What Does it Take to Be a Loan Counselor?
Job 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.
A Day in the Life of a Loan Counselor
- Locate debtors using post office directories, utility services account listings, or mailing lists.
- Refer loans to loan committees for approval.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
- Confer with underwriters to resolve mortgage application problems.
- Maintain current knowledge of credit regulations.
- Approve loans within specified limits.
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What Every Loan Counselor Should Know
Below is a list of the skills most Loan Counselors say are important on the job.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking: Talking to others to convey information effectively.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Active Learning: Understanding the implications of new information for both current and future problem-solving and decision-making.
Related Job Titles
- Financial Aid Coordinator
- Financial Counselor
- Farm Mortgage Agent
- Loan Counselor
- Financial Aid Administrator
Is There Going to be Demand for Loan Counselors?
In 2016, there was an estimated number of 38,300 jobs in the United States for Loan Counselor. New jobs are being produced at a rate of 13.8% which is above the national average. The Bureau of Labor Statistics predicts 5,300 new jobs for Loan Counselor by 2026. The BLS estimates 3,800 yearly job openings in this field.
The states with the most job growth for Loan Counselor are Utah, North Dakota, and Idaho. Watch out if you plan on working in Wyoming, Vermont, or Maine. These states have the worst job growth for this type of profession.
What is the Average Salary of a Loan Counselor
The average yearly salary of a Loan Counselor ranges between $30,440 and $76,690.
Loan Counselors who work in District of Columbia, New Jersey, or Nevada, make the highest salaries.
How much do Loan Counselors make in each U.S. state?
| State | Annual Mean Salary |
|---|---|
| Alabama | $48,260 |
| Arizona | $45,880 |
| Arkansas | $49,770 |
| California | $53,170 |
| Connecticut | $57,500 |
| Delaware | $52,360 |
| District of Columbia | $77,690 |
| Florida | $45,530 |
| Georgia | $51,720 |
| Hawaii | $47,810 |
| Idaho | $42,490 |
| Illinois | $47,290 |
| Indiana | $45,030 |
| Iowa | $43,690 |
| Kansas | $47,910 |
| Kentucky | $44,590 |
| Louisiana | $36,840 |
| Maine | $40,880 |
| Maryland | $47,330 |
| Massachusetts | $57,600 |
| Michigan | $48,340 |
| Minnesota | $51,190 |
| Mississippi | $42,660 |
| Missouri | $53,250 |
| Montana | $44,540 |
| Nevada | $56,510 |
| New Hampshire | $45,850 |
| New Jersey | $68,360 |
| New Mexico | $37,870 |
| New York | $60,520 |
| North Carolina | $54,400 |
| North Dakota | $43,330 |
| Ohio | $51,200 |
| Oklahoma | $42,290 |
| Oregon | $48,090 |
| Pennsylvania | $55,770 |
| Rhode Island | $59,760 |
| South Carolina | $45,320 |
| South Dakota | $38,900 |
| Tennessee | $48,560 |
| Texas | $46,160 |
| Utah | $38,070 |
| Virginia | $50,860 |
| Washington | $48,230 |
| West Virginia | $38,910 |
| Wisconsin | $39,860 |
| Wyoming | $50,960 |
What Tools & Technology do Loan Counselors Use?
Below is a list of the types of tools and technologies that Loan Counselors may use on a daily basis:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Microsoft Access
- Data entry software
- SAP
- FileMaker Pro
- Oracle PeopleSoft
- Microsoft Internet Explorer
- Student information systems SIS
How to Become a Loan Counselor
What kind of Loan Counselor requirements are there?
What work experience do I need to become a Loan Counselor?
Where do Loan Counselors Work?
Below are examples of industries where Loan Counselors work:
Related Careers
Those interested in being a Loan Counselor may also be interested in:
References:
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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