Loan Administrator Salary
Job Description for Loan Administrator
There are many reasons individuals seek to procure loans, places one may go to find one, and different contexts in which loan processes are administered. Whatever the variables, most institutions which loan money typically employ a loan administrator to oversee the processes. Also known as a loan officer or a loan processor, these individuals are responsible for every aspect of the loan process, from meeting with prospective borrowers and hashing out terms to overseeing collection and processing of payments and ensuring that everything is handled within legal and regulatory boundaries.Read More...
The specific duties vary among different organizations. A loan administrator for a bank or lending institution must understand the financial processes and regulations and be able to explain them to prospective borrowers. They work closely with these clients to understand their needs and evaluate them to establish their creditworthiness. The loan administrator will also collect all necessary paperwork and documentation and ensure it is correctly filed and registered, and may reach out to current clients in good standing to pitch new loans and other offers.
A loan administrator who works in real estate will deal with budding homeowners and help them understand their many home loan options. They often work with several lending agencies and help new homeowners choose the right lender for their needs. Still others work for collection agencies; these loan administrators work with debtors to assist them in creating payment schedules and other options so they are better able to repay their obligations.
Many organizations do not have specific educational requirements for this position beyond a high school diploma or equivalent, although a college degree in Business Management or Finance is recommended and some may require an established background in accounting or bookkeeping. Most employers focus less on education than the applicant's previous experience in loans and banking in general.
Loan Administrator Tasks
- Develop and negotiate plans with borrowers.
- Answer questions and interview applicants.
- Assess loan applications and credit reports.
- Maintain legal documentation and ensure accuracy.
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Popular Skills for Loan Administrator
Loan Administrators report a focused set of job skills. Most notably, skills in Commercial Loans, Mortgage Loans, Loan Documents, and Loan Processing are correlated to pay that is above average. Skills that pay less than market rate include Loan Processing, Loan Documents, and Mortgage Loans. For most people, competency in Loan Documents indicates knowledge of Commercial Loans.
Pay by Experience Level for Loan Administrator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Loan Administrators with a rich background of experience are typically rewarded with larger paychecks. Folks with fewer than five years of experience take home $38K on average, and those who have worked for five to 10 years see a bigger median salary of $44K. After working for 10 to 20 years, Loan Administrators make a median salary of $50K. More than 20 years of experience seem related to solid financial gains; veterans in this group report earning a median of $60K.
Pay Difference by Location
For those looking to make money, Loan Administrators in San Diego enjoy an exceptional pay rate, 44 percent above the national average. Loan Administrators will also find cushy salaries in Philadelphia (+41 percent), San Francisco (+39 percent), Boston (+38 percent), and Dallas (+28 percent). In Atlanta, salaries are 9 percent below the national average and represent the lowest-paying market.