Career and Education Opportunities for Loan Counselors in Ontario, California
Ontario, California provides a wide variety of opportunities, both career and educational, for loan counselors. The national trend for loan counselors sees this job pool growing by about 16.3% over the next eight years. Loan counselors generally provide guidance to prospective loan applicants who have problems qualifying for traditional loans.
Loan counselors earn about $19 hourly or $39,770 per year on average in California and about $18 per hour or $37,470 yearly on average nationally. Incomes for loan counselors are not quite as good as in the overall category of Accounting and Auditing in California, and not quite as good as the overall Accounting and Auditing category nationally. Loan counselors work in a variety of jobs, including: financial assistance advisor, financial aid officer, and consumer credit counselor.
The Ontario area is home to twenty-two schools of higher education, including one within twenty-five miles of Ontario where you can get a degree as a loan counselor. Given that the most common education level for loan counselors is a Bachelor's degree, you can expect to spend about four years studying to be a loan counselor if you already have a high school diploma.
CAREER DESCRIPTION: Loan Counselor
In general, loan counselors provide guidance to prospective loan applicants who have problems qualifying for traditional loans. They also guidance may include determining the best type of loan and explaining loan requirements or restrictions.
Loan counselors interview applicants and request specified data for loan applications. They also contact applicants or creditors to deal with questions about applications or to help with completion of paperwork. Equally important, loan counselors have to check loan agreements to insure that they are complete and accurate, in line with policies. They are often called upon to maintain and review account records, updating and recategorizing them in line with status changes. They are expected to analyze applicants' financial status and property evaluations to establish feasibility of granting loans. Finally, loan counselors submit applications to credit analysts for verification and recommendation.
Every day, loan counselors are expected to be able to see details at a very fine level of focus. They need to listen to and understand others in meetings. It is also important that they speak clearly.
It is important for loan counselors to supervise loan personnel. They are often called upon to calculate amount of debt and funds available to develop methods of payoff and to estimate time for debt liquidation. They also maintain current knowledge of credit regulations. They are sometimes expected to inspect billing for accuracy. Somewhat less frequently, loan counselors are also expected to supervise loan personnel.
Loan counselors sometimes are asked to inspect accounts to establish write-offs for collection agencies. and match students' needs and eligibility with available financial aid programs to furnish informed recommendations. And finally, they sometimes have to compare data on student aid applications with eligibility requirements of assistance programs.
Like many other jobs, loan counselors must have exceptional integrity and be able to deal with stress and deal with situations calmly.
Similar jobs with educational opportunities in Ontario include:
- Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
- Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
- Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
- Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
- Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
- Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
- Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
- Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
- Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.
EDUCATIONAL OPPORTUNITIES: Loan Counselor Training
Chaffey College - Rancho Cucamonga, CA
Chaffey College, 5885 Haven Ave, Rancho Cucamonga, CA 91737-3002. Chaffey College is a large college located in Rancho Cucamonga, California. It is a public school with primarily 2-year programs and has 20,486 students. Chaffey College has a two to four year program in Banking and Financial Support Services.
Certified Personal Banker: Applicable to financial services professionals who have completed the AIB Personal Banking Diploma and who function as personal bankers.
For more information, see the Institute of Certified Bankers website.
Certified Investment Management Analyst: The CIMA offers an intense educational experience focusing on asset allocation, manager search and selection, investment policy and performance measurement.
For more information, see the Investment Management Consultants Association website.
LOCATION INFORMATION: Ontario, California
Ontario is situated in San Bernardino County, California. It has a population of over 171,691, which has grown by 8.7% over the last ten years. The cost of living index in Ontario, 127, is far greater than the national average. New single-family homes in Ontario are priced at $164,100 on average, which is far less than the state average. In 2008, eight new homes were constructed in Ontario, down from three hundred seven the previous year.
The three most popular industries for women in Ontario are health care, educational services, and accommodation and food services. For men, it is construction, administrative and support and waste management services, and accommodation and food services. The average commute to work is about 31 minutes. More than 10.5% of Ontario residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 2.7%, is lower than the state average.
The unemployment rate in Ontario is 14.9%, which is greater than California's average of 12.3%.
The percentage of Ontario residents that are affiliated with a religious congregation, 42.0%, is less than both the national and state average. Kingdom Hall of Jehovahs Witnesses, Country Church of Ontario and Grace Missionary Baptist Church are all churches located in Ontario. The most prominent religious groups are the Catholic Church, the Southern Baptist Convention and the LDS (Mormon) Church.
Ontario is home to the Ontario Motor Speedway and the West End Multi-Service Center as well as Del Rancho Park and Unity Park. Shopping malls in the area include Galvin Park Shopping Center, Vineyard Freeway Shopping Center and Ontario Vineyard Marketplace Shopping Center. Visitors to Ontario can choose from Best Western Ontario, Best Western Ontario Airport and Amerisuites Ontario Mills for temporary stays in the area.