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.
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.
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.