What Do Loan Counselors Do: Job Description, Responsibilities and Duties

Stanley TanLeave a Comment



daily life of a Loan Counselor
are Loan Counselors happy with their job

Loan Counselors

Other names for this job might include Commercial Lending Vice President, Credit Counselor, Eligibility Consultant, Farm Mortgage Agent, Finance Manager, Financial Aid Administrator, Financial Aid Advisor, Financial Aid Coordinator, Financial Aid Counselor, Financial Aid Director


  • $49310
    Salary
  • 63%
    Job satisfaction
  • Quite Hard
    Becoming one
  • High
    Job growth
OwlGuru Rank

C+



Being A Loan Counselor: What You Really Do


In this job description guide, you will find out what do Loan Counselors do and what is their typical work day like.

After reading this, you will have a much better idea on whether you will like working as a Loan Counselor or not.



Job summary

Loan Counselors 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.

We asked Loan Counselors how satisfied they are with their job. Here is what they said.

Job satisfaction

63%

How meaningful is this job

61%


63% of them said they were satisfied with their job and 61% said they find that their job makes the world a better place or helps to make someone else’s life better.



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Typical day

On a daily basis, Loan Counselors Check loan agreements to ensure that they are complete and accurate, according to policies. They Refer loans to loan committees for approval.

1 of the main responsibilities as A Loan Counselor is to Approve loans within specified limits.

Some may also Submit applications to credit analysts for verification and recommendation.

In a normal work day, another thing that Loan Counselors do is they Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.

In addition to that, they Interview applicants and request specified information for loan applications..

A typical day for A Loan Counselor look like this:

Verify accuracy of financial information.
Submit financial applications.
Authorize financial actions.

We asked some Loan Counselors a few questions to find out what else does their work day look like. Here is what we found.

Do you have telephone conversations everyday in this job?99% said yes
Do you have to use email everyday in this job?48% said yes
How important is it to work in a team in this job?2% said very important
Do you have group discussions everyday in this job?100% said yes
Do you have to meet strict deadlines everyday in this job?68% said yes
Do you talk or work with customers everyday in this job?30% said yes
Do you have to deal with angry customers everyday in this job?2% said yes
Do you have to make decisions everyday in this job?6% said yes



Other responsibilities

Besides the “typical day” things that Loan Counselors do, they Maintain current knowledge of credit regulations. They might also Review billing for accuracy.

On a weekly to monthly basis, Loan Counselors Maintain and review account records, updating and recategorizing them according to status changes. and Assist in selection of financial award candidates using electronic databases to certify loan eligibility.

In addition, they Review accounts to determine write-offs for collection agencies.

Although specific duties may vary, many of them Locate debtors using post office directories, utility services account listings, or mailing lists.

A typical week or month for them might include:

Update knowledge of legal or regulatory environments.
Verify accuracy of records.
Maintain data in information systems or databases.
Verify application data to determine program eligibility.
Examine financial records.



Working life

Working hours

More than 40 hours per week

Working schedule

Regular (Set schedule and routine)


In a typical work week as A Loan Counselor, you can expect to work More than 40 hours per week.

Do Loan Counselors work in an office-style work environment?

Everyday
74.79%

Once a week
0%

Once a month
0.8%

Once a year
0%

Never
24.41%

Do Loan Counselors work in a warehouse-style work environment?

Everyday
0%

Once a week
0.05%

Once a month
0%

Once a year
0%

Never
99.95%

Do Loan Counselors work outdoors?

Everyday
0%

Once a week
67.66%

Once a month
0.05%

Once a year
0%

Never
32.29%



Is this right for me

Best personality for this career

The Persuaders and The Helpers


You can read more about these career personality types here.

You will like this career if you are someone who likes starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.

You also like working with, communicating with, and teaching people. They like helping or providing service to others.



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Career type

Business and Finance
Banking and Related Services, Financial and Investment Planning
Consumer Services

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Related to Loan Counselors Job Description

Loan Counselors job description, what do Loan Counselors do, typical day for Loan Counselors, what is it like to work as a Loan Counselor, how many hours do Loan Counselors work, day to day work of a Loan Counselor

Additional resources

http://www.bls.gov/ooh/business-and-financial/loan-officers.htm
http://www.aba.com/
https://www.mba.org/
http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx

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Loan Counselors
Written by: Stanley Tan
Loan Counselors 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.
3.8 / 5 stars

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