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Career and Education Opportunities for Loan Counselors in Cary, North Carolina

For those living in the Cary, North Carolina area, there are many career and education opportunities for loan counselors. Currently, 810 people work as loan counselors in North Carolina. This is expected to grow by 8% to 870 people by 2016. This is not quite as good as the nation as a whole, where employment opportunities for loan counselors are expected to grow by about 16.3%. Loan counselors generally provide guidance to prospective loan applicants who have problems qualifying for traditional loans.

Loan counselors earn about $15 per hour or $32,090 per year on average in North Carolina and about $18 hourly or $37,470 per year on average nationally. Compared with people working in the overall category of Accounting and Auditing, people working as loan counselors in North Carolina earn less. They earn less than people working in the overall category of Accounting and Auditing nationally. Loan counselors work in a variety of jobs, including: commercial lending vice president, lending services manager, and financial aid officer.

There are twenty-seven schools of higher education in the Cary area, including one within twenty-five miles of Cary where you can get a degree to start your career as a loan counselor. The most common level of education for loan counselors is a Bachelor's degree. It will take about four years to learn to be a loan counselor if you already have a high school diploma.

CAREER DESCRIPTION: Loan Counselor

Loan Counselor video from the State of New Jersey Dept. of Labor and Workforce Development

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 Cary 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.
  • 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.
  • Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
  • Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Loan Counselor Training

Campbell University Inc - Buies Creek, NC

Campbell University Inc, 450 Leslie Campbell Ave, Buies Creek, NC 27506. Campbell University Inc is a medium sized university located in Buies Creek, North Carolina. It is a private not-for-profit school with primarily 4-year or above programs. It has 6,075 students and an admission rate of 60%. Campbell University Inc has a master's degree program in Finance and Financial Management Services, Other Specialties which graduated eleven students in 2008.

CERTIFICATIONS

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: Cary, North Carolina

Cary, North Carolina
Cary, North Carolina photo by Erich_Fabricius

Cary is situated in Wake County, North Carolina. It has a population of over 129,545, which has grown by 37.0% in the past ten years. The cost of living index in Cary, 86, is well below the national average. New single-family homes in Cary are priced at $204,400 on average, which is well above the state average. In 2008, 1,313 new homes were built in Cary, down from 2,326 the previous year.

The three big industries for women in Cary are professional, scientific, and technical services, educational services, and health care. For men, it is professional, scientific, and technical services, computer and electronic products, and construction. The average commute to work is about 23 minutes. More than 60.7% of Cary residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 23.0%, is higher than the state average.

The unemployment rate in Cary is 6.2%, which is less than North Carolina's average of 10.6%.

The percentage of Cary residents that are affiliated with a religious congregation, 43.8%, is less than both the national and state average. The largest religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.

Cary is home to Hemlock Bluffs State Natural Area and Regency Park. Visitors to Cary can choose from Hampton Inn Cary, Embassy Suites Hotel Raleigh-Durham and Hampton Inn & Suites for temporary stays in the area.