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Become A Loan Review Analyst

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Working As A Loan Review Analyst

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

  • Make Decisions

  • Repetitive

  • $71,000

    Average Salary

What Does A Loan Review Analyst 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 Review Analyst

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 Review Analyst Career Paths

Loan Review Analyst
Senior Underwriter Assistant Vice President Vice President
Vice President And Manager
10 Yearsyrs
Senior Underwriter Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Senior Underwriter Assistant Vice President Operations Vice President
Senior Vice President-Operations
14 Yearsyrs
Analyst Manager Vice President
Group Vice President
9 Yearsyrs
Analyst Manager Property Manager
Asset Manager
7 Yearsyrs
Analyst Supervisor Property Manager
Real Estate Manager
8 Yearsyrs
Team Leader Manager Sales Manager
Branch Sales Manager
6 Yearsyrs
Team Leader Project Manager Vice President
Commercial Lending Vice President
11 Yearsyrs
Team Leader Account Manager Relationship Manager
Senior Relationship Manager
9 Yearsyrs
Compliance Analyst Supervisor Branch Manager
Business Development Officer
7 Yearsyrs
Compliance Analyst Supervisor Production Manager
Processing Manager
7 Yearsyrs
Compliance Analyst Project Manager Portfolio Manager
Vice President And Portfolio Manager
10 Yearsyrs
Assistant Manager Assistant Branch Manager
Finance Center Manager
6 Yearsyrs
Assistant Manager Account Manager Relationship Manager
Business Relationship Manager
9 Yearsyrs
Assistant Manager Operations Manager Operations Director
Assistant Vice President Operations
8 Yearsyrs
Senior Analyst Lead Technician Assistant Store Manager
Credit Manager
5 Yearsyrs
Senior Analyst Senior Team Lead
Underwriting Manager
8 Yearsyrs
Senior Analyst Senior Team Lead Underwriting Manager
Lending Services Manager
8 Yearsyrs
Quality Control Auditor Mortgage Underwriter Credit Officer
Senior Officer
5 Yearsyrs
Account Manager Regional Sales Manager Vice President & Sales Manager
Associate Vice President
9 Yearsyrs
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Do you work as a Loan Review Analyst?

Loan Review Analyst Demographics

Gender

Female

58.7%

Male

34.2%

Unknown

7.1%
Ethnicity

White

59.4%

Hispanic or Latino

16.9%

Black or African American

12.1%

Asian

8.0%

Unknown

3.5%
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Foreign Languages Spoken

Spanish

69.2%

French

5.1%

Portuguese

2.6%

Indonesian

2.6%

Chinese

2.6%

Cantonese

2.6%

Japanese

2.6%

Mandarin

2.6%

Carrier

2.6%

Hmong

2.6%

Korean

2.6%

Tamil

2.6%
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Loan Review Analyst Education

Schools

University of Phoenix

23.3%

Florida State College at Jacksonville

8.9%

Webster University

5.5%

University of Central Florida

5.5%

University of North Florida

4.8%

University of Texas at Austin

4.8%

University of Florida

4.1%

Florida State University

4.1%

University of South Florida

3.4%

Saint John's University - New York

3.4%

Ohio State University

3.4%

Harrisburg Area Community College - Harrisburg

3.4%

Walden University

3.4%

Louisiana State University and A&M College

3.4%

California State University - Northridge

3.4%

Pierce College at Puyallup

3.4%

Northeastern University

3.4%

University of North Carolina at Greensboro

2.7%

Moorpark College

2.7%

Michigan State University

2.7%
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Majors

Business

33.2%

Finance

12.8%

Accounting

7.8%

Nursing

6.5%

Management

4.4%

Psychology

3.4%

Health Care Administration

3.4%

Economics

3.3%

Real Estate

3.1%

Criminal Justice

2.7%

Communication

2.6%

Marketing

2.5%

Political Science

2.3%

Computer Information Systems

2.2%

Law

1.9%

Legal Support Services

1.8%

Liberal Arts

1.6%

Sociology

1.6%

General Studies

1.5%

Education

1.4%
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Degrees

Bachelors

44.9%

Other

19.8%

Masters

16.0%

Associate

11.2%

Certificate

3.9%

Diploma

2.0%

Doctorate

2.0%

License

0.1%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$71,000
View Detailed Salary Report
$41,000
Min 10%
$71,000
Median 50%
$71,000
Median 50%
$71,000
Median 50%
$71,000
Median 50%
$71,000
Median 50%
$71,000
Median 50%
$71,000
Median 50%
$123,000
Max 90%
Best Paying Company
Flushing Bank
Highest Paying City
Anchorage, AK
Highest Paying State
Alaska
Avg Experience Level
2.5 years
How much does a Loan Review Analyst make at top companies?
The national average salary for a Loan Review Analyst in the United States is $71,542 per year or $34 per hour. Those in the bottom 10 percent make under $41,000 a year, and the top 10 percent make over $123,000.

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Top Skills for A Loan Review Analyst

  1. Investor Guidelines
  2. Loan Applications
  3. Financial Statements
You can check out examples of real life uses of top skills on resumes here:
  • Review performing and non-performing mortgage notes to determine origination and servicing compliance with investor guidelines throughout the servicing period.
  • Evaluated new loan applications to ensure proper completion and submission of required financial information to facilitate financial credit analysis.
  • Analyze and interpret financial statements to determine the operating performances of affordable housing properties and small businesses.
  • Guaranteed procedures were followed; systems of record notated and documentation and communications are performed in accordance with internal operation procedures.
  • Audited closed loans for adherence to established Representations and Warranties guidelines for private labeled securities.

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Top 10 Best States for Loan Review Analysts

  1. District of Columbia
  2. New York
  3. Virginia
  4. Alabama
  5. Minnesota
  6. North Carolina
  7. Connecticut
  8. California
  9. Pennsylvania
  10. Massachusetts
  • (126 jobs)
  • (343 jobs)
  • (415 jobs)
  • (70 jobs)
  • (127 jobs)
  • (170 jobs)
  • (63 jobs)
  • (645 jobs)
  • (178 jobs)
  • (155 jobs)

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