How to hire a loan analyst

How to hire a loan analyst, step by step

Here's a step-by-step loan analyst hiring guide:

• Step 1: Identify your hiring needs
• Step 2: Create an ideal candidate profile
• Step 3: Make a budget
• Step 4: Write a loan analyst job description
• Step 5: Post your job
• Step 6: Interview candidates
• Step 7: Send a job offer and onboard your new loan analyst
• Step 8: Go through the hiring process checklist

What does a loan analyst do?

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1. Identify your hiring needs

   Before you post your loan analyst job, you should take the time to determine what type of worker your business needs. While certain jobs definitely require a full-time employee, it's sometimes better to find a loan analyst for hire on a part-time basis or as a contractor.

   Determine employee vs contractor status

   Is the person you're thinking of hiring a US citizen or green card holder?

   Yes

   No

   Hiring the perfect loan analyst also involves considering the ideal background you'd like them to have. Depending on what industry or field they have experience in, they'll bring different skills to the job. It's also important to consider what levels of seniority and education the job requires and what kind of salary such a candidate would likely demand.

   Here's a comparison of loan analyst salaries for various roles:

   Type of Loan Analyst	Description	Hourly rate
   Loan Analyst	Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.	$11-27
   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... Show more	$40-94
   Underwriter	An underwriter's duties depend on the line of work or industry involved, such as mortgage companies, insurance, or lending firms. However, an Underwriter's responsibility will mainly revolve around using their extensive expertise on how a company will achieve financial gains, and assessing the possible financial risks of a client by reviewing various aspects to determine their capacity to uphold monetary obligations... Show more	$18-46

   Show more

2. Create an ideal candidate profile

   Common skills:

   • Loan Documentation
   • Customer Service
   • Real Estate
   • Financial Statements
   • Loan Portfolio
   • Data Entry
   • Due Diligence
   • Loan Applications
   • Loan Processing
   • Origination
   • Financial Data
   • Cash Management
   • Financial Analysis
   • Tax Returns

   Check all skills

   Responsibilities:

   • Innovate technical solutions, including development of complex macros within MSP, to automate work and reduce manual processes
   • Prepare and remit quarterly / semi-annual USDA reporting
   • Communicate with FHA, VA, FNMA and FHLMC investors for any missing documents that are not include at closing.
   • Review government loan's documents including FHA & VA loans, and approves or suspends the loans after the underwriter decision.
   • Contact correspondent lenders for any missing documents and request correction of documents when necessary.
   • Select to participate in company management as a critical member of loan origination process improvement team.

   More loan analyst duties

3. Make a budget

   Including a salary range in the loan analyst job description is a good way to get more applicants. A loan analyst salary can be affected by several factors, such as the location of the job, the level of experience, education, certifications, and the employer's prestige.

   For example, the average salary for a loan analyst in Tennessee may be lower than in South Dakota, and an entry-level engineer typically earns less than a senior-level loan analyst. Additionally, a loan analyst with lots of experience in the field may command a higher salary as a result.

   Average loan analyst salary

   $37,857yearly

   $18.20 hourly rate

   ---

   Entry-level loan analyst salary

   $24,000 yearly salary

   Updated December 5, 2025

   Average loan analyst salary by state

   Rank	State	Avg. salary	Hourly rate
   1	North Carolina	$50,050	$24
   2	New York	$50,026	$24
   3	New Jersey	$49,134	$24
   4	Delaware	$46,947	$23
   5	Massachusetts	$46,138	$22
   6	California	$45,235	$22
   7	Colorado	$45,094	$22
   8	Connecticut	$44,064	$21
   9	Florida	$44,052	$21
   10	Minnesota	$43,805	$21
   11	New Hampshire	$43,431	$21
   12	Michigan	$42,787	$21
   13	Kansas	$41,528	$20
   14	Illinois	$40,792	$20
   15	Missouri	$40,603	$20
   16	Texas	$39,781	$19
   17	Virginia	$38,700	$19
   18	Arizona	$38,458	$18
   19	Iowa	$38,418	$18
   20	Pennsylvania	$36,685	$18

   Average loan analyst salary by company

   Company

   Rank	Company	Average salary	Hourly rate	Job openings
   1	Barclays	$55,492	$26.68
   2	Northern Trust	$54,124	$26.02	6
   3	Home Bancshares Inc.	$53,882	$25.90
   4	Simmons Bank	$50,888	$24.47	12
   5	First Republic Bank	$45,985	$22.11
   6	Old Second Bank	$44,757	$21.52
   7	First Western Trust	$43,683	$21.00	21
   8	Amundi	$43,233	$20.79
   9	Citi	$43,208	$20.77	50
   10	Ent Credit Union	$42,719	$20.54	4
   11	MetLife	$42,292	$20.33	4
   12	Comerica	$42,189	$20.28	5
   13	Umpqua Bank	$42,003	$20.19	32
   14	JPMorgan Chase & Co.	$41,774	$20.08	32
   15	Sotheby's	$41,768	$20.08
   16	Popular	$41,727	$20.06	8
   17	Liberty Bank	$41,416	$19.91
   18	NBH Bank	$41,218	$19.82
   19	CSC Holdings LLC	$40,590	$19.51
   20	Capital Mortgage Services of Texas	$40,553	$19.50

4. Writing a loan analyst job description

   A loan analyst job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. Below, you can find an example of a loan analyst job description:

   Loan analyst job description example

   Whippany, NJ
   
   As a Barclays Syndicated Loan Closing Analyst, you will be maintaining a portfolio of Secondary LSTA loan trades from trade date through to settlement while ensuring effective client service. You will have the opportunity to work alongside the KYC team to ensure all internal checks are complete prior to trade settlements.
   
   Barclays is one of the world's largest and most respected financial institutions, with 329 years of success, quality and innovation behind us. We've helped millions of individuals and businesses thrive, creating financial and digital solutions that the world now takes for granted. An important and growing presence in the USA, we offer careers providing endless opportunity.
   
   What will you be doing?
   
   * Liaising with trade counterparties, agent banks, legal counsel, both internal and external as required to ensure documents are in order for a smooth settlement
   * Reviewing of Credit Agreements to assess transferability requirements and restrictions
   * Liaising with the Operations trade settlements team to instruct the settlement of trades
   * Keeping senior members of the loan sales and trading desk and closing team management of potential issues with trade settlements
   
   What we're looking for:
   
   * Bachelor's Degree
   * One+ years of experience in par and distressed loan and trade claim closing
   * Three+ years of experience using Microsoft Suite
   
   Skills that will help you in the role:
   
   * Commercial awareness
   * Ability to balance priorities
   * Good communication skills
   * Organized, able to work under pressure and within tight deadlines
   
   Where will you be working?
   
   At Barclays, we are proud to be redefining the future of finance and here at Whippany we are defining the future of the workplace and the future of the way we work and live. We are creating a unique community, one of four strategic tech-enabled hubs that will redefine opportunity for everyone who works here. Whatever you do at Whippany, you'll have every chance to build a world-class career in this world-class environment.

   Copy this example

   

5. Post your job

   To find the right loan analyst for your business, consider trying out a few different recruiting strategies:

   • Consider internal talent. One of the most important sources of talent for any company is its existing workforce.
   • Ask for referrals. Reach out to friends, family members, and current employees and ask if they know or have worked with loan analysts they would recommend.
   • Recruit at local colleges. Attend job fairs at local colleges to recruit loan analysts who meet your education requirements.
   • Social media platforms. LinkedIn, Facebook and Twitter now have more than 3.5 billion users, and you can use social media to reach potential job candidates.

   Post your job online:

   • Post your loan analyst job on Zippia to find and recruit loan analyst candidates who meet your exact specifications.
   • Use field-specific websites.
   • Post a job on free websites.

6. Interview candidates

   To successfully recruit loan analysts, your first interview needs to engage with candidates to learn about their interest in the role and experience in the field. You can go into more detail about the company, the role, and the responsibilities during follow-up interviews.

   Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates can move on to the technical interview.

   The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

7. Send a job offer and onboard your new loan analyst

   Once you've selected the best loan analyst candidate for the job, it's time to write an offer letter. In addition to salary, this letter should include details about the benefits and perks you offer the candidate. Ensuring that your offer is competitive is essential, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and you should be open to discussion. After you reach an agreement, the final step is formalizing the agreement with a contract.

   It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.

   To prepare for the new employee's start date, you can create an onboarding schedule and complete any necessary paperwork, such as employee action forms and onboarding documents like I-9 forms, benefits enrollment, and federal and state tax forms. Human Resources should also ensure that a new employee file is created.

8. Go through the hiring process checklist

   • Determine employee type (full-time, part-time, contractor, etc.)
   • Submit a job requisition form to the HR department
   • Define job responsibilities and requirements
   • Establish budget and timeline
   • Determine hiring decision makers for the role
   • Write job description
   • Post job on job boards, company website, etc.
   • Promote the job internally
   • Process applications through applicant tracking system
   • Review resumes and cover letters
   • Shortlist candidates for screening
   • Hold phone/virtual interview screening with first round of candidates
   • Conduct in-person interviews with top candidates from first round
   • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
   • Conduct background checks on top candidates
   • Check references of top candidates
   • Consult with HR and hiring decision makers on job offer specifics
   • Extend offer to top candidate(s)
   • Receive formal job offer acceptance and signed employment contract
   • Inform other candidates that the position has been filled
   • Set and communicate onboarding schedule to new hire(s)
   • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)

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How much does it cost to hire a loan analyst?