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Details for Loan Counselors


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.

Tasks

  • 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 in order to reduce clients' overall costs.
  • Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
  • Maintain current knowledge of credit regulations.
  • Calculate amount of debt and funds available in order to plan methods of payoff and to estimate time for debt liquidation.
  • Analyze potential loan markets to find opportunities to promote loans and financial services.
  • Review billing for accuracy.
  • Supervise loan personnel.
  • Maintain and review account records, updating and recategorizing them according to status changes.
  • Assist in selection of financial award candidates, using electronic databases to certify loan eligibility.
  • Confer with underwriters to resolve mortgage application problems.
  • Inform individuals and groups about the financial assistance available to college or university students.
  • Match students' needs and eligibility with available financial aid programs in order to provide informed recommendations.
  • Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
  • Petition courts to transfer titles and deeds of collateral to banks.
  • 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.
  • Counsel clients on personal and family financial problems, such as excessive spending and borrowing of funds.
  • Review accounts to determine write-offs for collection agencies.
  • Locate debtors using post office directories, utility services account listings, and mailing lists.
  • Arrange for maintenance and liquidation of delinquent properties.
  • Authorize and sign mail collection letters.
  • Open accounts for clients and disburse funds from clients' accounts to creditors.

Interests

  • Social - Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
  • Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
  • Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Education, Training, Experience

  • Education - Most of these occupations require a four-year bachelor's degree, but some do not.
  • Training - Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  • Experience - A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

Knowledge

Skills

  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • 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.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
  • Speaking - Talking to others to convey information effectively.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
  • Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
  • Persuasion - Persuading others to change their minds or behavior.
  • Service Orientation - Actively looking for ways to help people.

Related Careers

  • Billing, Cost, and Rate Clerks
  • Brokerage Clerks
  • Credit Analysts
  • Financial Analysts
  • Loan Interviewers and Clerks
  • New Accounts Clerks
  • Personal Financial Advisors
  • Tax Examiners, Collectors, and Revenue Agents
  • Tax Preparers
  • Tellers
Wages for this career
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