Loan Assistant Salary
A Loan Assistant earns an average wage of $14.66 per hour. Most people move on to other jobs if they have more than 20 years' experience in this career. A skill in Commercial Loans is associated with high pay for this job.
Job Description for Loan Assistant
A loan assistant generally works at a bank or other lending institution. They manage, update and correct data related to new loan applications. Typically, the loan assistant uses loan software to determine borrower approval, but they must also have a keen grasp of general financial practices and methods. Loan assistants often work with loan processors to review borrower files, perform various support and administrative tasks, and prepare and distribute marketing materials. They also work closely with borrowers to obtain and prepare accurate cost estimates, manage the loan process, and ensure timely and correct documentation for both the borrower and the lending institution.Read More...
Other duties include responding to borrower inquiries, and performing preliminary underwriting for loans through credit reports reviews and loan application analysis. It is imperative that loan assistants have excellent interpersonal and communication skills, as it is often required that they explain the terms and conditions of the loans to borrowers, as well as field questions from borrowers on the lending process as needed. Loan assistants also verify borrower information by contacting their credit bureaus, employers, and references. In some cases, loan assistants serve as the face of the lending institution, welcoming on-site visitors and directing them to the appropriate personnel.
A college degree is not always required for the position; experience and training may suffice. Loan assistants must have the ability to multitask, as well as communicate effectively with clients face-to-face, through email, and on the phone. They also need to be able to accurately enter and review data related to borrower applications.
Loan Assistant 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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