How to hire a loan specialist

How to hire a loan specialist, step by step

Here's a step-by-step loan specialist hiring guide:

• Step 1: Identify your hiring needs
• Step 2: Create an ideal candidate profile
• Step 3: Make a budget
• Step 4: Write a loan specialist job description
• Step 5: Post your job
• Step 6: Interview candidates
• Step 7: Send a job offer and onboard your new loan specialist
• Step 8: Go through the hiring process checklist

What does a loan specialist do?

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1. Identify your hiring needs

   The loan specialist hiring process starts by determining what type of worker you actually need. Certain roles might require a full-time employee, whereas part-time workers or contractors can do others.

   Determine employee vs contractor status

   Is the person you're thinking of hiring a US citizen or green card holder?

   Yes

   No

   A loan specialist's background is also an important factor in determining whether they'll be a good fit for the position. For example, loan specialists from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.

   This list presents loan specialist salaries for various positions.

   Type of Loan Specialist	Description	Hourly rate
   Loan Specialist	Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out financial transactions.	$12-32
   Closing Coordinator	In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement... Show more	$13-25
   Loan Services Representative	A loan service representative is responsible for communicating and interacting with clients and serves as a back-up or reliever in a company. They are the first person that the client must go through if they want to apply for a loan... Show more	$7-47

   Show more

2. Create an ideal candidate profile

   Common skills:

   • Loan Applications
   • Customer Service
   • Financial Statements
   • Outbound Calls
   • Credit Reports
   • Mortgage Loans
   • Escrow
   • Loan Payments
   • Foreclosure
   • Loan Modifications
   • FHA
   • Inbound Calls
   • Bank Policies
   • Commercial Loans

   Check all skills

   Responsibilities:

   • Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
   • Follow FHA investor guidelines regarding requirements necessary for opening file.
   • Order new and replacement ATM and debit cards.
   • Prepare loan documentation for lines of credit, letters of credit, automobile loans, and UCC secure loans.
   • Order various loan documentation and searches to include title, flood, UCC, insurance, regulatory language, property insurance.
   • Perform notary services for customers.

   More loan specialist duties

3. Make a budget

   Including a salary range in the loan specialist job description is a good way to get more applicants. A loan specialist salary can be affected by several factors, such as the location of the job, the level of experience, education, certifications, and the employer's prestige.

   For example, the average salary for a loan specialist in Montana may be lower than in Maryland, and an entry-level engineer typically earns less than a senior-level loan specialist. Additionally, a loan specialist with lots of experience in the field may command a higher salary as a result.

   Average loan specialist salary

   $43,081yearly

   $20.71 hourly rate

   ---

   Entry-level loan specialist salary

   $26,000 yearly salary

   Updated January 20, 2026

   Average loan specialist salary by state

   Rank	State	Avg. salary	Hourly rate
   1	New Jersey	$50,039	$24
   2	Massachusetts	$48,696	$23
   3	Virginia	$47,417	$23
   4	New York	$46,740	$22
   5	North Carolina	$44,468	$21
   6	Michigan	$43,181	$21
   7	Ohio	$42,630	$21
   8	California	$41,966	$20
   9	Colorado	$41,964	$20
   10	Arkansas	$41,546	$20
   11	Pennsylvania	$40,970	$20
   12	District of Columbia	$39,097	$19
   13	Kentucky	$37,881	$18
   14	Illinois	$37,571	$18
   15	Alabama	$37,411	$18
   16	Texas	$37,379	$18
   17	Arizona	$37,284	$18
   18	Minnesota	$36,986	$18
   19	Oklahoma	$36,908	$18
   20	Oregon	$35,717	$17

   Average loan specialist salary by company

   Company

   Rank	Company	Average salary	Hourly rate	Job openings
   1	FNB	$96,285	$46.29
   2	Fifth Third Bank	$95,897	$46.10	72
   3	Northern Trust	$85,109	$40.92	3
   4	Citi	$81,152	$39.02	22
   5	JPMorgan Chase & Co.	$80,979	$38.93	25
   6	Murtech	$77,841	$37.42
   7	NBT Bancorp Incorporated	$76,066	$36.57
   8	City National Bank	$74,194	$35.67	101
   9	Cognizant	$73,424	$35.30	2
   10	Huntington National Bank	$73,147	$35.17	76
   11	Raymond James Financial	$71,833	$34.54	4
   12	M&T Bank	$71,250	$34.25	11
   13	QuinStreet	$70,049	$33.68
   14	Busey	$67,359	$32.38	6
   15	First Republic Bank	$65,891	$31.68
   16	Discover	$63,816	$30.68
   17	BancorpSouth	$59,760	$28.73
   18	Export-Import Bank of the United States	$59,631	$28.67
   19	Accion	$59,034	$28.38
   20	First Horizon Bank	$58,814	$28.28	47

4. Writing a loan specialist job description

   A good loan specialist job description should include a few things:

   • Summary of the role
   • List of responsibilities
   • Required skills and experience

   Including a salary range and the first name of the hiring manager is also appreciated by candidates. Here's an example of a loan specialist job description:

   Loan specialist job description example

   Did you know that Zions Bancorporation is one of the nation's premier financial services companies with total assets exceeding $70 billion? With local management teams at the helm in 11 western states, Zions is dedicated to making a difference in their local communities. At Zions, we haven't forgotten who keeps us in business, meaning we're committed to the success of our customers, and our employees. Here, the possibilities are endless - come for a job, stay for a career.
   
   The ideal candidate for the Enterprise Loan Specialist position will have the skills and experience necessary to:
   
   * Provide administrative and/or operational support within the one or more of the following loan areas; processing, closing, servicing, documentation, notes, disbursements, etc.
   * May clear all identified loan exceptions.
   * Maintain files, documents, notes, etc.
   * Verify completeness of files with all necessary documents and signatures required.
   * Perform review of loan and collateral documents and loan packages to insure bank's security interest and adherence to established policies and procedures.
   * Update computer system with pertinent collateral information and collateral exception information; tracks and clears said exceptions.
   * Work with lending staff in resolving discrepancies in collateral documentation.
   * Research and process rejected payments and handles payments received when collateral is released.
   * Calculate pre-payments penalties and coordinates settle escrow funds when a loan is paid off.
   * Conduct a complete and accurate payoff transaction.
   * Produce reports as required.
   * Other duties as assigned.
   
   Qualifications:
   
   * Requires High School diploma or equivalent and some previous banking or loan processing experience or other directly related experience.
   * A combination of education and experience may meet job requirements.
   * Basic knowledge of lending processes and procedures, loan documentation, exceptions, collateral review, payment and loan systems.
   * Strong interpersonal and communication skills.
   * Knowledge of banking processes helpful.
   * Must have good organizational and customer service skills.
   * Must possess numeric and verbal aptitudes.
   * Good written and verbal communications skills.
   * Ability to complete processes and meet deadlines.
   * Working knowledge pc's and various word processing, spreadsheet or related software.

   Copy this example

   

5. Post your job

   There are various strategies that you can use to find the right loan specialist for your business:

   • Consider promoting from within or recruiting from your existing workforce.
   • Ask for referrals from friends, family members, and current employees.
   • Attend job fairs at local colleges to find candidates who meet your education requirements.
   • Use social media platforms like LinkedIn, Facebook, and Twitter to reach potential job candidates.

   Post your job online:

   • Post your loan specialist job on Zippia to find and recruit loan specialist candidates who meet your exact specifications.
   • Use field-specific websites.
   • Post a job on free websites.

6. Interview candidates

   Recruiting loan specialists requires you to bring your A-game to the interview process. The first interview should introduce the company and the role to the candidate as much as they present their background experience and reasons for applying for the job. During later interviews, you can go into more detail about the technical details of the job and ask behavioral questions to gauge how they'd fit into your current company culture.

   You should also ask about candidates' unique skills and talents to see if they match the ideal candidate profile you developed earlier. Candidates good enough for the next step can complete the technical interview.

   The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

7. Send a job offer and onboard your new loan specialist

   Once you have selected a candidate for the loan specialist position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.

   It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.

   To prepare for the new employee's start date, you can create an onboarding schedule and complete any necessary paperwork, such as employee action forms and onboarding documents like I-9 forms, benefits enrollment, and federal and state tax forms. Human Resources should also ensure that a new employee file is created.

8. Go through the hiring process checklist

   • Determine employee type (full-time, part-time, contractor, etc.)
   • Submit a job requisition form to the HR department
   • Define job responsibilities and requirements
   • Establish budget and timeline
   • Determine hiring decision makers for the role
   • Write job description
   • Post job on job boards, company website, etc.
   • Promote the job internally
   • Process applications through applicant tracking system
   • Review resumes and cover letters
   • Shortlist candidates for screening
   • Hold phone/virtual interview screening with first round of candidates
   • Conduct in-person interviews with top candidates from first round
   • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
   • Conduct background checks on top candidates
   • Check references of top candidates
   • Consult with HR and hiring decision makers on job offer specifics
   • Extend offer to top candidate(s)
   • Receive formal job offer acceptance and signed employment contract
   • Inform other candidates that the position has been filled
   • Set and communicate onboarding schedule to new hire(s)
   • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)

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How much does it cost to hire a loan specialist?