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A loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.

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Loan Analyst Responsibilities

Here are examples of responsibilities from real loan analyst resumes representing typical tasks they are likely to perform in their roles.

  • Ensure proper coding are accomplished by determining the appropriate code in accordance with ICD-9 and CPT guidelines.
  • Innovate technical solutions, including development of complex macros within MSP, to automate work and reduce manual processes
  • Manage AUS findings and analyze approvals and results accordingly.
  • Generate and distribute IRB committee meeting minutes in accordance with appropriate federal regulations.
  • Prepare and remit quarterly / semi-annual USDA reporting
  • Create charts and client files using calyx system.
  • Conduct file audit of SharePoint deal site at loan closing.
  • Add appropriate Cpt, ICD-9 and HCPCS according to guidelines.
  • Establish and maintain the permanent loan file in SharePoint according to corporate policy.
  • Receive, review and complete all disbursements for all SBA loan within all affiliates.
  • Work as a file clerk checking the accuracy of home loans from various lenders.
  • Identify MSP system issue regarding tolling interest and partner with technology to implement a solution to correct issue.
  • 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.
  • Assist with protocol and regulatory document submissions into IRB electronic database.

Loan Analyst Job Description

Perhaps the hardest question to answer when deciding on a career as a Loan Analyst is "should I become a Loan Analyst?" You might find this info to be helpful. When compared to other jobs, Loan Analyst careers are projected to have a growth rate described as "faster than average" at 8% from 2018 through 2028. This is in accordance with the Bureau of Labor Statistics. What's more, is that the projected number of opportunities that are predicted to become available for a Loan Analyst by 2028 is 24,300.

Loan Analysts average about $20.93 an hour, which makes the Loan Analyst annual salary $43,533. Additionally, Loan Analysts are known to earn anywhere from $29,000 to $65,000 a year. This means that the top-earning Loan Analysts make $36,000 more than the lowest earning ones.

Once you've become a Loan Analyst, you may be curious about what other opportunities are out there. Careers aren't one size fits all. For that reason, we discovered some other jobs that you may find appealing. Some jobs you might find interesting include a Credit Officer, Underwriter, Senior Underwriter, and Mortgage Banker.

Loan Analyst Jobs You Might Like

5 Loan Analyst Resume Examples

Loan Analyst Skills and Personality Traits

We calculated that 20% of Loan Analysts are proficient in Loan Portfolio, Financial Statements, and Customer Service. They’re also known for soft skills such as Detail oriented, Initiative, and Interpersonal skills.

We break down the percentage of Loan Analysts that have these skills listed on their resume here:

  • Loan Portfolio, 20%

    Gained invaluable financial and customer service experience managing an adversely classified loan portfolio during one of the most challenging agriculture recessions.

  • Financial Statements, 12%

    Processed corporate loans by analyzing financial statements, company prospects, and macro environment to determine pricing and underwriting procedure.

  • Customer Service, 10%

    Recognized for exceptional customer service by both internal and external clients; amassed awards for exceptional customer service.

  • Real Estate, 7%

    Processed documentation required to close real estate loans, ordered title policies to verify encumbrances for satisfactory lien position.

  • Ensure Compliance, 7%

    Perform examination and reconstruction of borrower's files to ensure compliance with guarantor requirements of all pertinent borrows account information.

  • Loan Applications, 6%

    Evaluated new loan applications to insure proper completion and submission of required financial information to facilitate financial credit analysis.

"Loan Portfolio," "Financial Statements," and "Customer Service" aren't the only skills we found Loan Analysts list on their resumes. In fact, there's a whole list of Loan Analyst responsibilities that we found, including:

  • Detail oriented can be considered to be the most important personality trait for a Loan Analyst to have. According to a Loan Analyst resume, "Each piece of information on an application can have a major effect on the profitability of a loan, so loan officers must pay attention to detail." Loan Analysts are able to use Detail oriented in the following example we gathered from a resume: "Ensured accuracy and completeness of data entry with the ability to pay good attention to small detail. "
  • While it may not be the most important skill, we found that many Loan Analyst duties rely on Initiative. This example from a Loan Analyst explains why: "Loan officers need to seek out new clients." This resume example is just one of many ways Loan Analysts are able to utilize Initiative: "Developed and administered secondary market initiatives Generated new leads including mortgage sellers and purchasers. "
  • Another skill that is quite popular among Loan Analysts is Interpersonal skills. This skill is very critical to fulfilling every day responsibilities as is shown in this example from a Loan Analyst resume: "Because loan officers work with people, they 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: "have strong analytical, interpersonal and both verbal and written communication skills. "
  • See the full list of Loan Analyst skills.

    Before becoming a Loan Analyst, 65.5% earned their bachelor's degree. When it comes down to graduating with a master's degree, 7.8% Loan Analysts went for the extra education. If you're wanting to pursue this career, it may be possible to be successful with a high school degree. In fact, most Loan Analysts have a college degree. But about one out of every seven Loan Analysts didn't attend college at all.

    Those Loan Analysts who do attend college, typically earn either Business degrees or Finance degrees. Less commonly earned degrees for Loan Analysts include Accounting degrees or Economics degrees.

    Once you've obtained the level of education you're comfortable with, you might start applying to companies to become a Loan Analyst. We've found that most Loan Analyst resumes include experience from The PNC Financial Services Group, Citigroup, and JPMorgan Chase & Co. Of recent, The PNC Financial Services Group had 100 positions open for Loan Analysts. Meanwhile, there are 16 job openings at Citigroup and 11 at JPMorgan Chase & Co.

    But if you're interested in companies where you might earn a high salary, Loan Analysts tend to earn the biggest salaries at Citigroup, First Republic Bank, and BGC Partners. Take Citigroup for example. The median Loan Analyst salary is $118,741. At First Republic Bank, Loan Analysts earn an average of $113,157, while the average at BGC Partners is $81,269. You should take into consideration how difficult it might be to secure a job with one of these companies.

    View more details on Loan Analyst salaries across the United States.

    Some other companies you might be interested in as a Loan Analyst include Wells Fargo, Bank of America, and JPMorgan Chase. These three companies were found to hire the most Loan Analysts from the top 100 U.S. educational institutions.

    The three companies that hire the most prestigious loan analysts are:

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    What Credit Officers Do

    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.

    In this section, we take a look at the annual salaries of other professions. Take Credit Officer for example. On average, the Credit Officers annual salary is $72,292 higher than what Loan Analysts make on average every year.

    Even though Loan Analysts and Credit Officers have vast differences in their careers, a few of the skills required to do both jobs are similar. For example, both careers require Loan Portfolio, Financial Statements, and Customer Service in the day-to-day roles.

    These skill sets are where the common ground ends though. A Loan Analyst responsibility is more likely to require skills like "Income," "Data Entry," "Ensure Accuracy," and "Fannie MAE." Whereas a Credit Officer requires skills like "Risk Management," "Credit Risk," "Portfolio," and "Credit Policy." Just by understanding these different skills you can see how different these careers are.

    Credit Officers really shine in the Finance industry with an average salary of $107,566. Whereas Loan Analysts tend to make the most money in the Finance industry with an average salary of $45,831.

    On average, Credit Officers reach higher levels of education than Loan Analysts. Credit Officers are 10.4% more likely to earn a Master's Degree and 0.2% more likely to graduate with a Doctoral Degree.

    What Are The Duties Of an 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. Most of the time, the Underwriter's tasks will also involve evaluating a client's credit history, health, assets, overall financial history.

    The next role we're going to look at is the Underwriter profession. Typically, this position earns a higher pay. In fact, they earn a $15,662 higher salary than Loan Analysts per year.

    While the salary may be different for these job positions, there is one similarity and that's a few of the skills needed to perform certain duties. We used info from lots of resumes to find that both Loan Analysts and Underwriters are known to have skills such as "Loan Portfolio," "Financial Statements," and "Customer Service. "

    In addition to the difference in salary, there are some other key differences that are worth noting. For example, Loan Analyst responsibilities are more likely to require skills like "Real Estate," "Legal Documents," "Data Entry," and "Special Projects." Meanwhile, a Underwriter might be skilled in areas such as "External Customers," "Credit Risk," "Renewal Business," and "Life Insurance." These differences highlight just how different the day-to-day in each role looks.

    On average, Underwriters earn a higher salary than Loan Analysts. There are industries that support higher salaries in each profession respectively. Interestingly enough, Underwriters earn the most pay in the Finance industry with an average salary of $73,209. Whereas, Loan Analysts have higher paychecks in the Finance industry where they earn an average of $45,831.

    In general, Underwriters study at similar levels of education than Loan Analysts. They're 0.9% less likely to obtain a Master's Degree while being 0.2% less likely to earn a Doctoral Degree.

    How a Senior Underwriter Compares

    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.

    The Senior Underwriter profession generally makes a higher amount of money when compared to the average salary of Loan Analysts. The difference in salaries is Senior Underwriters making $18,225 higher than Loan Analysts.

    By looking over several Loan Analysts and Senior Underwriters resumes, we found that both roles utilize similar skills, such as "Loan Portfolio," "Financial Statements," and "Customer Service." But beyond that the careers look very different.

    Some important key differences between the two careers are a few of the skills necessary to fulfill responsibilities. Some examples from Loan Analyst resumes include skills like "Real Estate," "Legal Documents," "Data Entry," and "FHA," whereas a Senior Underwriter might be skilled in "Portfolio," "SR," "External Customers," and "Renewal Business. "

    Additionally, Senior Underwriters earn a higher salary in the Manufacturing industry compared to other industries. In this industry, they receive an average salary of $89,227. Additionally, Loan Analysts earn an average salary of $45,831 in the Finance industry.

    When it comes to education, Senior Underwriters tend to earn similar education levels than Loan Analysts. In fact, they're 0.6% more likely to earn a Master's Degree, and 0.4% more likely to graduate with a Doctoral Degree.

    Description Of a 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.

    The fourth career we look at typically earns lower pay than Loan Analysts. On average, Mortgage Bankers earn a difference of $6,080 lower per year.

    While both Loan Analysts and Mortgage Bankers complete day-to-day tasks using similar skills like Loan Portfolio, Financial Statements, and Customer Service, the two careers also vary in other skills.

    While some skills are shared by these professions, there are some differences to note. "Ensure Compliance," "Income," "Legal Documents," and "Data Entry" are skills that have shown up on Loan Analysts resumes. Additionally, Mortgage Banker uses skills like Financial Goals, Financial Needs, Nmls, and Bank Products on their resumes.

    In general, Mortgage Bankers make a higher salary in the Finance industry with an average of $37,711. The highest Loan Analyst annual salary stems from the Finance industry.

    The average resume of Mortgage Bankers showed that they earn similar levels of education to Loan Analysts. So much so that the likelihood of them earning a Master's Degree is 0.6% less. Additionally, they're more likely to earn a Doctoral Degree by 0.2%.