What does a Loan Coordinator do?
Published 3 min read
A loan coordinator is responsible for the organization and coordination of all aspects of the loan process. This includes working with borrowers, lenders, and other financial institutions to ensure that loans are processed efficiently and in a timely manner. The loan coordinator must have excellent communication and organizational skills in order to be successful in this role.
Loan Coordinator job duties include:
- Research and compile data related to loan applications
- Verify accuracy of loan application information
- Prepare loan documents for approval
- Forward loan documents to appropriate parties for signatures
- Track status of loan applications and coordinate communication between parties
- Follow up with applicants to obtain missing information or documentation
- Schedule and attend loan closing appointments
- Prepare post-closing documentation and ship loan files to investors
- Update loan status in internal databases
- Perform quality control checks on completed loans
Loan Coordinator Job Requirements
Loan coordinators typically need at least a bachelor's degree in finance, accounting, business administration, or a related field. Some employers may prefer candidates who have a master's degree or certification in financial management. Loan coordinators also need several years of experience working in loan processing, underwriting, or a related field. Strong analytical, math, and customer service skills are essential for this job.
Loan Coordinator Skills
- Organizational skills
- Time management skills
- Communication skills
- Research skills
- Writing skills
- Interpersonal skills
- Critical thinking skills
- Problem-solving skills
- Detail oriented
- Multitasking
- Loan processing
- Mortgage loan processing
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How to become a Loan Coordinator
A loan coordinator is responsible for the coordination and management of loan applications. They work with borrowers to collect financial information and documentation, as well as coordinate the submission of loan applications to lenders. Loan coordinators also track the status of loan applications and communicate with borrowers throughout the process.
To become a loan coordinator, you will need at least a high school diploma or equivalent. However, many employers prefer candidates who have some postsecondary education, such as an associate’s degree or certificate in business administration or a related field. You will also need strong communication and interpersonal skills, as well as experience working with computers and software programs used in loan processing.
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