A loan specialist is responsible for processing personal and commercial loans. He simplifies the loan process and timeline to determine approval or rejection. He also seeks loan applications from existing customers based on their borrowing histories or demographics. However, most loan specialists focus on loan processing. This implies that they help with every step of the process, from filling out the necessary paperwork to getting the signatures of involved parties on the closing documents. They also guide applicants on the processes and recommend ways to qualify or improve credit ratings.
Loan specialists work in banks, lending institutions, real estate firms, and automotive dealerships. A minimum of a high school diploma is required to get the job with experience in a banking or lending environment. Applicants must possess communication, customer service, attention to detail, organization, and negotiation skills.
A loan specialist makes an average salary of $43,039 per annum. It varies between $27,000 and $67,000.
There is more than meets the eye when it comes to being a loan specialist. For example, did you know that they make an average of $20.07 an hour? That's $41,740 a year!
Between 2018 and 2028, the career is expected to grow 5% and produce 72,100 job opportunities across the U.S.
There are certain skills that many loan specialists 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 communication skills, math skills and organizational skills.
When it comes to the most important skills required to be a loan specialist, we found that a lot of resumes listed 24.5% of loan specialists included loan applications, while 14.6% of resumes included loan portfolio, and 11.0% of resumes included customer service. 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 specialist job title. But what industry to start with? Most loan specialists actually find jobs in the finance and professional industries.
If you're interested in becoming a loan specialist, one of the first things to consider is how much education you need. We've determined that 41.9% of loan specialists have a bachelor's degree. In terms of higher education levels, we found that 4.3% of loan specialists have master's degrees. Even though some loan specialists 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 specialist. When we researched the most common majors for a loan specialist, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on loan specialist resumes include high school diploma degrees or master's degree degrees.
You may find that experience in other jobs will help you become a loan specialist. In fact, many loan specialist jobs require experience in a role such as customer service representative. Meanwhile, many loan specialists also have previous career experience in roles such as cashier or loan processor.