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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

  • $49,000

    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 Career Paths

Loan Administrator
Team Leader Manager Vice President
Vice President And Manager
10 Yearsyrs
Team Leader Store Manager Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Team Leader Manager Office Manager
Accountant And Office Manager
6 Yearsyrs
Administrator Office Manager
Accounts Receivable Manager
6 Yearsyrs
Administrator Project Manager Operations Vice President
Senior Vice President-Operations
14 Yearsyrs
Administrator Manager Vice President
Group Vice President
9 Yearsyrs
Credit Analyst Credit Manager
Credit And Collection Manager
7 Yearsyrs
Credit Analyst Underwriter
Underwriting Manager
8 Yearsyrs
Credit Analyst Senior Credit Analyst
Credit Manager
5 Yearsyrs
Underwriter Branch Manager Assistant Vice President
Commercial Lending Vice President
11 Yearsyrs
Underwriter Branch Manager Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
Analyst Consultant Sales Manager
Branch Sales Manager
6 Yearsyrs
Analyst Account Manager Relationship Manager
Senior Relationship Manager
9 Yearsyrs
Analyst Project Manager Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Senior Loan Processor Senior Underwriter Assistant Vice President
Administration Vice President
6 Yearsyrs
Senior Loan Processor Office Manager Operations Director
Assistant Vice President Operations
8 Yearsyrs
Senior Loan Processor Senior Underwriter Assistant Branch Manager
Banking Center Manager
5 Yearsyrs
Operations Specialist Executive Assistant Customer Service Manager
Collections Manager
5 Yearsyrs
Operations Specialist Operation Supervisor Production Manager
Processing Manager
7 Yearsyrs
Operations Specialist Operation Supervisor Assistant Branch Manager
Business Development Officer
7 Yearsyrs
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Do you work as a Loan Administrator?

Help others decide if this is a good career for them

Do you work as a Loan Administrator?

Average Yearly Salary
$49,000
View Detailed Salary Report
$27,000
Min 10%
$49,000
Median 50%
$49,000
Median 50%
$49,000
Median 50%
$49,000
Median 50%
$49,000
Median 50%
$49,000
Median 50%
$49,000
Median 50%
$88,000
Max 90%
Best Paying Company
Bank of America
Highest Paying City
San Francisco, CA
Highest Paying State
Alaska
Avg Experience Level
3.5 years
How much does a Loan Administrator make at top companies?
The national average salary for a Loan Administrator in the United States is $49,667 per year or $24 per hour. Those in the bottom 10 percent make under $27,000 a year, and the top 10 percent make over $88,000.

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
Senior Loan Administrator World Business Lenders, LLC New York, NY Sep 16, 2015 $47,000
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 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
Junior Loan Administrator World Business Lenders, LLC New York, NY Sep 16, 2015 $40,000
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 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

  1. Loan Portfolio
  2. Loan Applications
  3. Financial Statements
You can check out examples of real life uses of top skills on resumes here:
  • Administer assigned commercial real estate loan portfolio.
  • Managed over 500 applications at one time ensuring timely submission of complete loan applications and supporting documents.
  • Analyze financial statements and pertinent information to determine credit worthiness of prospective and existing clients.
  • Reviewed solicitor letters and relevant documentations to ensure compliance, proper completion, and accuracy.
  • Review of borrowers organizational documents to assure accurate preparation of new loan documentation.

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Top 10 Best States for Loan Administrators

  1. Nebraska
  2. New Jersey
  3. Minnesota
  4. North Dakota
  5. Florida
  6. District of Columbia
  7. Kansas
  8. Connecticut
  9. Texas
  10. Ohio
  • (42 jobs)
  • (241 jobs)
  • (137 jobs)
  • (18 jobs)
  • (379 jobs)
  • (56 jobs)
  • (49 jobs)
  • (65 jobs)
  • (442 jobs)
  • (225 jobs)

Loan Administrator Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 3,657 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.

Learn How To Create A Top Notch Loan Administrator Resume

View Resume Examples

Loan Administrator Demographics

Gender

Female

70.5%

Male

21.5%

Unknown

8.0%
Ethnicity

White

61.0%

Hispanic or Latino

16.1%

Black or African American

11.6%

Asian

7.7%

Unknown

3.5%
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Foreign Languages Spoken

Spanish

50.8%

Chinese

7.8%

Mandarin

6.3%

French

4.7%

Cantonese

4.7%

Russian

3.1%

German

3.1%

Polish

3.1%

Hindi

2.3%

Korean

2.3%

Portuguese

2.3%

Thai

1.6%

Greek

1.6%

Italian

1.6%

Vietnamese

0.8%

Hungarian

0.8%

Ukrainian

0.8%

Bengali

0.8%

Albanian

0.8%

Serbian

0.8%
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Loan Administrator Education

Schools

University of Phoenix

29.4%

Strayer University

8.7%

New York University

6.2%

Pace University - New York

5.2%

Baruch College of the City University of New York

4.2%

Temple University

3.8%

Florida State College at Jacksonville

3.8%

DePaul University

3.5%

Northern Virginia Community College

3.5%

Prince George's Community College

3.1%

Miami Dade College

3.1%

University of Nebraska - Lincoln

3.1%

Mohawk Valley Community College

3.1%

Ohio University -

2.8%

Fairleigh Dickinson University

2.8%

University of Maryland - College Park

2.8%

American Institute

2.8%

American InterContinental University

2.8%

University of Delaware

2.8%

Roosevelt University

2.8%
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Majors

Business

39.0%

Finance

13.5%

Accounting

11.9%

Management

4.2%

Marketing

2.9%

Psychology

2.8%

Health Care Administration

2.7%

Real Estate

2.7%

Legal Support Services

2.5%

Economics

2.2%

General Studies

2.0%

Liberal Arts

1.8%

Criminal Justice

1.7%

English

1.7%

Communication

1.6%

Human Resources Management

1.5%

Computer Science

1.3%

Education

1.3%

Political Science

1.3%

General Education, Specific Areas

1.3%
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Degrees

Bachelors

40.8%

Other

26.1%

Associate

13.1%

Masters

12.2%

Certificate

5.1%

Diploma

1.3%

Doctorate

0.9%

License

0.5%
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