Career and Education Opportunities for Loan Counselors in Chesapeake, Virginia
There is a wide variety of career and education opportunities for loan counselors in the Chesapeake, Virginia area. 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.
A person working as a loan counselor can expect to earn about $19 hourly or $40,890 annually on average in Virginia and about $18 per hour or $37,470 per year on average in the U.S. as a whole. Loan counselors earn less than people working in the category of Accounting and Auditing generally in Virginia and less than people in the Accounting and Auditing category nationally. Loan counselors work in a variety of jobs, including: finance manager, consumer credit counselor, and commercial lending vice president.
The Chesapeake area is home to thirty-six schools of higher education, including one within twenty-five miles of Chesapeake 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
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 Chesapeake 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
Hampton University - Hampton, VA
Hampton University, , Hampton, VA 23668-0099. Hampton University is a medium sized university located in Hampton, Virginia. It is a private not-for-profit school with primarily 4-year or above programs and has an admission rate of 45%. Hampton University has a bachelor's degree 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: Chesapeake, Virginia
Chesapeake is located in Chesapeake City County, Virginia. It has a population of over 220,111, which has grown by 10.5% in the past ten years. The cost of living index in Chesapeake, 87, is well below the national average. New single-family homes in Chesapeake are priced at $160,000 on average, which is well above the state average. In 2008, five hundred eighty-nine new homes were constructed in Chesapeake, down from seven hundred fifty-eight the previous year.
The three most popular industries for women in Chesapeake are educational services, health care, and public administration. For men, it is construction, public administration, and transportation equipment. The average travel time to work is about 25 minutes. More than 24.7% of Chesapeake residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 8.8%, is lower than the state average.
The unemployment rate in Chesapeake is 6.1%, which is less than Virginia's average of 6.4%.
Pleasant Grove Church, Refuge Mission Church and Saint Andrews Church are among the churches located in Chesapeake.
Chesapeake is home to the Jacks Camp and the Portlock Yard as well as Cascade Park and Ford Park. Shopping malls in the area include Great Bridge Shopping Center, Greenbrier Mall Shopping Center and Poplar Hill Plaza Shopping Center. Visitors to Chesapeake can choose from Courtyard By Marriott, Chesapeake Travelodge Motel and Comfort Inn Bowers Hill for temporary stays in the area.