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Career and Education Opportunities for Loan Counselors in Lewisville, Texas

Lewisville, Texas provides a wide variety of opportunities, both career and educational, for loan counselors. Currently, 3,870 people work as loan counselors in Texas. This is expected to grow by 12% to 4,330 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 approximately $15 hourly or $32,710 annually on average in Texas. Nationally they average about $18 per hour or $37,470 annually. Incomes for loan counselors are not quite as good as in the overall category of Accounting and Auditing in Texas, and not quite as good as the overall Accounting and Auditing category nationally. Loan counselors work in a variety of jobs, including: credit counselor, loan consultant, and loan officer.

The Lewisville area is home to eighty-eight schools of higher education, including six within twenty-five miles of Lewisville where you can get a degree as a loan counselor. Loan counselors usually hold a Bachelor's degree, so you can expect to spend about four years training to become 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 Lewisville 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.
  • 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.
  • 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

The University of Texas at Arlington - Arlington, TX

The University of Texas at Arlington, 701 S. Nedderman Dr., Arlington, TX 76013. The University of Texas at Arlington is a large university located in Arlington, Texas. It is a public school with primarily 4-year or above programs. It has 25,070 students and an admission rate of 56%. The University of Texas at Arlington has a bachelor's degree and a doctor's degree program in Banking and Financial Support Services which graduated 210 and five students respectively in 2008.

University of Dallas - Irving, TX

University of Dallas, 1845 E Northgate Drive, Irving, TX 75062-4736. University of Dallas is a small university located in Irving, Texas. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,977 students and an admission rate of 91%. University of Dallas has a master's degree program in Finance and Financial Management Services, Other Specialties which graduated one student in 2008.

Northwood University - Cedar Hill, TX

Northwood University, 1114 W FM 1382, Cedar Hill, TX 75104-1204. Northwood University is a small university located in Cedar Hill, Texas. It is a private not-for-profit school with primarily 4-year or above programs. It has 864 students and an admission rate of 55%. Northwood University has an associate's degree and a bachelor's degree program in Banking and Financial Support Services which graduated five and six students respectively in 2008.

University of North Texas - Denton, TX

University of North Texas, Chestnut Ave., Denton, TX 76203-1277. University of North Texas is a large university located in Denton, Texas. It is a public school with primarily 4-year or above programs. It has 34,795 students and an admission rate of 64%. University of North Texas has bachelor's degree, master's degree, and doctor's degree programs in Banking and Financial Support Services which graduated one, thirty-one, and two students respectively in 2008.

Southern Methodist University - Dallas, TX

Southern Methodist University, 6425 Boaz St, Dallas, TX 75275-0221. Southern Methodist University is a large university located in Dallas, Texas. It is a private not-for-profit school with primarily 4-year or above programs. It has 10,965 students and an admission rate of 50%. Southern Methodist University has a bachelor's degree and a master's degree program in Finance and Financial Management Services, Other Specialties.

North Lake College - Irving, TX

North Lake College, 5001 N MacArthur Blvd, Irving, TX 75038-3899. North Lake College is a large college located in Irving, Texas. It is a public school with primarily 2-year programs and has 10,174 students. North Lake College has a one to two year and an associate's degree program in Banking and Financial Support Services which graduated two and five students respectively 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: Lewisville, Texas

Lewisville, Texas
Lewisville, Texas photo by U

Lewisville is situated in Denton County, Texas. It has a population of over 101,624, which has grown by 30.7% in the past ten years. The cost of living index in Lewisville, 91, is below the national average. New single-family homes in Lewisville cost $140,300 on average, which is well below the state average. In 2008, one hundred seventy-three new homes were built in Lewisville, down from three hundred thirty-seven the previous year.

The top three industries for women in Lewisville are educational services, health care, and professional, scientific, and technical services. For men, it is construction, professional, scientific, and technical services, and accommodation and food services. The average commute to work is about 27 minutes. More than 32.4% of Lewisville residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 7.1%, is lower than the state average.

The unemployment rate in Lewisville is 6.7%, which is less than Texas's average of 8.1%.

The percentage of Lewisville residents that are affiliated with a religious congregation, 34.5%, is less than both the national and state average. Pentecostal Church of God, Cedar Crest Community Church and Prince of Peace Evangelical Lutheran Church are some of the churches located in Lewisville. The most common religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.

Lewisville is home to Woods Park and East Hill Park. Visitors to Lewisville can choose from Accommodation Now, Best Western Inn & Suites and Baymont Inn & Suites for temporary stays in the area.