What does a loan counselor do?
Loan counselor responsibilities
Here are examples of responsibilities from real loan counselor resumes:
- Manage portfolio of GSE assets that are actively pursuing liquidation or retention options to cure default.
- Experience in SBA underwriting that has produce SBA loan approval.
- Perform account reviews to ensure associates perform logical progressions of collection efforts and maintain FDCPA guidelines.
- Provide early delinquency counseling to CalHFA customers who have conventional or FHA type of loans.
- Exercise servicing standards put in place by the FHA, VA, USDA and other private labels.
- Resolve accounts using effective negotiating tools and appropriate system documentation in accordance with FDCPA and company's guidelines.
- Educate borrowers on various delinquent loan work out options such as modifications, short sales, and deed in lieu procedures.
- Solicit HAMP modification package and advise of options as an alternative to foreclosure such as short sale and deed in lieu.
- Pull origination documents and copy when request from specific departments.
- Contact Conventional/FHA/and VA mortgage holders regarding refinancing their home loans.
- Research potential customers and provide them with loan consolidation and origination recommendations.
- Coordinate post foreclosure sale activity including deed/title transfers, property preservation and delivering marketable title to the REO department.
- Involve in all areas of administration regarding processing of FHA/VA, conventional loans and refinances.
- Work directly with FNMA to determine appropriate action for customers.
- Work with FNMA loans specifically, knowledge of other loans as needed.
Loan counselor skills and personality traits
We calculated that 14% of Loan Counselors are proficient in Phone Calls, Payment Arrangements, and Federal Regulations. They’re also known for soft skills such as Detail oriented, Initiative, and Interpersonal skills.
We break down the percentage of Loan Counselors that have these skills listed on their resume here:
- Phone Calls, 14%
Generate contact with customers through incoming/outgoing phone calls and correspondence.
- Payment Arrangements, 12%
Managed portfolio of loans, established contact with customer to obtain payment arrangements Counseled customers maintaining good credit and payment history.
- Federal Regulations, 8%
Provided consultation on the student loan consolidation process, including federal regulations, procedures, and eligibility to enhance client knowledge.
- Outbound Collection Calls, 6%
Handle inbound and outbound collection calls : Analyze customer's personal and financial help and to help identify the best solution
- Inbound Calls, 6%
Worked as a Member Services Rep for approximately 5 months and primarily answered inbound calls concerning members of various credit unions.
- FDCPA, 4%
Provide counseling to borrower's while always staying compliant with Federal, State, and FDCPA guidelines.
Most loan counselors use their skills in "phone calls," "payment arrangements," and "federal regulations" to do their jobs. You can find more detail on essential loan counselor responsibilities here:
Detail oriented. One of the key soft skills for a loan counselor to have is detail oriented. You can see how this relates to what loan counselors do because "information on an application affects the potential profitability of a loan, so loan officers must pay attention to details." Additionally, a loan counselor resume shows how loan counselors use detail oriented: "handled inbound and outbound calls on mortgage loans.obtained detailed financial information to determine the best payment arrangement. "
Initiative. Many loan counselor duties rely on initiative. "loan officers may act as salespeople in promoting their lending institution, so they must contact people and businesses to determine their need for a loan.," so a loan counselor will need this skill often in their role. This resume example is just one of many ways loan counselor responsibilities rely on initiative: "performed early collection initiatives on first and second mortgages for delinquent accounts of more. "
Interpersonal skills. loan counselors are also known for interpersonal skills, which are critical to their duties. You can see how this skill relates to loan counselor responsibilities, because "loan officers must be able to guide customers through the application process and answer their questions." A loan counselor resume example shows how interpersonal skills is used in the workplace: "received and made phone calls with consistent professional interpersonal communication skills regardless of the volume of work or nature of call. "
The three companies that hire the most loan counselors are:
- Genuent
9 loan counselors jobs
- Pace Inc2 loan counselors jobs
- Kforce1 loan counselors jobs
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Compare different loan counselors
Loan counselor vs. Farm mortgage agent
A finance aid officer helps students get financial aid. They procure scholarships and loan applications and help students to fill them out. They may also help students find employment on- or off-campus, assist students in finding grants for educational funding, or provide money-management advice. Some finance aid officers help medical personnel get insurance information.
There are some key differences in the responsibilities of each position. For example, loan counselor responsibilities require skills like "phone calls," "payment arrangements," "federal regulations," and "outbound collection calls." Meanwhile a typical farm mortgage agent has skills in areas such as "real estate," "mortgage products," "outbound calls," and "loan process." This difference in skills reveals the differences in what each career does.
On average, farm mortgage agents reach similar levels of education than loan counselors. Farm mortgage agents are 3.2% more likely to earn a Master's Degree and 0.4% less likely to graduate with a Doctoral Degree.Loan counselor vs. Finance aid officer
A finance aid advisor specializes in helping clients, mostly students and parents, understand financial aid programs available in learning institutions. They primarily provide advice, such as which programs will suit the students' needs, their requirements, or how the procedures will be. To carry out their duties, a finance aid advisor must conduct interviews with students, assess their background information and financial histories, respond to inquiries and concerns, review financial aid requests, perform extensive research and analysis, and coordinate different services while adhering to the institutions' policies and regulations.
In addition to the difference in salary, there are some other key differences worth noting. For example, loan counselor responsibilities are more likely to require skills like "phone calls," "payment arrangements," "outbound collection calls," and "inbound calls." Meanwhile, a finance aid officer has duties that require skills in areas such as "financial aid," "customer service," "fafsa," and "title iv." These differences highlight just how different the day-to-day in each role looks.
Finance aid officers earn a lower average salary than loan counselors. But finance aid officers earn the highest pay in the non profits industry, with an average salary of $41,611. Additionally, loan counselors earn the highest salaries in the finance with average pay of $49,414 annually.In general, finance aid officers achieve higher levels of education than loan counselors. They're 7.7% more likely to obtain a Master's Degree while being 0.4% less likely to earn a Doctoral Degree.What technology do you think will become more important and prevalent for loan counselors in the next 3-5 years?
Lesley Casarez Ph.D.
Director, Quality Enhancement Plan Program Coordinator, M.S. Professional School Counseling Associate Professor, Curriculum and Instruction, Angelo State University
Loan counselor vs. Finance aid advisor
Students are granted educational aid with the help of a finance aid coordinator. A finance aid coordinator's responsibilities include assisting students in filling application forms, following up missing documents, delivering documents, and maintaining data security. They update students on their application's status, coordinate with students, and provide financial advice.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from loan counselor resumes include skills like "phone calls," "payment arrangements," "outbound collection calls," and "fdcpa," whereas a finance aid advisor is more likely to list skills in "financial aid," "customer service," "fafsa," and "financial aid programs. "
Finance aid advisors earn the best pay in the education industry, where they command an average salary of $38,318. Loan counselors earn the highest pay from the finance industry, with an average salary of $49,414.When it comes to education, finance aid advisors tend to earn higher degree levels compared to loan counselors. In fact, they're 5.4% more likely to earn a Master's Degree, and 0.1% more likely to graduate with a Doctoral Degree.Loan counselor vs. Finance aid coordinator
Even though a few skill sets overlap between loan counselors and finance aid coordinators, there are some differences that are important to note. For one, a loan counselor might have more use for skills like "phone calls," "payment arrangements," "outbound collection calls," and "inbound calls." Meanwhile, some responsibilities of finance aid coordinators require skills like "financial aid programs," "fafsa," "work-study," and "financial aid. "
Finance aid coordinators enjoy the best pay in the education industry, with an average salary of $39,074. For comparison, loan counselors earn the highest salary in the finance industry.In general, finance aid coordinators hold higher degree levels compared to loan counselors. Finance aid coordinators are 11.0% more likely to earn their Master's Degree and 0.8% more likely to graduate with a Doctoral Degree.Types of loan counselor
Updated January 8, 2025
