Loan Assistant, Commercial Salary
A Loan Assistant, Commercial earns an average wage of $18.24 per hour. Most people with this job move on to other positions after 20 years in this field.
Job Description for Loan Assistant, Commercial
Commercial loan assistants work under the guidance of loan officers and organize commercial loan application portfolios. They are typically present from loan origination to closing to gather all necessary forms and documents and follow up with clients to obtain further documentation, and they may verify, authenticate, and process these loan documents. They may also work to obtain exceptions when appropriate from both inside and outside parties.Read More...
Customer service skills are necessary in this position to meet with clients on the loan officer’s behalf, and they must help to determine that a loan complies with all necessary regulations. They also have various administrative tasks such as file-organizing, correspondence, and data entry, so strong computer skills, typing skills, and the ability to use word processing, spreadsheet, and database software are necessary in this position.
Some employers require commercial loan assistants to have prior experience in loan handling or banking, while others provide on-the-job training. Strong verbal and written communication skills are important in this position, as are the abilities to multitask and meet deadlines, and work is usually carried out in a banking or office environment. This position can be a stepping stone to becoming a commercial loan officer, and a high school diploma may be a minimum requirement while some employers also require college education.
Loan Assistant, Commercial Tasks
- Complete due diligence and basic paperwork on loan applications, contracts and renewals.
- Return phone calls and answer questions, including about the status of loans.
- Facilitate contract signings and closings, complying with all applicable laws.
- Assist loan officers and collections with creating, collecting, and processing paperwork.
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