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Working As A Loan Specialist

  • Processing Information
  • Interacting With Computers
  • Communicating with Persons Outside Organization
  • Getting Information
  • Performing for or Working Directly with the Public
  • Deal with People

  • Mostly Sitting

  • Repetitive

  • $51,000

    Average Salary

What Does A Loan Specialist Do

Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out financial transactions.

Duties

Financial clerks typically do the following:

  • Keep and update financial records
  • Compute bills and charges
  • Offer customer assistance
  • Carry out financial transactions

Financial clerks give administrative and clerical support in financial settings. Their specific job duties vary by specialty and by setting.

Billing and posting clerks calculate charges, develop bills, and prepare them to be mailed to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to compute fees or charges due. They also contact customers to get or give account information.

Gaming cage workers work in casinos and other gaming establishments. The “cage” in which they work is the central depository for money and gaming chips. Gaming cage workers sell gambling chips, tokens, or tickets to patrons. They count funds and reconcile daily summaries of transactions in order to balance books.

Payroll and timekeeping clerks compile and post employee time and payroll data. They verify and record attendance, hours worked, and pay adjustments. They ensure that employees are paid on time and that their paychecks are accurate.

Procurement clerks compile requests for materials, prepare purchase orders, keep track of purchases and supplies, and handle questions about orders. They respond to questions from customers and suppliers about the status of orders. They handle requests to change or cancel orders. They make sure that purchases arrive on schedule and that the items meet the purchaser’s specifications.

Brokerage clerks help with tasks associated with securities such as stocks, bonds, commodities, and other kinds of investments. Their duties include writing orders for stock purchases and sales, computing transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and keeping records of daily transactions and holdings.

Credit authorizers, checkers, and clerks review the credit history, and get the information needed to determine the creditworthiness, of individuals or businesses applying for credit. Credit authorizers evaluate customers’ computerized credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers call or write credit departments of business and service establishments to get information about applicants’ credit standing.

Loan interviewers, also called loan processors or loan clerks, interview applicants and others to get and verify personal and financial information needed to complete loan applications. They also prepare the documents that go to the appraiser and are issued at the closing of a loan.

New accounts clerks interview people who want to open accounts in financial institutions. They explain the account services available to prospective customers and help them fill out applications. They also investigate and correct errors in accounts.

Insurance claims and policy processing clerks process applications for insurance policies. They also handle customers’ requests to change or cancel their existing policies. Their duties include interviewing clients and reviewing insurance applications to ensure that all questions have been answered. They also notify insurance agents and accounting departments of policy cancellations or changes.

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How To Become A Loan Specialist

A high school diploma or equivalent is typically required for most financial clerk jobs. These workers usually learn their duties through on-the-job training.

Education

Financial clerks typically need a high school diploma or equivalent to enter the occupation. Employers of brokerage clerks may prefer candidates who have taken some college courses in business or economics and, in some cases, require a 2- or 4-year college degree.

Training

Most financial clerks learn how to do their job duties through on-the-job training. Some formal technical training also may be necessary; for example, gaming cage workers may need training in specific gaming regulations and procedures.

Advancement

Financial clerks can advance to related occupations in finance. For example, a loan interviewer or clerk can become a loan officer, and a brokerage clerk can become a securities, commodities, or financial services sales agent, after obtaining the required education and license.

Important Qualities

Communication skills. Financial clerks should have good communication skills so that they can explain policies and procedures to colleagues and customers.

Math skills. The job duties of financial clerks, including calculating charges and checking credit scores, require basic math skills.

Organizational skills. Strong organizational skills are important for financial clerks because they must be able to find files quickly and efficiently.

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Loan Specialist Career Paths

Loan Specialist
Loan Processor Loan Officer Account Executive
Relationship Manager
6 Yearsyrs
Loan Processor Underwriter
Underwriting Manager
8 Yearsyrs
Loan Processor Underwriter Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Loan Officer Account Executive Office Manager
Office Manager Of Human Resources
6 Yearsyrs
Loan Officer Account Executive Branch Manager
Vice President And Manager
10 Yearsyrs
Underwriter Team Leader Office Manager
Accountant And Office Manager
6 Yearsyrs
Specialist Team Leader Office Manager
Accounts Receivable Manager
6 Yearsyrs
Specialist Executive Assistant Property Manager
Portfolio Manager
7 Yearsyrs
Specialist Team Leader Property Manager
Asset Manager
7 Yearsyrs
Mortgage Loan Processor Senior Loan Processor
Processing Manager
7 Yearsyrs
Service Specialist Personal Banker Credit Analyst
Credit Manager
5 Yearsyrs
Service Specialist Executive Assistant Assistant Property Manager
Assistant Community Manager
5 Yearsyrs
Service Specialist Analyst Customer Service Manager
Collections Manager
5 Yearsyrs
Consumer Loan Underwriter Senior Underwriter Assistant Vice President
Vice President Operation Manager
10 Yearsyrs
Operations Specialist Operation Supervisor Assistant Branch Manager
Finance Center Manager
6 Yearsyrs
Operations Specialist Lead Teller Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Operations Specialist Operation Supervisor Operations Director
Assistant Vice President Operations
8 Yearsyrs
Mortgage Loan Processor Credit Analyst Relationship Manager
Client Relationship Manager
7 Yearsyrs
Consumer Loan Underwriter Branch Manager Realtor
Real Estate Management Specialist
7 Yearsyrs
Mortgage Loan Processor Legal Assistant Bankruptcy Specialist
Property Preservation Specialist
5 Yearsyrs
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Average Length of Employment
Loan Secretary 3.9 years
Loan Administrator 3.5 years
Loan Closer 3.2 years
Loan Processor 2.7 years
Loan Coordinator 2.6 years
Loan Assistant 2.6 years
Loan Analyst 2.4 years
Loan Consultant 2.3 years
Loan Specialist 2.0 years
Top Careers Before Loan Specialist
Cashier 9.0%
Teller 5.7%
Specialist 3.6%
Manager 3.2%
Collector 3.1%
Internship 2.4%
Top Careers After Loan Specialist
Cashier 6.5%
Specialist 4.9%
Manager 3.4%
Teller 2.7%

Do you work as a Loan Specialist?

Average Yearly Salary
$51,000
Show Salaries
$34,000
Min 10%
$51,000
Median 50%
$51,000
Median 50%
$51,000
Median 50%
$51,000
Median 50%
$51,000
Median 50%
$51,000
Median 50%
$51,000
Median 50%
$77,000
Max 90%
Highest Paying City
Washington, DC
Highest Paying State
Arkansas
Avg Experience Level
2.4 years
How much does a Loan Specialist make at top companies?
The national average salary for a Loan Specialist in the United States is $51,439 per year or $25 per hour. Those in the bottom 10 percent make under $34,000 a year, and the top 10 percent make over $77,000.

The largest raises come from changing jobs.

See what's out there.

Top Skills for A Loan Specialist

  1. Loan Applications
  2. Loan Portfolio
  3. Financial Statements
You can check out examples of real life uses of top skills on resumes here:
  • Evaluated, approved or denied residential and business disaster loan applications based on regulatory standards and acceptable financial and credit analysis.
  • Obtained and generated information necessary for loan portfolio statistical reporting to Executive Management and the Board of Directors.
  • Analyzed financial statements and credit information for borrowers; monitored and ensured compliance guidelines and verified agreement terms were met.
  • Delivered quality customer service by researching and responding to all internal and external client inquiries quickly, efficiently and professionally.
  • Reviewed accounts for loan rehabilitation and status to ensure compliance with federal regulations.

Rank:

Average Salary:

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Top 10 Best States for Loan Specialists

  1. North Dakota
  2. North Carolina
  3. Alaska
  4. District of Columbia
  5. Rhode Island
  6. Colorado
  7. Florida
  8. Connecticut
  9. Michigan
  10. New Jersey
  • (40 jobs)
  • (487 jobs)
  • (35 jobs)
  • (81 jobs)
  • (55 jobs)
  • (254 jobs)
  • (744 jobs)
  • (127 jobs)
  • (483 jobs)
  • (362 jobs)

Loan Specialist Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 11,527 Loan Specialist resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Loan Specialist Resume

View Resume Examples

Loan Specialist Demographics

Gender

Female

66.0%

Male

30.3%

Unknown

3.7%
Ethnicity

White

60.1%

Hispanic or Latino

17.9%

Black or African American

11.3%

Asian

7.2%

Unknown

3.5%
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Foreign Languages Spoken

Spanish

67.5%

French

6.1%

German

3.3%

Mandarin

2.6%

Russian

2.6%

Portuguese

2.0%

Cantonese

1.8%

Arabic

1.8%

Chinese

1.5%

Dutch

1.3%

Japanese

1.3%

Hindi

1.3%

Korean

1.0%

Italian

1.0%

Hmong

1.0%

Swedish

0.8%

Vietnamese

0.8%

Gujarati

0.8%

Armenian

0.8%

Tagalog

0.8%
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Loan Specialist Education

Schools

Strayer University

11.1%

Kaplan University

10.0%

Ashford University

5.8%

Liberty University

5.3%

Arizona State University

5.3%

University of North Texas

5.0%

Central Piedmont Community College

5.0%

Florida State College at Jacksonville

5.0%

San Antonio College

5.0%

University of Houston

4.4%

Florence-Darlington Technical College

4.4%

Salt Lake Community College

4.2%

University of Utah

3.9%

Ohio State University

3.9%

Houston Community College

3.6%

University of Missouri - Columbia

3.6%

Des Moines Area Community College

3.6%

Southern New Hampshire University

3.6%

Columbus State Community College

3.6%

Northern Virginia Community College

3.6%
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Majors

Business

35.7%

Accounting

9.8%

Finance

8.0%

Psychology

4.9%

Criminal Justice

4.8%

Health Care Administration

3.9%

General Studies

3.5%

Management

3.5%

Communication

3.2%

Marketing

2.8%

Medical Assisting Services

2.6%

Legal Support Services

2.4%

Liberal Arts

2.2%

Nursing

2.1%

Economics

1.9%

Political Science

1.8%

Computer Science

1.8%

Real Estate

1.7%

Human Resources Management

1.7%

Education

1.6%
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Degrees

Bachelors

38.1%

High School Diploma

23.0%

Associate

18.3%

Masters

8.3%

Certificate

6.8%

Diploma

4.0%

License

1.0%

Doctorate

0.6%
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Updated May 18, 2020