommendation.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Interview applicants and request specified information for loan applications.
  • Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
  • Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.

Interests

People who work in this occupation generally have the interest code: ESC.

This means people who work in this occupation generally have Enterprising interests, but also prefer Social and Conventional environments.

Work Values

People who work in this occupation generally prize Relationships, but also value Achievement and Independence in their jobs.

Things They Need to Know

  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.

Things They Need to Be Able to Do

  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Speaking - Talking to others to convey information effectively.
  • Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
  • Coordination - Adjusting actions in relation to others' actions.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.

Education Required

Most of these occupations require a four-year bachelor's degree, but some do not.

LMI Region

Wages

In 2013, the average annual wage in United States was $44,960 with most people making between $27,770 and $67,180

Outlook

0.00%
avg. annual growth

During 2010, this occupation employed approximately 33,000 people in United States. It is projected that there will be 39,000 employed in 2020.

This occupation will have about 0 openings due to growth and about 15,000 replacement openings for approximately 15,000 total annual openings.