Loan Counselors

Career 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.

Industry: Business and Financial Operations

Other Job Titles for Loan Counselors:

• Realistic: Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.
• Investigative: Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
• Artistic: Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.
• 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.
• First Interest High-Point: Primary-Rank Descriptiveness
• Second Interest High-Point: Secondary-Cutoff/Rank Descriptiveness
• Third Interest High-Point: Tertiary-Cutoff/Rank Descriptiveness

• 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 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 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 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.

Emerging Tasks

• Counsel students on financial aid issues (e.g., providing entrance and exit loan counseling) and awards available.
• Investigate and assess damage to property and create or review property damage estimates.
• Review police reports, medical treatment records, medical bills, or physical property damage to determine the extent of liability.

• Analyzing Data or Information: Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
• Assisting and Caring for Others: Providing personal assistance, medical attention, emotional support, or other personal care to others such as coworkers, customers, or patients.
• Coaching and Developing Others: Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
• 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.
• Communicating with Supervisors, Peers, or Subordinates: Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
• Controlling Machines and Processes: Using either control mechanisms or direct physical activity to operate machines or processes (not including computers or vehicles).
• Coordinating the Work and Activities of Others: Getting members of a group to work together to accomplish tasks.
• Developing and Building Teams: Encouraging and building mutual trust, respect, and cooperation among team members.
• Developing Objectives and Strategies: Establishing long-range objectives and specifying the strategies and actions to achieve them.
• Documenting/Recording Information: Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
• Drafting, Laying Out, and Specifying Technical Devices, Parts, and Equipment: Providing documentation, detailed instructions, drawings, or specifications to tell others about how devices, parts, equipment, or structures are to be fabricated, constructed, assembled, modified, maintained, or used.
• Establishing and Maintaining Interpersonal Relationships: Developing constructive and cooperative working relationships with others, and maintaining them over time.
• Estimating the Quantifiable Characteristics of Products, Events, or Information: Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.
• 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.
• Getting Information: Observing, receiving, and otherwise obtaining information from all relevant sources.
• Guiding, Directing, and Motivating Subordinates: Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
• Handling and Moving Objects: Using hands and arms in handling, installing, positioning, and moving materials, and manipulating things.
• Identifying Objects, Actions, and Events: Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
• Inspecting Equipment, Structures, or Material: Inspecting equipment, structures, or materials to identify the cause of errors or other problems or defects.
• Interacting With Computers: Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
• Interpreting the Meaning of Information for Others: Translating or explaining what information means and how it can be used.
• Judging the Qualities of Things, Services, or People: Assessing the value, importance, or quality of things or people.
• Making Decisions and Solving Problems: Analyzing information and evaluating results to choose the best solution and solve problems.
• Monitor Processes, Materials, or Surroundings: Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
• Monitoring and Controlling Resources: Monitoring and controlling resources and overseeing the spending of money.
• Operating Vehicles, Mechanized Devices, or Equipment: Running, maneuvering, navigating, or driving vehicles or mechanized equipment, such as forklifts, passenger vehicles, aircraft, or water craft.
• Organizing, Planning, and Prioritizing Work: Developing specific goals and plans to prioritize, organize, and accomplish your work.
• Performing Administrative Activities: Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
• 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.
• Performing General Physical Activities: Performing physical activities that require considerable use of your arms and legs and moving your whole body, such as climbing, lifting, balancing, walking, stooping, and handling of materials.
• Processing Information: Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
• Provide Consultation and Advice to Others: Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
• Repairing and Maintaining Electronic Equipment: Servicing, repairing, calibrating, regulating, fine-tuning, or testing machines, devices, and equipment that operate primarily on the basis of electrical or electronic (not mechanical) principles.
• Repairing and Maintaining Mechanical Equipment: Servicing, repairing, adjusting, and testing machines, devices, moving parts, and equipment that operate primarily on the basis of mechanical (not electronic) principles.
• Resolving Conflicts and Negotiating with Others: Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
• Scheduling Work and Activities: Scheduling events, programs, and activities, as well as the work of others.
• Selling or Influencing Others: Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
• Staffing Organizational Units: Recruiting, interviewing, selecting, hiring, and promoting employees in an organization.
• Thinking Creatively: Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
• Training and Teaching Others: Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
• Updating and Using Relevant Knowledge: Keeping up-to-date technically and applying new knowledge to your job.

Detailed Work Activities

• account for or dispense funds
• advise clients on financial matters
• advise clients or customers
• advise families with household problems
• analyze applicant's financial status
• analyze financial data
• analyze market conditions
• approve or deny loans
• collect overdue bills
• compile information for court cases
• complete information on loan forms
• compute financial data
• compute payment schedule
• compute property equity
• conduct financial investigations
• conduct market research
• consult with managerial or supervisory personnel
• determine program eligibility
• direct and coordinate activities of workers or staff
• direct and coordinate financial activities
• evaluate customer records
• evaluate degree of financial risk
• evaluate qualifications or eligibility of applicant for employment
• examine documents for completeness, accuracy, or conformance to standards
• explain credit application information
• file documents in court
• gather relevant financial data
• identify potential markets
• interview customers
• maintain account records
• maintain physical building or grounds of property
• make decisions
• monitor consumer or marketing trends
• monitor credit extension decisions
• negotiate payment arrangements with customers
• obtain financial information from individuals
• obtain information from individuals
• provide customer service
• recommend customer payment plan
• review laws
• review loan applications
• select applicants meeting qualifications
• use computers to enter, access and retrieve financial data
• use computers to enter, access or retrieve data
• use interviewing procedures
• use knowledge of investigation techniques
• use knowledge of relevant laws
• use negotiation techniques
• use oral or written communication techniques
• use spreadsheet software
• use word processing or desktop publishing software
• verify information for credit investigations
• write legal correspondence

Overall Experience
A minimum of two to four years 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.

Job Training
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Education
Most of these occupations require a four - year bachelor's degree, but some do not.

Examples
Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, human resource managers, computer programmers, teachers, chemists, and police detectives.

• Average hourly wage (2007) -$17.57
• Average annual wage (2007) - $36,550.00

• Projected growth (2006-2016): 4.00%
• Projected need (2006-2016): 1,334
• Employment (2006): 33,396

• 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