What does a loan administrator do?
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Loan administrator responsibilities
Here are examples of responsibilities from real loan administrator resumes:
- Manage a multifacete commercial real estate investment firm.
- Pull OFAC on all borrowers.
- Order third party reports such as appraisals, titles, and OFAC information.
- Order on FHA loans in a timely and efficient manner to meet month end deadlines.
- Present and sell financial benefits of a variety of FHA, VA, and conventional loans.
- Coordinate and maintain loans for adherence to credit policy as well as guidelines in keeping compliant with SBA regulations.
- Test gross profit margins, UCC filings, loan statements and company procedures to assess the integrity of the client.
- Verify booking instructions given by initiating banking group.
- Direct termination or continuation of UCC financing statements.
- Evaluate title reports and appraisals for final foreclosure approval.
- Identify and correct loan origination process deficiencies in assign territories.
- Receive approval, review conditions, submit satisfied conditions to lenders.
- Review amendments and waivers and distribute to participating lenders or internal desk
- Complete primary financial booking, initial loan class documentation accuracy, and initial loan funding.
- Gather and input necessary documentation into loan origination system to generate loan documents within require time frames.
Loan administrator skills and personality traits
We calculated that 14% of Loan Administrators are proficient in Customer Service, Data Entry, and Loan Administration. They’re also known for soft skills such as Detail oriented, Initiative, and Interpersonal skills.
We break down the percentage of Loan Administrators that have these skills listed on their resume here:
- Customer Service, 14%
Maintained strong working relationships with deal team comprised of Relationship Managers, Customer Service Representatives, Legal Counsels and Financial Controllers.
- Data Entry, 5%
Assisted project managers and accurately provided them with information needed to research issues and perform specialized data entry.
- Loan Administration, 5%
Evaluate loan administration checklists for accuracy and completeness to ensure adequate compliance prior to internal and external audits.
- Loan Processing, 5%
Updated commercial loan system on status of documentation and exercised quality control of document review and loan processing.
- Financial Statements, 4%
Analyze financial statements and pertinent information to determine credit worthiness of prospective and existing clients.
- Due Diligence, 4%
Prepared loan documentation and reviewed due diligence material in accordance with credit policy and the individual credit approval.
Common skills that a loan administrator uses to do their job include "customer service," "data entry," and "loan administration." You can find details on the most important loan administrator responsibilities below.
Detail oriented. To carry out their duties, the most important skill for a loan administrator to have is detail oriented. Their role and responsibilities require that "information on an application affects the potential profitability of a loan, so loan officers must pay attention to details." Loan administrators often use detail oriented in their day-to-day job, as shown by this real resume: "performed detailed review of all mortgage loan documentation, ensuring all regulations were met for qualifying programs. "
Initiative. Many loan administrator duties rely on initiative. "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.," so a loan administrator will need this skill often in their role. This resume example is just one of many ways loan administrator responsibilities rely on initiative: "uphold strong customer service initiatives by resolving issues to ensure repeat and referred business. "
Interpersonal skills. Another skill that relates to the job responsibilities of loan administrators is interpersonal skills. This skill is critical to many everyday loan administrator duties, as "loan officers must be able to guide customers through the application process and answer their questions." This example from a resume shows how this skill is used: "possess exceptional analytical skills, communication abilities (both oral and written), and customer services and interpersonal relationship skills. "
The three companies that hire the most loan administrators are:
- Accenture50 loan administrators jobs
- Third Federal
18 loan administrators jobs
- Bank of America12 loan administrators jobs
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Compare different loan administrators
Loan administrator vs. Credit officer
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
These skill sets are where the common ground ends though. The responsibilities of a loan administrator are more likely to require skills like "data entry," "loan administration," "loan processing," and "financial statements." On the other hand, a job as a credit officer requires skills like "risk management," "credit risk," "credit analysis," and "real estate." As you can see, what employees do in each career varies considerably.
Credit officers earn the highest salaries when working in the finance industry, with an average yearly salary of $120,621. On the other hand, loan administrators are paid more in the finance industry with an average salary of $48,093.The education levels that credit officers earn slightly differ from loan administrators. In particular, credit officers are 11.2% more likely to graduate with a Master's Degree than a loan administrator. Additionally, they're 0.2% more likely to earn a Doctoral Degree.Loan administrator 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.
In addition to the difference in salary, there are some other key differences worth noting. For example, loan administrator responsibilities are more likely to require skills like "data entry," "loan administration," "loan processing," and "financial statements." Meanwhile, a mortgage consultant has duties that require skills in areas such as "nmls," "financial services," "loan products," and "bank products." These differences highlight just how different the day-to-day in each role looks.
Mortgage consultants earn a lower average salary than loan administrators. But mortgage consultants earn the highest pay in the finance industry, with an average salary of $36,576. Additionally, loan administrators earn the highest salaries in the finance with average pay of $48,093 annually.Average education levels between the two professions vary. Mortgage consultants tend to reach similar levels of education than loan administrators. In fact, they're 0.5% less likely to graduate with a Master's Degree and 0.2% more likely to earn a Doctoral Degree.Loan administrator vs. Senior underwriter
A senior underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from loan administrator resumes include skills like "data entry," "loan administration," "loan processing," and "loan portfolio," whereas a senior underwriter is more likely to list skills in "portfolio," "underwriting guidelines," "strong analytical," and "sr."
Senior underwriters make a very good living in the insurance industry with an average annual salary of $77,893. On the other hand, loan administrators are paid the highest salary in the finance industry, with average annual pay of $48,093.senior underwriters typically earn similar educational levels compared to loan administrators. Specifically, they're 1.4% more likely to graduate with a Master's Degree, and 0.4% more likely to earn a Doctoral Degree.Loan administrator vs. Mortgage banker
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Types of loan administrator
Updated January 8, 2025
