What does a Loan Document Specialist do?
Published 4 min read
A loan document specialist is responsible for the preparation and coordination of all loan documentation for commercial loans. This position works closely with loan officers, borrowers, and third-party providers to ensure that all loan documents are accurate and compliant with regulatory guidelines. The loan document specialist must have a thorough understanding of commercial lending products and services, as well as a keen eye for detail.
Loan Document Specialist job duties include:
- Review loan documents for accuracy and completeness
- Prepare loan documents for closing
- Coordinate with borrowers, lenders, and third-party vendors to obtain missing or corrected documentation
- Verify that all loan conditions have been satisfied
- Clear document discrepancies with parties involved in the transaction
- Prepare final loan documents for funding
- Upload loan documentation to loan origination system
- Maintain accurate records of loan documentation
- Retrieve and deliver loan documents as requested
Loan Document Specialist Job Requirements
Loan Document Specialists typically need at least an Associate's degree in a business-related field, although some jobs may require a Bachelor's degree. Many community colleges offer programs that can lead to an Associate's degree in business administration or a related field. Certification is not typically required, although some employers may prefer candidates who have completed a certified program. Loan Document Specialists typically need at least one year of experience working in the financial industry, although some jobs may require more experience.
Loan Document Specialist Skills
- Communication
- Organization
- Time management
- Customer service
- Data entry
- Microsoft Office
- Typing
- 10-key
- Filing
- Scanning
- Multi-tasking
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How to become a Loan Document Specialist
A Loan Document Specialist is responsible for the organization and maintenance of loan documents for a financial institution. They work closely with customers, loan officers, and underwriters to ensure that all documents are accurate and up-to-date. A Loan Document Specialist must be highly organized and detail-oriented, as well as have excellent customer service skills.
To become a Loan Document Specialist, you will need at least a high school diploma or equivalent. However, many employers prefer candidates who have some postsecondary education in business or a related field. You will also need to have strong computer skills, as you will be using various software programs to manage loan documents. Excellent communication and interpersonal skills are also essential, as you will be working closely with customers and other financial professionals.
If you are interested in becoming a Loan Document Specialist, start by researching the educational requirements and job duties associated with this position. Then, look for opportunities to gain experience in the financial industry through internships or entry-level jobs. Once you have the necessary skills and experience, you can begin applying for jobs at banks, credit unions, or other financial institutions.
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