What does a lender do?
A Lender is a financial institution, an individual, or a private or public group that provides loans to a business or an individual. As a lender, you will evaluate a borrower's creditworthiness by assessing loan applications. You will be responsible for determining an applicant's financial eligibility and all applicable metrics and ratios. Other duties might include setting up plans for debt payment, counseling clients on restrictions and policies, and maintaining and updating account records. Also, you will need to update your knowledge on the different loan types and financial services.
Lender responsibilities
Here are examples of responsibilities from real lender resumes:
- Manage a multifacete commercial real estate investment firm.
- Coordinate the real estate transactions including appraisals, inspections, loan origination and timely closing.
- Point of contact between external company affiliate loan origination branches and licensing agencies.
- Complete quarterly updates on all regulations and requirements to maintain NMLS nationwide licensing program.
- Work directly with consumers as well as real estate agents, CPA's and attorneys.
Lender skills and personality traits
We calculated that 15% of Lenders are proficient in Customer Service, Loan Applications, and Business Development. They’re also known for soft skills such as Detail oriented, Initiative, and Interpersonal skills.
We break down the percentage of Lenders that have these skills listed on their resume here:
- Customer Service, 15%
Provide quality mortgage loan customer service and related activities, including lost mitigation strategies to current delinquent mortgage accounts.
- Loan Applications, 8%
Participated in department inception involving consumer loan application processing and approval by taking client information via telephone.
- Business Development, 6%
Promote company by attending public relations functions, charities and volunteer events, and business development/networking events.
- Bank Products, 6%
Maintain a working knowledge of all bank products and services, along with maintaining an ongoing relationship with clients.
- Origination, 6%
Utilized Calyx/Point Loan Origination System.
- Loan Portfolio, 5%
Market senior lender with major responsibilities including oversight of the market's loan portfolio for growth, quality and credit administration.
Common skills that a lender uses to do their job include "customer service," "loan applications," and "business development." You can find details on the most important lender responsibilities below.
Detail oriented. One of the key soft skills for a lender to have is detail oriented. You can see how this relates to what lenders do because "information on an application affects the potential profitability of a loan, so loan officers must pay attention to details." Additionally, a lender resume shows how lenders use detail oriented: "implemented excellent customer service and strong attention to detail to satisfy all customer concerns. "
Initiative. Another essential skill to perform lender duties is initiative. Lenders responsibilities require that "loan officers may act as salespeople in promoting their lending institution, so they must contact people and businesses to determine their need for a loan." Lenders also use initiative in their role according to a real resume snippet: "managed business relationships and oversaw development of client portfolios; researched market trends and drove sales initiatives to increase profitability. "
Interpersonal skills. lenders are also known for interpersonal skills, which are critical to their duties. You can see how this skill relates to lender responsibilities, because "loan officers must be able to guide customers through the application process and answer their questions." A lender resume example shows how interpersonal skills is used in the workplace: "possess exceptional analytical skills, communication abilities (both oral and written), and customer services and interpersonal relationship skills. "
The three companies that hire the most lenders are:
- GPAC32 lenders jobs
- Mercantile Bank of Michigan12 lenders jobs
- Bank Five Nine7 lenders jobs
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Lender vs. Home mortgage consultant
Mortgage Consultants work to help people or businesses find the right lenders to get a mortgage from. They work with customers to find options that fit their current circumstances and financial capacity. They deal with lending institutions (banks, credit unions, mortgage bankers, or savings and loan associations) and act on behalf of potential borrowers to get the best deals. Consultants prefer working as independent contractors and not work for lending institutions and convince real estate agents to recommend them to clients when they apply for a loan.
While similarities exist, there are also some differences between lenders and home mortgage consultant. For instance, lender responsibilities require skills such as "business development," "loan portfolio," "lenders," and "loan programs." Whereas a home mortgage consultant is skilled in "financial professionals," "nmls," "real estate transactions," and "customer applications." This is part of what separates the two careers.
The education levels that home mortgage consultants earn slightly differ from lenders. In particular, home mortgage consultants are 2.4% less likely to graduate with a Master's Degree than a lender. Additionally, they're 1.0% less likely to earn a Doctoral Degree.Lender vs. Mortgage consultant
A mortgage consultant is an individual who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns. They help clients gather and analyze documents that are required for loan approval and create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for clients.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that lender responsibilities requires skills like "loan applications," "loan portfolio," "lenders," and "loan programs." But a mortgage consultant might use other skills in their typical duties, such as, "nmls," "financial services," "credit reports," and "credit history."
On average, mortgage consultants earn a higher salary than lenders. Some industries support higher salaries in each profession. Interestingly enough, mortgage consultants earn the most pay in the finance industry with an average salary of $36,576. Whereas lenders have higher pay in the finance industry, with an average salary of $38,600.In general, mortgage consultants achieve similar levels of education than lenders. They're 2.5% less likely to obtain a Master's Degree while being 1.0% less likely to earn a Doctoral Degree.Lender vs. Loan consultant
A Loan Consultant specializes in assessing loan applications to ensure potential clients uphold their financial obligations. Their responsibilities include conducting interviews with applicants, reviewing and verifying documentation, and evaluating financial credit and other records. They may also answer inquiries, advise potential clients on which program suits them the best, and help them understand every procedure. Moreover, there are also instances when they must handle delinquent accounts, reach out to clients, and negotiate payment terms when necessary.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from lender resumes include skills like "bank products," "loan portfolio," "lenders," and "loan programs," whereas a loan consultant is more likely to list skills in "financial services," "inbound calls," "loan origination," and "customer relationships. "
Loan consultants make a very good living in the finance industry with an average annual salary of $38,289. On the other hand, lenders are paid the highest salary in the finance industry, with average annual pay of $38,600.loan consultants typically earn similar educational levels compared to lenders. Specifically, they're 2.5% less likely to graduate with a Master's Degree, and 0.7% less likely to earn a Doctoral Degree.Lender vs. Escrow officer
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
Types of lender
Updated January 8, 2025
