Careers and Occupations

Loan Counselors

Loan Counselors

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These occupations involve sitting down in a chair

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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.

Loan Counselors Related Job Titles

Commercial Lending Vice President, Credit Counselor, Farm Mortgage Agent, Finance Manager, Financial Aid Administrator, Financial Aid Advisor, Financial Aid Coordinator, Financial Aid Counselor, Financial Aid Director, Financial Aid Officer, Financial Assistance Advisor, Lending Services Manager, Loan Consultant, Loan Counselor, Loan Officer, Pell Coordinator,

Loan Counselors Related Careers
Loan Counselors Tasks
Core Tasks
  • Refer loans to loan committees for approval.
  • Maintain current knowledge of credit regulations.
  • Review billing for accuracy.
  • Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
  • Check loan agreements to ensure that they are complete and accurate, according to policies.
  • 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.
  • 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.
  • Supervise loan personnel.
  • Maintain and review account records, updating and recategorizing them according to status changes.
Supplemental Tasks
  • Inform individuals and groups about the financial assistance available to college or university students.
  • Compare data on student aid applications with eligibility requirements of assistance programs.
  • Review accounts to determine write-offs for collection agencies.
  • Authorize or sign mail collection letters.
  • Confer with underwriters to resolve mortgage application problems.
  • 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.
  • Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
  • Locate debtors using post office directories, utility services account listings, or mailing lists.
  • Arrange for maintenance or liquidation of delinquent properties.
  • Open accounts for clients and disburse funds from clients' accounts to creditors.

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