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Loan counselor skills for your resume and career

Updated January 8, 2025
3 min read
Below we've compiled a list of the most critical loan counselor skills. We ranked the top skills for loan counselors based on the percentage of resumes they appeared on. For example, 14.0% of loan counselor resumes contained phone calls as a skill. Continue reading to find out what skills a loan counselor needs to be successful in the workplace.

15 loan counselor skills for your resume and career

1. Phone Calls

Phone calls are a wireless or wired connection made over a telephone or a mobile phone between two people. Two parties are involved in a phone call, the caller and the receiver. A caller dials the number of the one he wants to call, and the recipient hears a bell or a tune to which he picks up the call. The call establishes a connection between them through which they can communicate. The voice is converted into signals and is transmitted through wired or wireless technology.

Here's how loan counselors use phone calls:
  • Generate contact with customers through incoming/outgoing phone calls and correspondence.
  • Served delinquent prime and sub-prime first mortgage and home equity loans through monthly phone calls and letters to bring accounts current.

2. Payment Arrangements

Here's how loan counselors use payment arrangements:
  • Managed portfolio of loans, established contact with customer to obtain payment arrangements Counseled customers maintaining good credit and payment history.
  • Negotiate and formalized repayment arrangements with customers include verifying arrears and formulation terms of repayment to avoid foreclosure.

3. Federal Regulations

Federal regulations refer to the set of rules, both general and permanent that are published in the Federal Register by the agencies of the federal government and the executive departments. Federal regulations are the large body of rules that govern federal practice. Examples of these laws include taxes and financial regulation, discrimination law, wages law, and so on.

Here's how loan counselors use federal regulations:
  • Provided consultation on the student loan consolidation process, including federal regulations, procedures, and eligibility to enhance client knowledge.
  • Audited loan documents according to federal regulations to ensure proper execution.

4. Outbound Collection Calls

Here's how loan counselors use outbound collection calls:
  • Handle inbound and outbound collection calls : Analyze customer's personal and financial help and to help identify the best solution
  • Perform outbound collection calls and field inbound overflow, process deferment/forbearance requests on Private & Federal delinquent student loan accounts.

5. Inbound Calls

Here's how loan counselors use inbound calls:
  • Worked as a Member Services Rep for approximately 5 months and primarily answered inbound calls concerning members of various credit unions.
  • Performed outbound and inbound calls to delinquent borrowers to collect payments on their auto loan or mortgage home loan.

6. FDCPA

Here's how loan counselors use fdcpa:
  • Provide counseling to borrower's while always staying compliant with Federal, State, and FDCPA guidelines.
  • Assist loan counselors to ensure appropriate decisions based on the FDCPA and FCRA regulations.

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7. Foreclosure Process

Here's how loan counselors use foreclosure process:
  • Proposed elimination of mortgagors' foreclosure fees and costs for events outside of foreclosure process to avoid potential servicing violations.
  • Educated customers about the foreclosure process and explained their options after doing a financial analysis.

8. Loss Mitigation Options

Loss mitigation options help borrowers to afford mortgages. State government agencies encourage lenders to use these options. In case a borrower cannot make the mortgage payment, the options reduce adverse effects that would result in foreclosure.

Here's how loan counselors use loss mitigation options:
  • Reduce repossessions by utilizing voluntary surrenders when customers cannot satisfy their contractual obligations or qualify for loss mitigation options.
  • Counseled delinquent homeowners in loss mitigation options for their specific financial situation.

9. Delinquent Accounts

A delinquent account is an account wherein there are many past-due funds.

Here's how loan counselors use delinquent accounts:
  • Manage and prioritize federal student loan accounts and follow-up during appropriate windows to initiate resolution of delinquent accounts.
  • Calculated repayment schedules Processed various requests on individual accounts Resolved delinquent accounts Responded to emails Processed repayment plan requests

10. Extraordinary Customer Service

Here's how loan counselors use extraordinary customer service:
  • Assist customers with troubleshooting online account issues and utilizing online tools that are available while providing extraordinary customer service.
  • Certificate of excellence for extraordinary customer service four years in a row.

11. Delinquent Borrowers

Here's how loan counselors use delinquent borrowers:
  • Analyze and evaluate the financial situation of delinquent borrowers to determine eligibility for assistance in accordance with HUD/VA/PMI regulations and guidelines.
  • Managed accounts of delinquent borrowers including assisting bringing accounts current and also providing alternative assistance solutions.

12. Delinquent Loans

Here's how loan counselors use delinquent loans:
  • Reviewed borrower's loans and placed delinquent loans on extensive successful approved forbearance plans steering customers away from foreclosure.
  • Provided specialized default servicing on pipeline of delinquent loans.

13. Loan Modifications

Here's how loan counselors use loan modifications:
  • Prepared modification applications and review returned documents for completion and accuracy then worked with underwriter to complete the loan modification process.
  • Work with borrower to get loan modifications application initiated and assigned to a customer assistance specialist or short sale specialist.

14. Lieu

Lieu is a word that means in place of, on behalf of, or instead of. That is something that substitutes or replaces another thing. It is used as a synonym for the word "in place of" in a sentence.

Here's how loan counselors use lieu:
  • Educated borrowers on various delinquent loan work out options such as modifications, short sales, and deed in lieu procedures.
  • Minimized risk exposure to the Company with short sales, settlement offers, deed in lieu's, and or modifications.

15. Customer Inquiries

Here's how loan counselors use customer inquiries:
  • Provided accurate and appropriate account information in response to customer inquiries.
  • Researched and analyzed customer inquiries, customer follow-ups and written correspondence.
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List of loan counselor skills to add to your resume

The most important skills for a loan counselor resume and required skills for a loan counselor to have include:

  • Phone Calls
  • Payment Arrangements
  • Federal Regulations
  • Outbound Collection Calls
  • Inbound Calls
  • FDCPA
  • Foreclosure Process
  • Loss Mitigation Options
  • Delinquent Accounts
  • Extraordinary Customer Service
  • Delinquent Borrowers
  • Delinquent Loans
  • Loan Modifications
  • Lieu
  • Customer Inquiries
  • Loan Applications
  • Mortgage Loans
  • FHA
  • Payment Options
  • Student Loan Borrowers
  • Past Due Accounts
  • Billing Inquiries
  • Customer Accounts
  • Student Loan Accounts
  • Mortgage Payments
  • Credit Reports
  • Collection Efforts
  • Address Changes
  • Financial Analysis
  • Status Changes
  • Fannie MAE
  • Loan Agreements
  • Workout Options
  • Interest Rates
  • Default Management
  • Financial Assistance
  • Property Evaluations
  • Investor Guidelines
  • Federal Student Loans
  • HUD
  • FNMA
  • Freddie Mac
  • Cure Delinquency

Updated January 8, 2025

Zippia Research Team
Zippia Team

Editorial Staff

The Zippia Research Team has spent countless hours reviewing resumes, job postings, and government data to determine what goes into getting a job in each phase of life. Professional writers and data scientists comprise the Zippia Research Team.

Updated January 8, 2025

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