Career summary

Details for 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.

Tasks

  • Advise clients or respond to inquiries about financial matters in person or via phone, email, Web site, or Internet chat.
  • Assess clients' overall financial situations by reviewing income, assets, debts, expenses, credit reports, or other financial information.
  • Calculate clients' available monthly income to meet debt obligations.
  • Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.
  • Estimate time for debt repayment, given amount of debt, interest rates, and available funds.
  • Explain services or policies to clients, such as debt management program rules, advantages and disadvantages of using services, or creditor concession policies.
  • Interview clients by telephone or in person to gather financial information.
  • Maintain or update records of client account activity, including financial transactions, counseling session notes, correspondence, document images, or client inquiries.
  • Negotiate with creditors on behalf of clients to arrange for payment adjustments, interest rate reductions, time extensions, or payment plans.
  • Prepare written documents to establish contracts with or communicate financial recommendations to clients.
  • Prioritize client debt repayment to avoid dire consequences, such as bankruptcy or foreclosure or to reduce overall costs, such as by paying high-interest or short-term loans first.
  • Recommend educational materials or resources to clients on matters, such as financial planning, budgeting, or credit.
  • Recommend strategies for clients to meet their financial goals, such as borrowing money through loans or loan programs, declaring bankruptcy, making budget adjustments, or enrolling in debt management plans.
  • Refer clients to social service or community resources for needs beyond those of credit or debt counseling.
  • Review changes to financial, family, or employment situations to determine whether changes to existing debt management plans, spending plans, or budgets are needed.
  • Advise clients on housing matters, such as housing rental, homeownership, mortgage delinquency, or foreclosure prevention.
  • Conduct research to help clients avoid repossessions or foreclosures or remove levies or wage garnishments.
  • Create action plans to assist clients in obtaining permanent housing via rent or mortgage programs.
  • Disburse funds from client accounts to creditors.
  • Explain general financial topics to clients, such as credit report ratings, bankruptcy laws, consumer protection laws, wage attachments, or collection actions.
  • Explain loan information to clients, such as available loan types, eligibility requirements, or loan restrictions.
  • Investigate missing checks, payment histories, held funds, returned checks, or other related issues to resolve client or creditor problems.
  • Teach courses or seminars on topics, such as budgeting, management of personal finances, or financial literacy.

Interests

  • 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.

Education, training, experience

  • Education - Most of these occupations require a four-year bachelor's degree, but some do not.
  • Training - Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  • Experience - A considerable amount 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.

Knowledge

  • Economics and Accounting -Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
  • Computers and Electronics -Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
  • Sales and Marketing -Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
  • Psychology -Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.
  • Mathematics -Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Education and Training -Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
  • English Language -Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Clerical -Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
  • Customer and Personal Service -Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

Skills

  • 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.

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