Career:
Loan Counselor
Job Description: 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.
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What Loan Counselors do:
- Interview applicants and request specified information for loan applications.
- 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.
- Maintain and review account records, updating and recategorizing them according to status changes.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Approve loans within specified limits.
- Submit applications to credit analysts for verification and recommendation.
- Supervise loan personnel.
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
- Maintain current knowledge of credit regulations.
- Review billing for accuracy.
- Refer loans to loan committees for approval.
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Review accounts to determine write-offs for collection agencies.
- Arrange for maintenance or liquidation of delinquent properties.
- Confer with underwriters to resolve mortgage application problems.
- Petition courts to transfer titles and deeds of collateral to banks.
- Locate debtors using post office directories, utility services account listings, or mailing lists.
- Inform individuals and groups about the financial assistance available to college or university students.
- Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
- Open accounts for clients and disburse funds from clients' accounts to creditors.
- Authorize or sign mail collection letters.
- Compare data on student aid applications with eligibility requirements of assistance programs.
- Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
What work activities does a Loan Counselor do?
| Importance | Activities | |
|---|---|---|
Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources. |
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Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards. |
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Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts. |
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Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data. |
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Communicating with Persons Outside Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail. |
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Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information. |
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Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work. |
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Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time. |
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Performing for or Working Directly with the Public - Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests. |
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Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person. |
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Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job. |
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Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form. |
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Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events. |
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Provide Consultation and Advice to Others - Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics. |
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Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used. |
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Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems. |
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Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions. |
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Performing Administrative Activities - Performing day-to-day administrative tasks such as maintaining information files and processing paperwork. |
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Monitor Processes, Materials, or Surroundings - Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems. |
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Assisting and Caring for Others - Providing personal assistance, medical attention, emotional support, or other personal care to others such as coworkers, customers, or patients. |
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Guiding, Directing, and Motivating Subordinates - Providing guidance and direction to subordinates, including setting performance standards and monitoring performance. |
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Coaching and Developing Others - Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills. |
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Coordinating the Work and Activities of Others - Getting members of a group to work together to accomplish tasks. |
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Training and Teaching Others - Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others. |
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Scheduling Work and Activities - Scheduling events, programs, and activities, as well as the work of others. |
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Judging the Qualities of Things, Services, or People - Assessing the value, importance, or quality of things or people. |
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Resolving Conflicts and Negotiating with Others - Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others. |
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Developing and Building Teams - Encouraging and building mutual trust, respect, and cooperation among team members. |
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Selling or Influencing Others - Convincing others to buy merchandise/goods or to otherwise change their minds or actions. |
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Developing Objectives and Strategies - Establishing long-range objectives and specifying the strategies and actions to achieve them. |
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Monitoring and Controlling Resources - Monitoring and controlling resources and overseeing the spending of money. |
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Staffing Organizational Units - Recruiting, interviewing, selecting, hiring, and promoting employees in an organization. |
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Inspecting Equipment, Structures, or Material - Inspecting equipment, structures, or materials to identify the cause of errors or other problems or defects. |
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