A Loan Review Analyst is a professional who evaluates all credit documents, the quality of commercial loans, and assigns risk rating. The position is responsible for receiving approval and ensuring compliance under the credit or loan guidelines.
Also, this professional prepares needed loan reports with the required information for approval and decision making. As the loan review analyst, you are tasked with selecting loans to review their credit risk according to factors, such as geographical location, type, and loan amount. You record data containing the purpose of loan, balance, collateral, and repayment terms on a spreadsheet.
To be hired as a Loan Review Analyst, you need at least a Bachelor's degree in a related field and years of experience. You must possess interpersonal skills, be willing to take charge, and pay attention to details. A Loan Review Analyst earns an average of $25.68 per hour. It sums up to $53,422 annually.
There is more than meets the eye when it comes to being a loan review analyst. For example, did you know that they make an average of $24.4 an hour? That's $50,760 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.
There are certain skills that many loan review analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.
When it comes to the most important skills required to be a loan review analyst, we found that a lot of resumes listed 18.3% of loan review analysts included loan portfolio, while 12.4% of resumes included financial statements, and 4.9% of resumes included real estate. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the loan review analyst job title. But what industry to start with? Most loan review analysts actually find jobs in the finance and technology industries.
If you're interested in becoming a loan review analyst, one of the first things to consider is how much education you need. We've determined that 52.0% of loan review analysts have a bachelor's degree. In terms of higher education levels, we found that 8.2% of loan review analysts have master's degrees. Even though most loan review analysts have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a loan review analyst. When we researched the most common majors for a loan review analyst, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on loan review analyst resumes include master's degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a loan review analyst. In fact, many loan review analyst jobs require experience in a role such as underwriter. Meanwhile, many loan review analysts also have previous career experience in roles such as loan processor or customer service representative.