Assistant loan officers are in charge of reviewing loan applications and completing administrative tasks for their organization. They are responsible for checking important loan details and requirements before submitting all documentation to the lender. They also prepare cost estimates for borrowers, provide all necessary information to relevant parties, answer client inquiries, and redirect questions to the appropriate departments.
One of the assistant loan officer's main responsibilities includes preparing letters of credit for lenders. Additionally, these professionals facilitate the closing of loans, actively participate in the preparation and distribution of marketing materials, and convey complex loan information in simple terms to clients. Generally, assistant loan officers report their progress and escalate issues to the loan office or supervisor in their department. In all tasks, these officers must follow strict privacy policies to protect the identities of all parties involved, as well as keep accurate records of loan requests and other lender/borrower information.
Previous experience as an assistant loan officer is often required or preferred for these positions, and at least a high school diploma or equivalent is needed. Assistant loan officers must be proficient with basic office software, have strong organizational skills, have excellent multitasking abilities, and heave the ability to work well in a team environment with other officers to share important loan application data; they must also be able to work effectively on their own with minimal supervision. They must have a basic understanding of the loan application and approval process, as well as possess strong interpersonal skills.
Assistant Loan Officer Tasks
Review, identify, and resolve problems with loan applications.
Facilitate the application process by initiating pre-qualification inquiry calls and reviewing resulting data with the loan officer.
Approve, deny, and review loan recommendations.
Assist in managing a loan portfolio with regard to credit quality and administration, and portfolio performance.
Coordinate and manage marketing to current clients and potential customers.