What does a Loan Specialist do?
A loan specialist is in charge of processing loans to make transactions easier for the clients. They usually work in banks, lending firms, and other financial institutions. One of their primary responsibilities is to guide clients to understand what program works best for them, assist in filling out forms, gathering requirements, and verifying authenticity. There are also instances where a loan specialist must discern whether a client can uphold financial obligations using the information collected. Furthermore, it is also their responsibility to produce and submit reports to creditors or lenders.
Loan specialist responsibilities
Here are examples of responsibilities from real loan specialist resumes:
- Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
- Follow FHA investor guidelines regarding requirements necessary for opening file.
- Order new and replacement ATM and debit cards.
- Prepare loan documentation for lines of credit, letters of credit, automobile loans, and UCC secure loans.
- Order various loan documentation and searches to include title, flood, UCC, insurance, regulatory language, property insurance.
- Perform notary services for customers.
- Enter data in FHA connection website and electronically submit insured applications.
- Prepare closing instructions and review required loan documentation and HUD-1 for accuracy.
- Execute preparation and completion of closing/funding screens in loan origination system, and produce closing packages.
- Evaluate communications from FC counsel relate to disputes, contest foreclosure actions or pending litigation and rout per guidelines.
- Process residential and business disaster loan application by applying SBA guideline standards, utilizing financial and credit analysis techniques.
- Communicate and negotiate effectively with various local and national escrow offices to provide and obtain accurate loan closing cost statements.
- Streamline processes for loan servicing activities relate to residential and commercial insurance coverage, as well as yearly escrow analysis.
- Review loan files, facilitate and verify loss mitigation application request, determine eligibility for clients requesting foreclosure financial assistance.
- Register loans on the origination system and maintain system accuracy, issue proper disclosures as required by federal regulatory compliance.
Loan specialist skills and personality traits
We calculated that 29% of Loan Specialists are proficient in Loan Applications, Customer Service, and Financial Statements. They’re also known for soft skills such as Communication skills, Math skills, and Organizational skills.
We break down the percentage of Loan Specialists that have these skills listed on their resume here:
- Loan Applications, 29%
Evaluated, approved or denied residential and business disaster loan applications based on regulatory standards and acceptable financial and credit analysis.
- Customer Service, 14%
Delivered quality customer service by researching and responding to all internal and external client inquiries quickly, efficiently and professionally.
- Financial Statements, 10%
Analyzed financial statements and credit information for borrowers; monitored and ensured compliance guidelines and verified agreement terms were met.
- Outbound Calls, 3%
Performed outbound calls in efforts to obtain required supporting documentation needed to satisfy loan conditions.
- Credit Reports, 2%
Evaluated credit reports and income verification to assist in underwriting for the approval for personal secured and unsecured loans.
- Mortgage Loans, 2%
Marketed, originated, processed and underwrote secondary market, conforming residential mortgage loan business in south west Florida.
"loan applications," "customer service," and "financial statements" are among the most common skills that loan specialists use at work. You can find even more loan specialist responsibilities below, including:
Communication skills. One of the key soft skills for a loan specialist to have is communication skills. You can see how this relates to what loan specialists do because "financial clerks should be able to explain policies and procedures to colleagues and customers." Additionally, a loan specialist resume shows how loan specialists use communication skills: "maintain a customer service and communication with account executives ensuring all loan closings. "
Math skills. Another essential skill to perform loan specialist duties is math skills. Loan specialists responsibilities require that "the job duties of financial clerks includes calculating charges and updating financial records." Loan specialists also use math skills in their role according to a real resume snippet: "analyze tax forms, enter data into the computer system, perform mathematical operations and submit forms to government offices. "
Organizational skills. Another skill that relates to the job responsibilities of loan specialists is organizational skills. This skill is critical to many everyday loan specialist duties, as "financial clerks must be able to arrange files so they can find them quickly and efficiently." This example from a resume shows how this skill is used: "ensured mortgage loan files met established standards and compliance with organizational, state and federal requirements and guidelines. "
The three companies that hire the most loan specialists are:
- Southern Management131 loan specialists jobs
- Regional Finance130 loan specialists jobs
- Heights Finance85 loan specialists jobs
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Compare different loan specialists
Loan specialist vs. Closing coordinator
In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
These skill sets are where the common ground ends though. The responsibilities of a loan specialist are more likely to require skills like "financial statements," "outbound calls," "loan payments," and "foreclosure." On the other hand, a job as a closing coordinator requires skills like "hoa," "hud-1," "lender approval," and "settlement statements." As you can see, what employees do in each career varies considerably.
Closing coordinators tend to make the most money working in the finance industry, where they earn an average salary of $45,518. In contrast, loan specialists make the biggest average salary, $48,154, in the finance industry.The education levels that closing coordinators earn slightly differ from loan specialists. In particular, closing coordinators are 1.7% less likely to graduate with a Master's Degree than a loan specialist. Additionally, they're 0.4% more likely to earn a Doctoral Degree.Loan specialist vs. Loan services representative
A loan service representative is responsible for communicating and interacting with clients and serves as a back-up or reliever in a company. They are the first person that the client must go through if they want to apply for a loan. Loan representatives monitor and ensure that all data and information is properly documented using a loan processing system. Also, they are the ones who inspect and verify if a company is complying with the transaction rules as well as the loan procedures and regulations.
Each career also uses different skills, according to real loan specialist resumes. While loan specialist responsibilities can utilize skills like "financial statements," "escrow," "bank policies," and "loan packages," loan services representatives use skills like "escrow accounts," "ach," "loan accounts," and "general ledger accounts."
Loan services representatives may earn a lower salary than loan specialists, but loan services representatives earn the most pay in the finance industry with an average salary of $53,142. On the other hand, loan specialists receive higher pay in the finance industry, where they earn an average salary of $48,154.loan services representatives earn similar levels of education than loan specialists in general. They're 1.1% less likely to graduate with a Master's Degree and 0.4% less likely to earn a Doctoral Degree.Loan specialist vs. Loan closer
A loan closer is primarily in charge of handling and closing loan documentation, ensuring accuracy and smooth transactions. A loan closer's responsibilities revolve around liaising with clients to guarantee that they adhere to every term in the contract, preparing necessary reports and documents, monitoring payment progress, and ensuring that they have a deep understanding of the obligations under the contract. Furthermore, it is essential to maintain records of all transactions and assist clients, all while implementing the company's policies and regulations.
The required skills of the two careers differ considerably. For example, loan specialists are more likely to have skills like "financial statements," "outbound calls," "mortgage loans," and "escrow." But a loan closer is more likely to have skills like "excellent organizational," "trid," "va," and "origination."
Loan closers make a very good living in the finance industry with an average annual salary of $40,817. On the other hand, loan specialists are paid the highest salary in the finance industry, with average annual pay of $48,154.When it comes to education, loan closers tend to earn similar degree levels compared to loan specialists. In fact, they're 0.1% less likely to earn a Master's Degree, and 0.5% less likely to graduate with a Doctoral Degree.Loan specialist vs. Loan processor
A loan processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.
Types of loan specialist
Updated April 25, 2024
