Loan specialist skills for your resume and career

A loan application is a form of request presented by a person to a financial institution for the approval of a loan. This application form carries detailed information regarding the petitioner's identification information, financial competence, and sources of income that indicate whether he can return the loan back or not.

Customer service is the process of offering assistance to all the current and potential customers -- answering questions, fixing problems, and providing excellent service. The main goal of customer service is to build a strong relationship with the customers so that they keep coming back for more business.

A financial statement is a report of an individual or a company that includes all the information about the declared assets, the use of money, income, and also the contribution of shareholders over a certain period.

An outbound call is made by the call center representative to the customers on behalf of the company. Such calls help increase sales and generate revenue for the organization.

Credit reports are statements that carry information about your credit affairs and current credit situation like loan payment history and credit accounts status. A credit report acts as history because it contains the record from the day you opened the account till your account balance. Potential lenders and creditors make use of credit reports and decide whether to offer you credit or not and under what conditions.

An escrow refers to a third party who holds in their custody money or asset on behalf of other parties involved in a business transaction. Every month a lender deposits an escrow amount of the mortgage into another party's account and handles the insurance premiums plus the estate taxes.

Foreclosure is a term that refers to the legal process used by mortgage holders to take over mortgage real estate from borrowers who are unable to pay their mortgages. Foreclosure allows the lenders to collect the amount owed on the defaulted loan by taking possession of the asset which is used as collateral for the loan or by forcing it to sell.

The Federal Housing Administration (FHA) stands for a government agency in the United States that offers housing insurance to FHA-approved lenders who follow certain conditions.

Student loans refer to money borrowed from the government or a private lender to pay for college. Students must settle the loan later, along with the interest that builds up over time. The primary uses of the money include payment for tuition, accommodation, and books.