Loan Consultant Job Description

October 8, 20110 Comments

Loan consultant job profile and description

A loan consultant is the one who has the duty to guide the customers having the problems and issues with traditional loans that is why they are also an alternate to a loan counselor in some credit unions. He or she provides the guidance in determining the appropriate loan type for a particular customer, explaining the specific restrictions and requirements associated with the loan.

Duties and responsibilities

  The duties and responsibilities which a loan consultant has to fulfill are as follows:

  • He or she has the prime duty to resolve the issues of customers so will have to confer with the underwriters.
  • It will be the duty to contact borrowers who have delinquent accounts for obtaining full payment.
  • He or she has to work as a mediator sometimes between the creditors and clients to arrange suitable options for both parties in financial problem.
  • He or she has to advise the clients and the family about the excessive borrowing and spending.
  • He or she has to establish the payment priorities to reduce the clients’ overall expenditure.
  • He or she has to be updated with the current credit regulations as well as market opportunities and refer loans to be approved by the loan committee.
  • He or she has to oversee the work of documentation of collection agencies and determine their write-offs.
  • It will be the duty to submit applications to the credit analysts for recommendation and verification.

Skills and specifications

      The candidate needs to have required skills and specifications to do the job which are as follows:

  • The candidate should have a through knowledge about financial market.
  • He or she should have the ability to work according to the working principles of banks and financial institutions.
  • He or she should have the mathematical skills and should have good problem solving abilities.
  • He or she must have interpersonal skills of a good motivator with commendable skills.
  • The other skills which is required is the communication power so needs to be verbally fluent and know both the working and regional language.

Education and Qualifications

  • Basic degree which is required for the job is MBA in related stream
  • The other required qualification is having additional degrees in the same field which will surely give an edge over the others.

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