Loan Officers and Counselors Job Description

October 14, 20110 Comments

Loan Officers and Counselors Job Profile and Description

A loan officer and consultant is the one who mostly handles the loan applications process of the commercial banks, non bank financial institutions, brokerage firms etc…The job and the duties of a Loan officer and counselor are greatly differs due to the differences in the nature of their work.

Loan Officers and Counselors Duties and Responsibilities

There are a number of duties and responsibilities which have to be fulfilled by a loan officer and counselor and they are as follows:

  • The primary duty is to help and assist the potential clients in the process of applying for loans.
  • It will be needed to determine the efficiency so has to gather information about clients and businesses to ensure that the quality is good enough and the probability of repayment is sufficient.
  • He or she needs to help the clients in their quires as well so should be aware of all the types of loans and other financial products and services.
  • He or she has the duty to aware the customers about the loan by furnishing them with required information about the purpose of the loan.
  • He or she has the duty to determine the creditworthiness of the client so has to analyze and verify the application.
  • He or she has to see if the chances of repayment are really low then initiate a collateral liquidation which was used to secure the loan.

Loan Officers and Counselors Skills and Specifications

The skills and specifications required in a person desiring to do the job of a loan officer and counselor are as follows:

  • INTERPERSONAL SKILLS: He or she should be capable of developing effective working relationships with the clients as well as business parties.
  • He or she should be very confident and highly motivated towards the work.
  • The person should have the ability to manage all the departments as well as  the staff perfectly so should have great managerial skills
  • He or she needs to be a good communicator and should have the skills both verbally and written.
  • The other qualities needed in a person are that he or she needs to be very responsible and organized towards work.

Loan Officers and Counselors Education and Qualifications

  • The basic degree required for the job is a bachelor’s degree in finance or economics, or any other related field is highly imperative.
  • It will be added as an advantage for the person having the training in banking or sales.

Loan Officers and Counselors Salary

  • The general median annual earnings of loan officers and counselors is about $45,400
  • Besides this, Loan officers who are paid on a commission basis usually earn more than those who depend on salary only.

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