Will “Loan Counselor” be Replaced By Robots? 🤔
Unknown Chance of Automation
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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.
Job Details
- The SOC (Standard Occupational Classification) code is 13-2071.01
☝️ Information based on the reference occupation “Loan Counselors”.
Also Known As…
- Loan Counselors
- Peer Financial Counselor
- Loan Counselor
- Financial Counselor
- Financial Assistance Advisor
- Financial Aid Officer
- Financial Aid Director
- Financial Aid Counselor
- Financial Aid Advisor
- Financial Aid Administrator
- Commercial Lending Vice President
- Loan Consultant
- Financial Assistance Specialist
- Financial Aid Coordinator
- Farm Mortgage Agent
- Eligibility Consultant
Tasks for “Loan Counselor”
- Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds.
- Match students' needs and eligibility with available financial aid programs to provide informed recommendations.
- Inform individuals and groups about the financial assistance available to college or university students.
- Advise students on available financial-aid awards.
- Locate debtors using post office directories, utility services account listings, or mailing lists.
- Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork.
- Review billing for accuracy.
- Assist in selection of financial award candidates using electronic databases to certify loan eligibility.
- Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans.
- Interview applicants and request specified information for loan applications.
- Confer with underwriters to resolve mortgage application problems.
- Provide entrance or exit loan counseling to students.
- Submit applications to credit analysts for verification and recommendation.
- Analyze potential loan markets to find opportunities to promote loans and financial services.
- Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation.
- Review accounts to determine write-offs for collection agencies.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Compare data on student aid applications with eligibility requirements of assistance programs.
- Open accounts for clients and disburse funds from clients' accounts to creditors.
- Maintain current knowledge of credit regulations.
- Approve loans within specified limits.
- Contact creditors to explain clients' financial situations and to arrange for payment adjustments so that payments are feasible for clients and agreeable to creditors.
- Refer loans to loan committees for approval.
- Maintain and review account records, updating and recategorizing them according to status changes.
- Supervise loan personnel.
- Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs.
- Check loan agreements to ensure that they are complete and accurate, according to policies.
- Authorize or sign mail collection letters.
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