Assistant Loan Officer Salary
Job Description for Assistant Loan Officer
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.Read More...
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
- 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.
- Approve, deny, and review loan recommendations.
- 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.
Assistant Loan Officer Job Listings
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Popular Employer Salaries for Assistant Loan Officer
The biggest paychecks can be found at Prospect Mortgage — the median salary there is $44K.
Popular Skills for Assistant Loan Officer
Survey results suggest that Assistant Loan Officers use a fairly large toolkit of professional skills. Most notably, skills in Mortgage Loans, Customer Relationship Management, Loan Processing, and Customer Relations are correlated to pay that is above average, with boosts in pay of 5 percent. Skills that pay less than market rate include Loan Documents. The majority of those who know Customer Relations also know Mortgage Loans.
Pay by Experience Level for Assistant Loan Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Those in the early stages of their career can expect to make around $35K; however, individuals with five to 10 years of experience bring in $44K on average — a distinctly larger sum. People with 10 to 20 years of experience make an average of about $45K in this role. Individuals who have achieved more than 20 years of experience don't seem to earn any more than people who have 10 to 20 years under their belts.
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Key Stats for Assistant Loan Officer
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based on 35 votes.