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.
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
Ensure that approved accounts remain in good standing.
Establish terms for approved credit requests.
Assess credit risk.
Aggregate and evaluate data related to credit and credit risk to support organizational decision-making.