Job Description, Daily Responsibilities, and Work Life
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.
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. They also confer with underwriters to resolve mortgage application problems.
Other tasks include:
- Advise students on available financial-aid awards.
- Analyze applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Approve loans within specified limits.
- Review billing for accuracy.
We asked Loan Counselors how satisfied they are with their job. Here is what they said.
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.
Typical Day At Work
On a daily basis, Loan Counselors confer with underwriters to resolve mortgage application problems. They locate debtors using post office directories, utility services account listings, or mailing lists.
A typical day for a Loan Counselor will also include:
- Authorize or sign mail collection letters.
- Open accounts for clients and disburse funds from clients’ accounts to creditors.
- Maintain current knowledge of credit regulations.
- Supervise loan personnel.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
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|
|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 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|
Besides their typical day, Loan Counselors also analyze potential loan markets to find opportunities to promote loans and financial services. They may also provide entrance or exit loan counseling to students.
On a weekly to monthly basis, Loan Counselors Match students’ needs and eligibility with available financial aid programs to provide informed recommendations. They might also Review billing for accuracy.
In addition, they Compare data on student aid applications with eligibility requirements of assistance programs.
Although specific duties may vary, many of them Inform individuals and groups about the financial assistance available to college or university students.
To some Loan Counselors, it is also their responsibility to Locate debtors using post office directories, utility services account listings, or mailing lists.
More than 40 hours per week
Regular schedule like a 9 to 5
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?
Do Loan Counselors work outdoors?
Is this right for me
The Entrepreneurs and The Helpers
People who are suitable for this job tends to like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business..
They also like working with, communicating with, and teaching people. They like helping or providing service to others.
You can read more about these career personality types here.
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