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.

Loan Analyst Responsibilities

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

  • 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.
  • Gather and document project requirements by conducting activity-base analysis of foreclosure processes and provide recommendations base on the findings.
  • Conduct analysis of mortgage origination issues raise by mortgage insurance companies or investors and preparing written rebuttals to those issues.
  • Interact closely with the surveillance utilization and review team to audit medical record documentation in accordance with Medicaid regulations and guidelines.
  • Work closely with attorneys on daily basis to discuss need documents and possible mitigation or litigation strategies on foreclosure and bankruptcy matters
  • Update appropriate systems (CPI/MSP LPS) with findings of litigation, title issues, and document request, solutions.
  • Adhere to FDCPA in conjunction with laws and procedures with collection process.
  • Develop employee performance while following all federal and state collections standards, including FDCPA.
  • Secure an IRP relending program with USDA.
  • Review the documentation provide to determine eligibility for income, assets, LTV & DTI.

Loan Analyst Skills and Personality Traits

We calculated that 13% of Loan Analysts are proficient in Loan Documentation, Customer Service, and Real Estate. 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 Documentation, 13%

    Received Officer Title Designation as Vice President Loan Documentation which provided authority to act on behalf of the company

  • Customer Service, 12%

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

  • Real Estate, 9%

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

  • Financial Statements, 9%

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

  • Loan Portfolio, 4%

    Processed changes/requests on consumer loan portfolios including assumptions, modifications, and maturity notices.

  • Data Entry, 4%

    Collaborated with team members by reviewing data entry checklist to ensure accuracy and system integrity resulting in high quality loan acquisitions.

Most loan analysts list "loan documentation," "customer service," and "real estate" as skills on their resumes. We go into more details on the most important loan analyst responsibilities here:

  • The most important skills for a loan analyst to have in this position are detail oriented. In this excerpt that we gathered from a loan analyst resume, you'll understand why: "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." According to resumes we found, detail oriented can be used by a loan analyst in order to "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: "participate in and/or lead initiatives designed to improve existing processes or create new capabilities for loan review reporting and disclosures. "
  • 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: "possess exceptional analytical skills, communication abilities (both oral and written), and customer services and interpersonal relationship skills. "
  • See the full list of loan analyst skills.

    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 $91,621 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 documentation, customer service, and real estate 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 "financial statements," "excellent interpersonal," "data entry," and "loan processing." Whereas a credit officer requires skills like "risk management," "credit risk," "credit approval," and "portfolio management." 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 $120,621. Whereas loan analysts tend to make the most money in the finance industry with an average salary of $37,567.

    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 $23,894 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 "customer service," "financial statements," and "excellent interpersonal. "

    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 "loan documentation," "real estate," "loan portfolio," and "data entry." Meanwhile, a underwriter might be skilled in areas such as "mortgage loans," "credit decisions," "underwriting process," and "strong analytical." 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 manufacturing industry with an average salary of $78,233. Whereas, loan analysts have higher paychecks in the finance industry where they earn an average of $37,567.

    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 $31,518 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 documentation," "customer service," and "financial statements." 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," "loan portfolio," "data entry," and "loan processing," whereas a senior underwriter might be skilled in "portfolio," "strong analytical," "sr," and "renewal business. "

    Additionally, senior underwriters earn a higher salary in the insurance industry compared to other industries. In this industry, they receive an average salary of $77,893. Additionally, loan analysts earn an average salary of $37,567 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 $10,526 lower per year.

    While both loan analysts and mortgage bankers complete day-to-day tasks using similar skills like customer service, financial statements, and origination, the two careers also vary in other skills.

    While some skills are shared by these professions, there are some differences to note. "loan documentation," "real estate," "excellent interpersonal," and "loan portfolio" are skills that have shown up on loan analysts resumes. Additionally, mortgage banker uses skills like nmls, bank products, credit data, and cross-selling on their resumes.

    Mortgage bankers reach similar levels of education when compared to loan analysts. The difference is that they're 0.6% more likely to earn a Master's Degree less, and 0.2% more likely to graduate with a Doctoral Degree.