Loan Counselor

Loan counselors who are sometimes called “loan officers” help people who apply for traditional loans and have difficulty getting approval. Their job is to provide such people with advice on securing loans and often assist them in completing loan applications. Loan counselors perform a variety of tasks. First they seek out loan applicants who are likely to qualify for loans. Once a potential applicant comes forward the loan counselor analyzes the applicant’s finances debt credit history and property ownership to determine the type of loan and the amount for which the applicant should apply. If the client does not qualify immediately the loan counselor advises him or her on what must be done to make it possible to secure a loan in the future. If the client has serious debt the loan counselor can calculate how much should be paid on a regular basis and how long it will take to pay it off. The website says that aspiring loan counselors need a bachelor’s degree in economics finance or a related field. Prior experience in sales or banking often gives them priority when they apply for a job. Loan counselors are employed by commercial banks credit unions and brokerage firms. They must be motivated to attract customers and they must have the ability to communicate and also have good managerial skills. The website says that overall the median salary for loan counselors is approximately $45000. Many are paid on a commission basis and those with skills and savvy are often able to earn more than salaried loan counselors.

Education Required: Bachelor's Degree
Avg Salary: $45000
High Salary: $55000
Low Salary: $35000
Tasks: Analyzes potential clients' financial status.
Determines if people and/or companies are good credit risks.
Verifies information on loan applications.
Works with underwriters to help get loans approved or denied.
Also Called: Loan Officer
Mortgage Counselor
Credit Officer
Bank Loan Officer
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