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What does a Loan Consultant do?

Photo of Brenna Goyette
Brenna Goyette
Certified Professional Resume Writer, Career Expert

Published 3 min read

Loan consultants typically work in the financial industry and help individuals or businesses secure loans. They may work for banks, credit unions, or other financial institutions. Loan consultants typically have a bachelor's degree in finance or a related field.

Loan Consultant job duties include:

  • Act as a liaison between potential borrowers and lending institutions
  • Advise borrowers on the best type of loan for their needs
  • Analyze financial information to determine creditworthiness
  • Calculate monthly loan payments and interest rates
  • Collect and document loan application information
  • Coordinate loan closings with all parties involved
  • Counsel borrowers on financial planning and money management
  • Explain the terms and conditions of various types of loans
  • Obtain necessary documentation from borrowers to process loans

Loan Consultant Job Requirements

A Loan Consultant typically needs at least a bachelor's degree in a finance-related field, although some employers may prefer or require a master's degree. Certification from the Mortgage Bankers Association (MBA) is also often required or preferred. Loan Consultants typically need several years of experience working in the mortgage industry before being promoted to a consultant role.

Loan Consultant Skills

  • Analytical skills
  • Profit and loss analysis
  • Financial analysis
  • Finance
  • Asset management
  • Real estate
  • Loan Origination
  • Loan Servicing
  • Mortgage Banking
  • Mortgage Lending
  • Commercial Lending
  • Consumer Lending

Related: Top Loan Consultant Skills: Definition and Examples

How to become a Loan Consultant

A loan consultant is a professional who helps people obtain loans. Loan consultants typically work for banks or other financial institutions, but some may also work independently. To become a loan consultant, you will need to have experience in the financial industry and knowledge of loan products and processes. You will also need to be able to effectively communicate with potential borrowers and understand their needs.

Related: Loan Consultant Resume Example

Related: Loan Consultant Interview Questions (With Example Answers)

Editorial staff

Photo of Brenna Goyette, Editor

Editor

Brenna Goyette

Expert Verified

Brenna is a certified professional resume writer, career expert, and the content manager of the ResumeCat team. She has a background in corporate recruiting and human resources and has been writing resumes for over 10 years. Brenna has experience in recruiting for tech, finance, and marketing roles and has a passion for helping people find their dream jobs. She creates expert resources to help job seekers write the best resumes and cover letters, land the job, and succeed in the workplace.

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