What does a Loan Administrator do?
Published 3 min read
A loan administrator is responsible for the administration of loan portfolios, including the disbursement of funds, management of repayments, and maintenance of records. They may also be responsible for the development and implementation of loan servicing plans, as well as the supervision of loan servicing staff.
Loan Administrator job duties include:
- Review loan applications and supporting documentation
- Verify accuracy of loan application information
- Obtain any additional required information or documentation
- Calculate income and debt ratios
- Analyze credit reports
- Determine eligibility for government programs
- Prepare loan approval documents
- Forward approved loan applications to underwriting department
- Schedule and coordinate loan closings
- Maintain updated records of loan status
Loan Administrator Job Requirements
A loan administrator typically needs at least a bachelor's degree in finance, accounting, or a related field. Certification is not required, but it may give an applicant an edge over other candidates. Loan administrators typically have several years of experience working in the financial industry. They should be able to analyze financial statements and have a strong understanding of financial regulations.
Loan Administrator Skills
- Communication
- Time management
- Organizational
- Customer service
- Interpersonal
- Math
- Microsoft Office
- Data entry
- 10-key
- Research
- Typing
Related: Top Loan Administrator Skills: Definition and Examples
How to become a Loan Administrator
There are many Loan Administrators in the financial industry today. They play an important role in the processing of loans and ensuring that they are properly disbursed. A Loan Administrator typically works for a bank, credit union, or other financial institution.
The first step to becoming a Loan Administrator is to obtain a degree in business or a related field. Many Loan Administrators also have experience working in customer service or sales. It is important to have strong communication and interpersonal skills when working with customers and clients.
Once you have obtained a degree and gained some experience, you can then apply for jobs at banks or other financial institutions. Most Loan Administrators start out in entry-level positions and then move up the ladder as they gain experience.
If you are interested in becoming a Loan Administrator, it is important to be detail oriented and have strong organizational skills. You must also be able to work well under pressure and meet deadlines.
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