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Become A Loan Administrator

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Working As A Loan Administrator

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $63,430

    Average Salary

What Does A Loan Administrator Do

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. 

Duties

Loan officers typically do the following:

  • Contact companies or people to ask if they need a loan
  • Meet with loan applicants to gather personal information and answer questions
  • Explain different types of loans and the terms of each one to applicants
  • Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level
  • Review loan agreements to ensure that they comply with federal and state regulations
  • Approve loan applications or refer them to management for a decision

Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. 

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

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How To Become A Loan Administrator

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Loan Administrator jobs

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Loan Administrator Career Paths

Loan Administrator
Office Manager Operations Manager General Manager
Account Manager
5 Yearsyrs
Operations Manager Branch Manager
Assistant Vice President
7 Yearsyrs
Operations Manager Account Executive Sales Manager
Branch Manager
6 Yearsyrs
Vice President And Manager Finance Advisor Senior Loan Officer
Branch Manager/Loan Officer
5 Yearsyrs
Operations Specialist Accounts Receivable Specialist Accounts Receivable Supervisor
Credit Manager
5 Yearsyrs
Underwriter Senior Underwriter Assistant Vice President
Credit Officer
5 Yearsyrs
Office Administrator Accounts Payable Clerk Accounting Manager
Finance Controller
9 Yearsyrs
Office Manager Accountant Finance Analyst
Finance Manager
7 Yearsyrs
Vice President And Manager Mortgage Consultant Underwriter
Lending Services Manager
7 Yearsyrs
Credit Analyst Finance Analyst Senior Finance Analyst
Manager Finance Planning And Analysis
8 Yearsyrs
Accountant Finance Analyst Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Assistant Vice President Project Manager Program Manager
Operations Director
9 Yearsyrs
Assistant Vice President Human Resources Coordinator Specialist
Operations Manager
7 Yearsyrs
Accounts Payable Clerk Account Manager Property Manager
Portfolio Manager
7 Yearsyrs
Office Administrator Project Coordinator Operations Manager
Regional Operation Manager
9 Yearsyrs
Accountant Account Manager Underwriter
Underwriting Manager
8 Yearsyrs
Credit Analyst Assistant Vice President
Vice President And Manager
10 Yearsyrs
Underwriter Assistant Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Accounts Payable Clerk Analyst Assistant Vice President
Vice President Operation Manager
9 Yearsyrs
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Average Length of Employment
Loan Secretary 4.0 years
Loan Interviewer 3.9 years
Loan Supervisor 3.7 years
Loan Manager 3.1 years
Loan Clerk 3.0 years
Loan Officer 3.0 years
Loan Administrator 3.0 years
Loan Reviewer 2.9 years
Loan Originator 2.8 years
Loan Processor 2.6 years
Loan Assistant 2.5 years
Loan Analyst 2.4 years
Loan Specialist 2.3 years
Loan Consultant 2.3 years
Loan Auditor 2.2 years
Loan Adviser 1.7 years
Top Employers Before
Teller 9.9%
Manager 3.4%
Specialist 3.1%
Cashier 2.6%
Top Employers After
Specialist 3.6%
Consultant 3.1%

Loan Administrator Demographics

Gender

Female

72.8%

Male

24.8%

Unknown

2.4%
Ethnicity

White

79.1%

Hispanic or Latino

11.2%

Asian

7.4%

Unknown

1.7%

Black or African American

0.6%
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Languages Spoken

Spanish

50.0%

Chinese

6.5%

French

6.5%

Cantonese

5.4%

Mandarin

4.3%

Portuguese

3.3%

German

3.3%

Japanese

3.3%

Polish

3.3%

Greek

2.2%

Russian

2.2%

Arabic

2.2%

Korean

2.2%

Vietnamese

1.1%

Albanian

1.1%

Hindi

1.1%

Thai

1.1%

Italian

1.1%
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Loan Administrator Education

Schools

University of Phoenix

21.9%

Strayer University

8.6%

Pace University - New York

6.6%

Liberty University

4.6%

Northern Virginia Community College

4.6%

New York University

4.0%

University of Maryland - College Park

4.0%

University of Texas at Arlington

4.0%

American InterContinental University

4.0%

DePaul University

4.0%

Mohawk Valley Community College

4.0%

University of Central Missouri

3.3%

George Washington University

3.3%

Fairleigh Dickinson University

3.3%

Kean University

3.3%

Webster University

3.3%

Manhattan College

3.3%

University of Utah

3.3%

Southern New Hampshire University

3.3%

Kaplan University

3.3%
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Majors

Business

35.6%

Finance

13.4%

Accounting

12.2%

Management

4.4%

Marketing

3.6%

Health Care Administration

3.3%

Psychology

2.9%

Legal Support Services

2.8%

Communication

2.6%

Real Estate

2.2%

Human Resources Management

2.2%

Criminal Justice

2.1%

General Studies

2.0%

English

1.9%

Education

1.8%

Computer Information Systems

1.8%

Economics

1.6%

Computer Science

1.5%

Elementary Education

1.3%

Liberal Arts

1.2%
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Degrees

Bachelors

40.9%

Other

28.4%

Associate

11.8%

Masters

11.6%

Certificate

5.2%

Diploma

1.0%

Doctorate

0.8%

License

0.3%
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Internship
Temporary

Real Loan Administrator Salaries

Job Title Company Location Start Date Salary
Senior Loan Administrator World Business Lenders, LLC Jersey City, NJ May 07, 2016 $80,000
Loan Administrator Bank of Taiwan, New York Branch New York, NY Sep 18, 2014 $65,062 -
$75,000
Loan Administrator/Ib&S MSC UBS AG Stamford, CT Apr 02, 2011 $60,200 -
$70,000
Loan Administrator Newbank NY Aug 26, 2015 $57,873
Senior Loan Administrator World Business Lenders, LLC Jersey City, NJ May 07, 2016 $55,000
Senior Loan Administrator World Business Lenders, LLC New York, NY Sep 23, 2015 $47,486
Junior Loan Administrator World Business Lenders, LLC Jersey City, NJ May 07, 2016 $47,000
Senior Loan Administrator World Business Lenders, LLC New York, NY Sep 16, 2015 $47,000
Senior Loan Administrator World Business Lenders, LLC New York, NY Sep 12, 2014 $47,000
Loan Administrator World Business Lenders, LLC Jersey City, NJ May 07, 2016 $42,000
Junior Loan Administrator World Business Lenders, LLC Jersey City, NJ May 07, 2016 $42,000
Junior Loan Administrator World Business Lenders, LLC New York, NY Sep 12, 2014 $42,000
Loan Administrator World Business Lenders, LLC New York, NY Sep 17, 2016 $40,000
Junior Loan Administrator World Business Lenders, LLC Jersey City, NJ May 07, 2016 $40,000
Junior Loan Administrator World Business Lenders, LLC New York, NY Sep 16, 2015 $40,000
Junior Loan Administrator World Business Lenders, LLC New York, NY Sep 12, 2014 $40,000
Loan Administrator Nonghyup Bank New York, NY Aug 13, 2014 $40,000
Junior Loan Administrator World Business Lenders, LLC New York, NY Sep 24, 2015 $37,482
Loan Administrator World Business Lenders, LLC New York, NY Sep 16, 2015 $37,482
Loan Administrator World Business Lenders, LLC New York, NY Aug 04, 2014 $37,482
Junior Loan Administrator World Business Lenders, LLC New York, NY Sep 16, 2015 $37,000
Junior Loan Administrator World Business Lenders, LLC New York, NY Sep 12, 2014 $37,000
Junior Loan Administrator World Business Lenders, LLC New York, NY May 22, 2014 $37,000

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Top Skills for A Loan Administrator

LoanDocumentsEnsureComplianceFinancialStatementsLoanPortfolioRealEstateLoansCustomerServiceNewLoansLoanOfficersLoanFilesEscrowAccountsUCCLoanApplicationsAuditLoanPaymentsConstructionLoansLedgerLoanClosingsAppraisalTitleCompaniesCreditReports

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Top Loan Administrator Skills

  1. Loan Documents
  2. Ensure Compliance
  3. Financial Statements
You can check out examples of real life uses of top skills on resumes here:
  • Obtain final construction completion documents in accordance with loan documents
  • Work closely with internal and external auditors to ensure compliance with all state and federal laws.
  • Prepared and presented financial statements and analysis.
  • Serviced loan portfolio averaging $20 Million in annual sales revenues.
  • Maintained the booking of all real estate loans for the Americas on a daily basis.

Top Loan Administrator Employers

Loan Administrator Videos

NCUA: Day in the Life of a Credit Union Examiner

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