Loan Counselors Job Description video

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Financial institutions “rent” money in the form of loans. If they don’t make any loans, they don’t make any profit. That makes loan officers very important employees, because they’re the ones who work with customers to assemble and analyze the information needed to determine how much someone can borrow. There are set financial formulas, to be sure. But loan officers who specialize in “commercial” lending, or loans to businesses, must also know a lot about the businesses their customers are in. On the other hand, loan officers who specialize in home mortgage loans must be very familiar with the local real estate market. Regardless of their specialties, all loan officers must also have a good “people sense.” That’s also true of loan counselors, the men and women who step in when a loan is in trouble. No bank wants to re-possess a car or foreclose on a house. So loan counselors help people who are having difficulty making payments develop a repayment plan they can live comfortably with. Loan officers and loan counselors deal with money. But they also help make things happen for people, and that can be very satisfying.

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