Industries & Professions /
Loan Officers and Counselors
Loan officers help individuals or businesses secure loans from financial institutions. They screen potential clients and assist them in the paperwork needed to apply for a loan. Loan officers gather personal and credit information, and use this information to gauge the chance of loan repayment. They may specialize in commercial, consumer, or mortgage loans. Loan counselors provide guidance to those individuals or businesses that have qualification problems. In such cases, they may suggest appropriate loans and explain any special requirements or restrictions. Loan officers and counselors may work for banks, mortgage companies, or credit unions. In some institutions, loan officers and counselors may have interchangeable duties. There are approximately 138,800 loan officers and counselors employed in the United States.