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Become A Loan Officer Assistant

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Working As A Loan Officer Assistant

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $48,271

    Average Salary

What Does A Loan Officer Assistant Do

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. 

Duties

Loan officers typically do the following:

  • Contact companies or people to ask if they need a loan
  • Meet with loan applicants to gather personal information and answer questions
  • Explain different types of loans and the terms of each one to applicants
  • Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level
  • Review loan agreements to ensure that they comply with federal and state regulations
  • Approve loan applications or refer them to management for a decision

Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. 

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

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How To Become A Loan Officer Assistant

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Loan Officer Assistant Videos

Life of a Mortgage Loan Officer

loan officer and processor conversation

day in the life of a loan processor

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Loan Officer Assistant Career Paths

Loan Officer Assistant
Mortgage Loan Processor Account Executive Personal Banker
Bank Manager
5 Yearsyrs
Loan Processor Service Specialist Personal Banker
Banking Center Manager
5 Yearsyrs
Senior Loan Officer Personal Banker Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Loan Processor Office Manager Branch Manager
Branch Sales Manager
6 Yearsyrs
Legal Assistant Sales Consultant Retail Sales Consultant
Business Account Manager
6 Yearsyrs
Mortgage Consultant Relationship Manager
Business Development Officer
7 Yearsyrs
Loan Coordinator Credit Analyst Commercial Loan Officer
Business Relationship Manager
9 Yearsyrs
Senior Loan Officer Senior Loan Processor
Client Relations Manager
6 Yearsyrs
Mortgage Consultant Sales Consultant Internet Sales Manager
Finance And Insurance Manager
6 Yearsyrs
Senior Loan Processor Service Specialist Personal Banker
Finance Center Manager
6 Yearsyrs
Legal Assistant Account Manager Underwriter
Lending Services Manager
7 Yearsyrs
Loan Officer Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Sales Assistant Realtor Real Estate Broker
Real Estate Management Specialist
7 Yearsyrs
Office Manager Account Manager Relationship Manager
Senior Relationship Manager
10 Yearsyrs
Loan Coordinator Senior Loan Processor Senior Underwriter
Underwriting Director
9 Yearsyrs
Loan Officer Underwriter
Underwriting Manager
8 Yearsyrs
Mortgage Loan Processor Loan Officer Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Senior Loan Processor Underwriter Assistant Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Office Manager Branch Manager Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
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Do you work as a Loan Officer Assistant?

Help others decide if this is a good career for them

Average Length of Employment
Loan Broker 3.8 years
Loan Administrator 3.4 years
Loan Manager 3.2 years
Loan Officer 3.0 years
Loan Originator 2.8 years
Loan Assistant 2.6 years
Loan Processor 2.5 years
Loan Coordinator 2.5 years
Loan Analyst 2.4 years
Loan Specialist 2.3 years
Loan Consultant 2.2 years
Loan Auditor 2.2 years
Loan Adviser 1.7 years
Top Careers Before Loan Officer Assistant
Teller 6.2%
Internship 4.1%
Cashier 3.8%
Processor 2.9%
Manager 2.4%
Top Careers After Loan Officer Assistant
Loan Officer 10.0%
Teller 3.9%
Cashier 3.9%
Manager 3.6%
Owner 2.7%
Processor 2.6%
Server 2.5%

Do you work as a Loan Officer Assistant?

Loan Officer Assistant Demographics

Gender

Female

73.4%

Male

24.5%

Unknown

2.0%
Ethnicity

White

57.9%

Hispanic or Latino

20.3%

Black or African American

10.4%

Asian

7.6%

Unknown

3.9%
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Foreign Languages Spoken

Spanish

54.9%

French

8.5%

Chinese

5.2%

German

4.6%

Mandarin

3.9%

Korean

3.3%

Russian

2.6%

Portuguese

2.6%

Japanese

2.6%

Arabic

2.6%

Hindi

1.3%

Italian

1.3%

Cantonese

1.3%

Polish

1.3%

Vietnamese

0.7%

Gujarati

0.7%

Hebrew

0.7%

Ukrainian

0.7%

Lithuanian

0.7%

Tagalog

0.7%
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Loan Officer Assistant Education

Schools

University of Phoenix

23.5%

Liberty University

7.2%

George Mason University

5.4%

Nassau Community College

4.2%

San Diego State University

4.2%

Eastern Michigan University

4.2%

Southern New Hampshire University

4.2%

Indiana University Bloomington

4.2%

Kaplan University

4.2%

Northern Virginia Community College

4.2%

Glendale Community College

3.6%

Utah Valley University

3.6%

University of Missouri - Columbia

3.6%

Irvine Valley College

3.6%

Ventura College

3.6%

College of Southern Nevada

3.6%

Utah State University

3.6%

Fresno City College

3.0%

San Jose State University

3.0%

Jefferson Community College

3.0%
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Majors

Business

31.8%

Finance

8.3%

Criminal Justice

6.6%

Accounting

6.5%

Psychology

6.3%

Management

4.4%

General Studies

3.9%

Health Care Administration

3.8%

Marketing

3.8%

Communication

3.7%

Real Estate

3.1%

Economics

2.5%

Education

2.4%

Liberal Arts

2.2%

Legal Support Services

2.0%

Nursing

1.8%

English

1.8%

Human Resources Management

1.8%

Law

1.8%

Biology

1.6%
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Degrees

Bachelors

39.9%

Other

31.0%

Associate

12.2%

Masters

9.3%

Certificate

3.9%

Diploma

1.5%

License

1.4%

Doctorate

0.7%
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Loan Officer Assistant Videos

Life of a Mortgage Loan Officer

loan officer and processor conversation

day in the life of a loan processor

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Top Skills for A Loan Officer Assistant

  1. Loan Applications
  2. Appraisals
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Performed full review of loan applications, identified missing documentation, analyzed supporting documentation to assist with final decision.
  • Provided preliminary research on property and credit and occasionally ordered other documentation and appraisals when appropriate.
  • Completed administrative/customer services duties as required to include financial transactions regarding defendants fines and court costs.
  • Requested appraisals, borrower credit reports, background checks, reference checks, and appropriate credit documentation to evaluate loan applications.
  • Prepared loan packages for underwriting and ensured regulatory compliance with agency, investor, and underwriter guidelines.

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Top Loan Officer Assistant Employers

Jobs From Top Loan Officer Assistant Employers

Loan Officer Assistant Videos

Life of a Mortgage Loan Officer

loan officer and processor conversation

day in the life of a loan processor

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