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Loan Counselors

Loan counselors at banks, credit unions and other types of financial institutions help clients with creating a debt consolidation strategy and putting together personal loans. They also help clients with personal finance issues. A loan counselor helps people that find it difficult to qualify for traditional loans.

Those involved with loan counseling suggest the best type of loan for their clients and review with their clients the numerous requirements and restrictions of loans. A loan counselor processes their client's application materials, verifies the information and produces the required legal paperwork to finish the loan procedure. They also reschedule payments or restructure loans for clients that are having a difficult time making payments on their loans.

In some institutions loan counselors also act as salespersons and actively seek clients. Most loan counselors receive a salary but some also receive a commission for business they produce.

Responsibilities

  • Examine applicant's financial situation, property evaluations and credit to determine the feasibility of providing a loan
  • Review loan agreements to make sure they are complete and accurate
  • Answer client's questions about existing loans
  • Create payment priorities based on credit terms and interest rates to lower client's overall costs
  • Give loans to loan committees for approval
  • Approve loans within specific limits
  • Interview applicants and request specific information
  • Stay current with credit regulations

Job Characteristics

A loan processor should be detailed oriented and have good communication, math and interpersonal skills. They should also know how to use accounting software. They typically work forty hours per week and when they have a large number of clients they sometimes work some overtime.

Employment Outlook

The Bureau of Labor Statistics projects that the number of loan counselor jobs from 2006 to 2016 will grow at a rate that is comparable to other occupations. The median annual earnings for loan counselors in 2008 was $37,470. The top paying industries for the profession are financial investment services, residential building construction and automobile dealers.

Education, Certification, and Licensing

Employers at banks and credit agencies typically look for candidates that have earned at least a bachelor's degree in business or economics and have a few years of finance experience. They should also have a strong foundation in banking practices and state and federal lending laws. Loan counselors may need to pass state certification exams or fulfill the requirements of a professional credit association.

Resources

Major Employers

The top job providers are banks, savings and loans, credit unions, and college universities and professional schools.

Schools for Loan Counselors are listed in the Browse Schools Section.

Metro Areas Sorted by Total Employment for
Loan Counselors

Listed below are the 10 largest metro areas based on the total number of people employed in Loan Counselors jobs , as of 2016

     
Metro Area Total Employment Annual Mean Salary
Los Angeles-Long Beach-Anaheim 1,600 $53,930
Miami-Fort Lauderdale-West Palm Beach 1,120 $45,190
Dallas-Fort Worth-Arlington 730 $47,050
Tampa-St. Petersburg-Clearwater 580 $45,950
Detroit-Warren-Dearborn 580 $48,090
San Francisco-Oakland-Hayward 530 $53,370
Houston-The Woodlands-Sugar Land 470 $48,690
Orlando-Kissimmee-Sanford 410 $43,640
Baltimore-Columbia-Towson 390 $42,140
San Antonio-New Braunfels 320 N/A

Compare Total Employment & Salaries for Loan Counselors

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Employment
Salary

Total employment and salary for professions similar to loan counselors

Source : 2016 Occupational Employment Statistics, Bureau of Labor Statistics, U.S. Department of Labor, BLS.gov

Most Popular Industries for
Loan Counselors

These industries represent at least 1% of the total number of people employed in this occupation.

Industry Total Employment Percent Annual Median Salary
Banking And Credit 12,740 43% $38,090
Education 10,750 36% $36,810
Professional And Technical Services 1,750 5% $36,060
Business Management 880 3% $41,750
Social Service 610 2% $33,410
Hospital 610 2% $35,800
Government 330 1% $45,590
Personal Services 310 1% $35,910
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We have some additional detailed pages at the state level for Loan Counselors.

Numbers in parentheses are counts of relevant campus-based schools in the state; online schools may also be available.

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