Career and Education Opportunities for Loan Counselors in Sacramento, California
Sacramento, 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. In general, loan counselors provide guidance to prospective loan applicants who have problems qualifying for traditional loans.
Income for loan counselors is about $19 per hour or $39,770 yearly on average in California. Nationally, their income is about $18 hourly or $37,470 per year. Earnings for loan counselors are not quite as good as earnings in the general category of Accounting and Auditing in California and not quite as good as general Accounting and Auditing category earnings nationally. Loan counselors work in a variety of jobs, including: commercial lending vice president, consumer credit counselor, and credit counselor.
There are two schools within twenty-five miles of Sacramento where you can study to be a loan counselor, among forty-two schools of higher education total in the Sacramento area. 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 Sacramento 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 Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
- 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.
- Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
- 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
Cosumnes River College - Sacramento, CA
Cosumnes River College, 8401 Center Parkway, Sacramento, CA 95823-5799. Cosumnes River College is a large college located in Sacramento, California. It is a public school with primarily 2-year programs and has 14,518 students. Cosumnes River College has an associate's degree program in Banking and Financial Support Services.
San Joaquin Delta College - Stockton, CA
San Joaquin Delta College, 5151 Pacific Ave, Stockton, CA 95207. San Joaquin Delta College is a large college located in Stockton, California. It is a public school with primarily 2-year programs and has 20,480 students. San Joaquin Delta 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: Sacramento, California
Sacramento is located in Sacramento County, California. It has a population of over 463,794, which has grown by 13.9% in the past ten years. The cost of living index in Sacramento, 93, is below the national average. New single-family homes in Sacramento are valued at $185,300 on average, which is far less than the state average. In 2008, nine hundred thirty-four new homes were constructed in Sacramento, down from 1,337 the previous year.
The top three industries for women in Sacramento are health care, educational services, and public administration. For men, it is construction, public administration, and accommodation and food services. The average travel time to work is about 23 minutes. More than 23.9% of Sacramento residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 8.4%, is lower than the state average.
The unemployment rate in Sacramento is 14.7%, which is greater than California's average of 12.3%.
The percentage of Sacramento residents that are affiliated with a religious congregation, 36.9%, is less than both the national and state average. Pearly Gate Missionary Baptist Church, Peace Lutheran Church and Parkview Presbyterian Church are among the churches located in Sacramento. The most prominent religious groups are the Catholic Church, the LDS (Mormon) Church and the Assemblies of God.
Sacramento is home to the Southern Pacific Shops and the Bing Maloney Golf Course as well as Alkali Flat North Historic District and Silva Field. Shopping centers in the area include Farmers Center Shopping Center, Florin Square Shopping Center and Franklin and Florin Shopping Center. Visitors to Sacramento can choose from Best Western Sutter House, Best for Less Motel-Cababa Lodge and AAA Residence Inn for temporary stays in the area.