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.
Loan Assistant Tasks
Facilitate contract signings and closings, complying with all applicable laws.
Assist loan officers and collections with creating, collecting, and processing paperwork.
Complete due diligence and basic paperwork on loan applications, contracts and renewals.
Return phone calls and answer questions, including about the status of loans.