Loan Review Analyst Salary
The average Loan Review Analyst in the United States can expect to rake in roughly $48K annually. Most workers in this position report high levels of job satisfaction. The majority of Loan Review Analysts (60 percent) who took the survey are female. Medical benefits are awarded to most, and a strong majority earn dental coverage. Respondents to the PayScale salary survey provided the data for this report.
Job Description for Loan Review Analyst
A loan review analyst will look over applications for loans to make sure that customers meet loan requirements. The loan review analyst may be present in any industry that loans money to customers. These loans may be mortgages, automotive loans, personal loans, and/or business loans.Read More...
It is important to be able to justify decision-making. The analyst will look over things, such as credit ratings, current loans, leases, credit problems, and job stability. Financial documents within the process will also be audited for accuracy by the analyst. Sometimes, the analyst may need more information and will put in requests for follow-up information to be provided by the client. In the case of business loans, it may also be important to determine the viability of the particular business. The analyst may also provide suggestions as to how the customer can qualify for a loan, if the current application needs to be denied.
Much of the work is done independently, so it is important to be self-driven and to be able to meet deadlines. However, there may also be a team of loan review analysts, so teamwork skills will come in handy, in order to coordinate work. Typically, a bachelor’s degree in finance, accounting, or business is required for this job.
Loan Review Analyst Tasks
- Assess credit risk.
- Aggregate and evaluate data related to credit and credit risk to support organizational decision-making.
- Ensure that approved accounts remain in good standing.
- Establish terms for approved credit requests.
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Pay by Experience Level for Loan Review Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Loan Review Analysts with a rich background of experience are typically rewarded with larger paychecks. Relatively untried employees who have less than five years' experience have a median salary of $41K. Those who have been around for five to 10 years can expect to take home more — $49K on average. Loan Review Analysts see a median salary of $53K after reaching one to two decades on the job. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $85K, which is substantially larger than the medians reported by folks with fewer years on their resumes.