Loan Officers and Counselors Job Profile and Description

Loan officers and counselors are mostly employed by commercial banks, non bank financial institutions, brokerage firms etc. They mostly handle the loan application process though the nature of their duties greatly differs due to the difference in the nature of their work organizations. The job description of the Loan officers and counselors are as follows.

Loan Officers and Counselors Duties and Responsibilities

  • Seeking potential clients and then assisting them in the process of applying for loans.
  • Gathering information about clients and businesses in order to ensure that the quality of the loan is good enough and the probability of repayment is sufficient.
  • Keeping themselves aware of the nature of different types of loans and other financial products and services, in order to meet their customers’ needs.
  • Guiding clients through the process of applying for a loan by furnishing them with required information about the purpose of the loan.
  • Analyzing and verifying the application to determine the creditworthiness of the client.
  • Initiating a collateral liquidation which was used to secure the loan if the chances of loan repayments are really low.

Loan Officers and Counselors Skills and Specifications

  • Capable of developing effective working relationships
  • Confident and highly motivated
  • Great managerial skills
  • Good communication skills
  • Responsible and organized

Loan Officers and Counselors Education and Qualifications

  • A bachelor’s degree in finance or economics, or any other related field is highly imperative.
  • Training in banking or sales is an added advantage.

Loan Officers and Counselors Salary

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