Loan Consultant Job Description
If you are interested in finance and you love to help people in matters of money, then you can take up a career as a loan consultant.
The loan consultant responsibilities need to be handled effectively by helping out the needy clients by arranging loans for them, and it is definitely one of the most lucrative careers to look forward to.
By interacting with people, you will be in a better position to find the borrowers more easily and help them out in getting their loans cleared. The loan consultant may be involved in home loan, mortgage loan, etc., and the duties and responsibilities will vary depending on the type of organization he/she is working in.
Key Responsibilities Of Loan Consultant
A loan consultant is usually associated with the finance institutions and organizations where he/she acts as a middle person between the borrower and the lender.
He/she helps the clients in understanding all the procedures involved in the loan process, the way an application form should be filled, the terms and conditions involved in the process and various other factors and ensures that no question from the client is left unanswered.
He/she may either assist the client in home, business, mortgage, consumer, commercial loans, etc. If you go through the points mentioned below, you will be in a better position to understand the core responsibilities of the loan consultant that need to be handled by him/her in any organization.
Let us review the duties handled by a consumer loan consultant:
- To interview the prospective clients, to determine the needs of the consumer and to get details about the information pertinent to the loan application
- To gather the financial details of the client and to suggest him/her with the accurate loan product that suits his/her requirements
- To request all the information that may be necessary for the evaluation of the loan application like the credit reports
- To inform the client about the credit decision that has been made by the processor and provide details regarding the steps that need to be followed further and conditions that are essential to close the loan
- To provide knowledge to the clients regarding how the credit quality can be improved in case a loan needs to be approved in the near future by the lender
- To ensure data integrity in the system by entering accurate data into the system and making sure that the loan agreements are complete and accurate
- The loan consultant also promotes and markets the other products and services of the organization that would best suit the needs of the customer.
- He/she may also work in conjunction with the other branches to ensure that all the loan proposals are closed properly and to provide the much needed support to achieve the goals of the organization.
- They also make efforts to retain the customers who have requested to cancel their loans or have requested payoffs.
- They provide the crucial information of the clients and the pertinent data to support the marketing and sales activities.
- They are responsible for completing the approval sheet and forwarding it to the card services. The mortgage loan consultant also works on similar lines.
- They are responsible for collecting the financial and personal information of the client and reviews his/her previous financial records and history to determine how much loan amount can be alloted to him/her and whether he/she will be able to pay it back.
- He/she makes the best efforts to ensure that the client get the loan amount he/she is wishing to have and at an affordable interest rate.
Thus, he/she needs to handle a wide range of duties.
Essential Skills
- The person wishing to make a career as a loan consultant should have in depth knowledge of the financial field and should be well aware of the financial market and trends.
- He/she should be able to work within the working rules and regulations of the organization and should have excellent communication skills.
- He/she should be able to work in a target driven work environment and should have good problem solving and analytical skills.
- Proficiency in mathematical skills with high degree of accuracy, excellent organization skills, ability to work independently as well as in a team, multi tasking, and the ability to work within changing work responsibilities are some of the other required skills to ensure better success.
Educational Requirements
The minimum qualification required to make an entry in this field is that the individual should have completed at least a bachelor's degree from an accredited university or college in business, finance, economics, or any other relevant field. However, some employers may prefer to hire the individuals who have completed a high school diploma as well.
Work Schedule
The normal schedule of a loan consultant requires him/her to work for eight to nine hours a day and may occasionally need to extend his/her work schedule depending on the workload.
Salary Details
According to one of the surveys done recently, the average remuneration offered for a loan consultant is in the range close to $98,000. This salary may differ with the location, size, and type of the organization he/she is employed in. The educational background, skills and experience are also some of the key factors responsible for determining the final salary amount.
Career Prospects
If a particular individual is able to carry out his/her duties and responsibilities well, there is no stopping and his/her career will surely rise to higher managerial positions.
Thus, if you want your career to reach greater heights, then the loan consultant responsibilities must be carried out professionally, thus ensuring a lucrative career ahead.
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