What does a loan assistant do?
Loan assistants act as support primarily to loan officers in preparing, reviewing, and verifying account documentation pertinent to loans. Also, ensuring the completeness of the loan files and that all collateral has been properly secured. In addition, loan assistants update collateral values on commercial and residential real estate loans as assigned by senior management. They stay within the guidelines established by bank policy and maintain the highest level of confidentiality with all information obtained.
Loan assistant responsibilities
Here are examples of responsibilities from real loan assistant resumes:
- Keep the ATM balance and fill.
- General teller duties, responsible for balancing cash drawer, ATM, vault.
- Background in commercial real estate lending, A/R lending, SBA, construction loans, and consumer lending.
- Iprocess all NSF returns including and not limit to checks, ACH, chargebacks and all cash items.
- Request and work with all SBA offices for loan documents as needed for disputes or proof of debt request.
- Support streamlined document management for residential mortgage origination company.
- Prepare annual escrow analysis reports and maintain escrow data.
- Submit loans to FNMA DU/LP underwriting findings system to determine approval/eligibility status.
- Prepare and edit Hud-1 settlement statements for accuracy then approve final with paralegals.
- Utilize underwriting and loan origination software to generate loan disclosures for customer review and signatures.
- Carry out any requests concerning underwriting by accurately and efficiently ordering titles, values, escrow and requesting investor approvals.
- Respond to mortgage lenders and taxing agency jurisdictions by utilizing effective verbal and written communication in a prompt and accurate manner.
- Communicate with money market traders, and cash management on foreign exchange deals and daily Libor rates.
- Process banking general ledger transactions on AS400 system.
- Search AS400 and synergy for previously scan items.
Loan assistant skills and personality traits
We calculated that 19% of Loan Assistants are proficient in Customer Service, Loan Applications, and Mortgage Loans. They’re also known for soft skills such as Communication skills, Math skills, and Organizational skills.
We break down the percentage of Loan Assistants that have these skills listed on their resume here:
- Customer Service, 19%
Communicated with both internal and external contacts including significant prospect and client relationships while serving as backup for Customer Service Specialist.
- Loan Applications, 9%
Evaluated information supplied on residential loan applications and loan documentation such as bank statements, credit reports and other essential documentation.
- Mortgage Loans, 7%
Facilitated timely review and submission of completed mortgage loan application packages by gathering preliminary information and entering it into company database.
- Financial Statements, 5%
Analyzed financial statements to determine loan eligibility and prepared standard documents for business asset secured and unsecured loans using Laser Pro.
- Order Appraisals, 5%
Order appraisals via wholesale lender's online portal and communicate with real estate agents as to appraisal status and through completion.
- Data Entry, 4%
Operated data entry equipment to scan and capture information from documentation received.
Most loan assistants use their skills in "customer service," "loan applications," and "mortgage loans" to do their jobs. You can find more detail on essential loan assistant responsibilities here:
Communication skills. One of the key soft skills for a loan assistant to have is communication skills. You can see how this relates to what loan assistants do because "financial clerks should be able to explain policies and procedures to colleagues and customers." Additionally, a loan assistant resume shows how loan assistants use communication skills: "answer phones submit loans set up meetings approval letters filing/faxing order documents data entry communication w/escrow"
Math skills. Another soft skill that's essential for fulfilling loan assistant duties is math skills. The role rewards competence in this skill because "the job duties of financial clerks includes calculating charges and updating financial records." According to a loan assistant resume, here's how loan assistants can utilize math skills in their job responsibilities: "experience with fha b-e claims knowledge of fha hud requirements and guidelines perform mathematical calculations ensure confidential information stays secure"
Organizational skills. This is an important skill for loan assistants to perform their duties. For an example of how loan assistant responsibilities depend on this skill, consider that "financial clerks must be able to arrange files so they can find them quickly and efficiently." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a loan assistant: "provided organizational and administrative duties including but not limited to; data entry, document scan, upload & file creation. ".
The three companies that hire the most loan assistants are:
- D.R. Horton19 loan assistants jobs
- Home Federal Bancorp Inc/La15 loan assistants jobs
- First United Bank9 loan assistants jobs
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Compare different loan assistants
Loan assistant vs. Closing coordinator
In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
These skill sets are where the common ground ends though. The responsibilities of a loan assistant are more likely to require skills like "financial statements," "order appraisals," "data entry," and "loan payments." On the other hand, a job as a closing coordinator requires skills like "hoa," "hud-1," "lender approval," and "settlement statements." As you can see, what employees do in each career varies considerably.
Closing coordinators earn the highest salaries when working in the finance industry, with an average yearly salary of $45,518. On the other hand, loan assistants are paid more in the finance industry with an average salary of $38,533.On average, closing coordinators reach similar levels of education than loan assistants. Closing coordinators are 0.5% less likely to earn a Master's Degree and 0.6% more likely to graduate with a Doctoral Degree.Loan assistant vs. Mortgage processor
A mortgage processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
Each career also uses different skills, according to real loan assistant resumes. While loan assistant responsibilities can utilize skills like "loan applications," "mortgage loans," "order appraisals," and "data entry," mortgage processors use skills like "strong customer service," "va," "underwriting guidelines," and "property appraisals."
Mortgage processors earn a higher average salary than loan assistants. But mortgage processors earn the highest pay in the professional industry, with an average salary of $46,049. Additionally, loan assistants earn the highest salaries in the finance with average pay of $38,533 annually.In general, mortgage processors achieve similar levels of education than loan assistants. They're 0.4% more likely to obtain a Master's Degree while being 0.6% more likely to earn a Doctoral Degree.Loan assistant vs. Loan officer/loan processor
A loan processor is a person who does all the processing as well as submitting all the required documents for a loan application. They play an important role in ensuring that the personal information and documents of a client are orderly complied. Also, a loan processor's other tasks include being the bridge or channel between the loan applicant and the loan assessor.
The required skills of the two careers differ considerably. For example, loan assistants are more likely to have skills like "mortgage loans," "financial statements," "order appraisals," and "data entry." But a loan officer/loan processor is more likely to have skills like "lenders," "va," "financial services," and "mortgage loan applications."
Loan officers/loan processor earn the highest salary when working in the automotive industry, where they receive an average salary of $45,742. Comparatively, loan assistants have the highest earning potential in the finance industry, with an average salary of $38,533.loan officers/loan processor typically earn similar educational levels compared to loan assistants. Specifically, they're 2.7% more likely to graduate with a Master's Degree, and 0.4% more likely to earn a Doctoral Degree.Loan assistant vs. Mortgage specialist
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
Types of loan assistant
Updated January 8, 2025
