Loan Counselor Career

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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Loan Counselor Career

What Loan Counselors do:

  • Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
  • Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
  • Maintain current knowledge of credit regulations.
  • Advise students on available financial-aid awards.
  • Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
  • Inform individuals and groups about the financial assistance available to college or university students.
  • Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
  • Check loan agreements to ensure that they are complete and accurate, according to policies.
  • Approve loans within specified limits.
  • Interview applicants and request specified information for loan applications.
  • Maintain and review account records, updating and recategorizing them according to status changes.
  • Submit applications to credit analysts for verification and recommendation.
  • Provide entrance or exit loan counseling to students.
  • Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
  • Refer loans to loan committees for approval.
  • 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.
  • Compare data on student aid applications with eligibility requirements of assistance programs.
  • Review billing for accuracy.
  • Locate debtors using post office directories, utility services account listings, or mailing lists.
  • Authorize or sign mail collection letters.
  • Analyze potential loan markets to find opportunities to promote loans and financial services.
  • Review accounts to determine write-offs for collection agencies.
  • Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
  • Open accounts for clients and disburse funds from clients' accounts to creditors.
  • Supervise loan personnel.
  • Confer with underwriters to resolve mortgage application problems.
  • Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.

What work activities are most important?

Importance Activities

Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.

Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.

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.

Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.

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.

Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

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.

Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.

Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.

Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.

Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.

Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.

Provide Consultation and Advice to Others - Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.

Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.

Selling or Influencing Others - Convincing others to buy merchandise/goods or to otherwise change their minds or actions.

Judging the Qualities of Things, Services, or People - Assessing the value, importance, or quality of things or people.

Performing Administrative Activities - Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.

Training and Teaching Others - Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.

Resolving Conflicts and Negotiating with Others - Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.

Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.

Developing Objectives and Strategies - Establishing long-range objectives and specifying the strategies and actions to achieve them.

Developing and Building Teams - Encouraging and building mutual trust, respect, and cooperation among team members.

Holland Code Chart for a Loan Counselor

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