Find The Best Loan Administrator Jobs For You

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Average Salary
$40,845
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
37,849
Job Openings

Loan Administrator Careers

As a Loan Administrator, you work between potential customers and banks to help people and companies secure loans for their dream projects and business. As a loan administrator, you assist consumers and companies in choosing a suitable loan product and completing an application. You survey potential borrowers to determine their eligibility for a loan.

The loan administrator serves as the main contact from the financial institution to those applying for a loan and maintains communication and assistance until the loan process closes. Filing for loans requires a huge amount of paperwork, so you will spend significant time gathering client data, writing reports, and collecting loan files. You will coordinate meetings between the customers and financial executives.

The demand for loan administrator should increase over the next ten years, seeing the growth in open positions of about 3 percent. As a loan administrator, you can make a median salary of $43,000.

You have to have at least a high school diploma or GED, but most loan administrators have a B.A. or B.S. in finance, business, or economics and at least two to five years of work experience. You need solid skills in finance, customer service, financial software, data analysis, and negotiation skills. Most loan adminstrator positions require registration and licensing through national mortgage loan systems.

There is more than meets the eye when it comes to being a loan administrator. For example, did you know that they make an average of $19.64 an hour? That's $40,845 a year!

Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.

What Does a Loan Administrator Do

There are certain skills that many loan administrators have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.

When it comes to the most important skills required to be a loan administrator, we found that a lot of resumes listed 34.7% of loan administrators included loan portfolio, while 10.2% of resumes included customer service, and 8.1% of resumes included loan applications. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the loan administrator job title. But what industry to start with? Most loan administrators actually find jobs in the finance and professional industries.

How To Become a Loan Administrator

If you're interested in becoming a loan administrator, one of the first things to consider is how much education you need. We've determined that 48.9% of loan administrators have a bachelor's degree. In terms of higher education levels, we found that 6.0% of loan administrators have master's degrees. Even though most loan administrators have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a loan administrator. When we researched the most common majors for a loan administrator, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on loan administrator resumes include high school diploma degrees or master's degree degrees.

You may find that experience in other jobs will help you become a loan administrator. In fact, many loan administrator jobs require experience in a role such as customer service representative. Meanwhile, many loan administrators also have previous career experience in roles such as administrative assistant or teller.

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Average Salary
$40,845
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
37,849
Job Openings

Loan Administrator Career Paths

Top Careers Before Loan Administrator

Teller
10.3 %

Top Careers After Loan Administrator

Loan Administrator Jobs You Might Like

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Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Loan Administrator

Loan Administrators in America make an average salary of $40,845 per year or $20 per hour. The top 10 percent makes over $55,000 per year, while the bottom 10 percent under $30,000 per year.
Average Salary
$40,845
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Best Paying Cities

City
ascdesc
Average Salarydesc
Jersey City, NJ
Salary Range36k - 58k$47k$46,614
Brookfield, WI
Salary Range37k - 57k$46k$46,334
New York, NY
Salary Range36k - 57k$46k$45,856
Boston, MA
Salary Range36k - 57k$45k$45,483
Manhattan, KS
Salary Range36k - 55k$45k$45,365
Seattle, WA
Salary Range37k - 55k$45k$45,204
$28k
$58k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Commercial Construction Loan Administrator Senior
Commercial Construction Loan Administrator Senior
TIAA
TIAA
06/25/2021
06/25/2021
$71,20006/25/2021
$71,200
Residential Loan Closing Administrator
Residential Loan Closing Administrator
Randstad
Randstad
06/24/2021
06/24/2021
$65,00006/24/2021
$65,000
Wholesale Loan Administrator 1
Wholesale Loan Administrator 1
Wells Fargo
Wells Fargo
06/24/2021
06/24/2021
$42,50006/24/2021
$42,500
Asset Based Lending Wholesale Loan Admin, Treasury/Libors
Asset Based Lending Wholesale Loan Admin, Treasury/Libors
Wells Fargo
Wells Fargo
06/23/2021
06/23/2021
$42,50006/23/2021
$42,500
Asset Based Lending Wholesale Loan Admin, Treasury/Libors
Asset Based Lending Wholesale Loan Admin, Treasury/Libors
Wells Fargo
Wells Fargo
06/23/2021
06/23/2021
$42,50006/23/2021
$42,500
See More Recent Salaries

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Loan Administrator Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Loan Administrator. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Loan Administrator Resume

At Zippia, we went through countless Loan Administrator resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

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Loan Administrator Demographics

Gender

female

72.2 %

male

23.6 %

unknown

4.2 %

Ethnicity

White

69.0 %

Hispanic or Latino

14.5 %

Black or African American

8.2 %

Foreign Languages Spoken

Spanish

50.8 %

Chinese

7.8 %

Mandarin

6.3 %
See More Demographics

Loan Administrator Education

Majors

Business
37.6 %
Finance
13.9 %

Degrees

Bachelors

48.9 %

Associate

16.6 %

Certificate

16.5 %

Top Colleges for Loan Administrators

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
See More Education Info

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Top Skills For a Loan Administrator

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 34.7% of loan administrators listed loan portfolio on their resume, but soft skills such as detail oriented and initiative are important as well.

Best States For a Loan Administrator

Some places are better than others when it comes to starting a career as a loan administrator. The best states for people in this position are Connecticut, New Hampshire, Vermont, and Wisconsin. Loan administrators make the most in Connecticut with an average salary of $48,554. Whereas in New Hampshire and Vermont, they would average $48,121 and $46,579, respectively. While loan administrators would only make an average of $46,388 in Wisconsin, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Wyoming

Total Loan Administrator Jobs:
67
Highest 10% Earn:
$64,000
Location Quotient:
1.1
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Vermont

Total Loan Administrator Jobs:
85
Highest 10% Earn:
$68,000
Location Quotient:
1.09
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. New Hampshire

Total Loan Administrator Jobs:
175
Highest 10% Earn:
$72,000
Location Quotient:
0.99
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Top Loan Administrator Employers

1. Bank of America
4.8
Avg. Salary: 
$83,022
Loan Administrators Hired: 
135+
2. Wells Fargo
4.7
Avg. Salary: 
$81,718
Loan Administrators Hired: 
106+
3. Robert Half International
4.5
Avg. Salary: 
$37,789
Loan Administrators Hired: 
68+
4. JPMorgan Chase & Co.
4.9
Avg. Salary: 
$108,970
Loan Administrators Hired: 
55+
5. The PNC Financial Services Group
4.8
Avg. Salary: 
$67,021
Loan Administrators Hired: 
45+
6. Capital One
4.7
Avg. Salary: 
$93,688
Loan Administrators Hired: 
35+

Loan Administrator Videos

Updated October 2, 2020