1. University of Pennsylvania
Philadelphia, PA • Private
If you're interested in helping people fund the house, car, or lifestyle of their dreams, you can give them support as a Loan Consultant. You'll be the guiding force to provide them with the information and help they need to become eligible for a loan.
Communication, finance, and problem-solving skills will help you navigate through being a Loan Consultant. You'll be responsible for reviewing loan applications, speaking with potential clients, verifying documentation, and evaluating financial records. Loan Consultants are also there to provide guidance and answer any questions a client may have over the status, requirements, and details of their loan.
Most companies prefer a Loan Consultant to have a bachelor's degree in business, finance, or a related field. You'll need to have great math skills, as well as thick skin if you need to deliver poor news. This is a position that is at the heart of positive and negative reactions. While this is typically a full-time position, some companies accept part-time employees. On average, a Loan Consultant makes about $41,000 a year.
There are certain skills that many loan consultants have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.
If you're interested in becoming a loan consultant, one of the first things to consider is how much education you need. We've determined that 62.1% of loan consultants have a bachelor's degree. In terms of higher education levels, we found that 6.5% of loan consultants have master's degrees. Even though most loan consultants have a college degree, it's possible to become one with only a high school degree or GED.
As you move along in your career, you may start taking on more responsibilities or notice that you've taken on a leadership role. Using our career map, a loan consultant can determine their career goals through the career progression. For example, they could start out with a role such as account executive, progress to a title such as account manager and then eventually end up with the title director, inside sales.
What Am I Worth?
The role of a loan consultant includes a wide range of responsibilities. These responsibilities can vary based on an individual's specific job, company, or industry.Here are some general loan consultant responsibilities:
There are several types of loan consultant, including:
Consultants are essential to businesses that want to improve their performance. Typically, consultants advise these businesses in many areas such as operations, profitability, management, and even structure.
Consultants have their work cut out for them because their advice can stretch over so many different areas. You may need some expertise in management, strategy, human resources, finance, and IT (just to name a few fields).
In addition to having all of this knowledge, consultants typically work long hours, we're talking an average of 56 hours a week, but many work even beyond that, to around 70-80 hours. Spending that many hours at the office, you'll probably end up with some good friends, at least.
If you want to be in charge of whether people are issued loans or not, then becoming a loan officer is a great place to start. Most generally, your day will consist of evaluating, authorize and even recommending approval for people or businesses that have submitted a loan application.
While movies generally paint loan officers in a bad light, these people are just doing their jobs. The majority of the time, the people asking for a loan don't even qualify. For the most part, loan officers work in banks and other financial institutions. And it's recommended that you earn a bachelor's degree. But the majority of your education will come from learning on-the-job. You'll be turning loans down left and right after no time!
Loan processors are the ones who decide if a client is fit for a loan or not. They link customers and financial institutions and facilitate the evaluation of clients' assets and repayment capacities and the approval or decline of their loan requests.
Loan processors work hand in hand with mortgage brokers and loan officers. They manage the paperwork of the candidate and help to submit the documents.
The median yearly salary of a loan processor is $49,352, which is an amount that probably does not accurately reflect the level of stress they have to deal with every day. Keeping up with new regulations, pressing closing dates, constant status update requests are just a few of the things that make this profession challenging.
Mouse over a state to see the number of active loan consultant jobs in each state. The darker areas on the map show where loan consultants earn the highest salaries across all 50 states.
|Rank||State||Number of Jobs||Average Salary|
High School Diploma
Philadelphia, PA • Private
Evanston, IL • Private
Los Angeles, CA • Private
Vestal, NY • Private
Villanova, PA • Private
San Diego, CA • Private
Waltham, MA • Private
Boston, MA • Private
Stony Brook, NY • Private
New York, NY • Private
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 20.7% of loan consultants listed loan applications on their resume, but soft skills such as detail oriented and initiative are important as well.
Zippia allows you to choose from different easy-to-use Loan Consultant templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Loan Consultant resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
After extensive research and analysis, Zippia's data science team found that:
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Some places are better than others when it comes to starting a career as a loan consultant. The best states for people in this position are South Dakota, New Mexico, New York, and Arkansas. Loan consultants make the most in South Dakota with an average salary of $50,978. Whereas in New Mexico and New York, they would average $48,612 and $48,212, respectively. While loan consultants would only make an average of $48,155 in Arkansas, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.
1. South Dakota
|Rank||Company||Average Salary||Hourly Rate||Job Openings|
|6||Caliber Home Loans||$38,778||$18.64||14|
|7||AUTOPAY Direct, Inc.||$38,551||$18.53||8|
|9||JPMorgan Chase & Co.||$36,319||$17.46||30|
|10||First Horizon Bank||$35,746||$17.19||11|