Loan Specialist Job Description

loan specialist job description includes a detailed overview of the key requirements, duties, responsibilities, and skills for this role.

Last update : July 14, 2023

Loan Specialist Job Description

A loan specialist is an expert in a particular type of loan that a bank offers, such as mortgages, auto loans, or small business loans.

Loan specialists are responsible for educating consumers about the bank’s products, building relationships with them, and servicing their loans after they’re made.

Loan specialists may specialize in specific types of loans, such as residential mortgages or home equity loans.

Loan specialists usually have a bachelor’s degree, along with a few years of experience, and are typically paid $15 to $20 per hour.

Job Brief:

We’re looking for Loan Specialist to join our team and help us serve our customers better. As a Loan Specialist, you will be responsible for providing support to our customers in the areas of loan servicing, collections, and customer service. You will also be responsible for maintaining accurate records and documentation of customer accounts. If you are a self-motivated individual with excellent customer service skills, then we want you on our team!

Loan Specialist Duties:

  • Assist the branch manager and loan officers in preparing, closing, and managing loans
  • Conduct initial loan interview to determine borrower qualifications
  • Develop, prepare, and process loan applications
  • Research, analyze, and evaluate financial information for loan applications
  • Evaluate borrowers’ debt-to-income ratios and other financial factors, including credit history
  • Prepare documents necessary to process loan applications
  • Review loan documents for accuracy
  • Conduct risk assessment evaluations to determine the type of loan requested
  • Be familiar with local, state, and federal laws concerning lending practices
  • Provide customer service and support to borrowers and customers
  • Provide quality customer service to all clients via phone, email, walk-in, or through the mail
  • Monitor loan application status through automated reporting and data tracking
  • Notify branch office manager or loan officer when loan status is in question

Loan Specialist Responsibilities:

  • Prepare and process customer loan applications, including gathering, analyzing, and reviewing loan information, preparing loan documents, and communicating with borrowers
  • Research required documentation, ensuring all information is complete and accurate
  • Set up and maintain relationships with assigned lenders to help meet production targets
  • Manage the underwriting process including setting performance goals and action plans and monitoring and adjusting standards as necessary
  • Perform closing tasks, including reviewing loan documents and preparing closing packages
  • Help customers resolve problems as they arise

Requirements And Skills:

  • Bachelor’s degree or equivalent work experience
  • 2+ years’ proven experience as a Loan Specialist or Loan Product Advisor
  • Excellent communication skills with fluency in English and Spanish
  • Ability to communicate effectively in one-on-one and group settings
  • Ability to organize and prioritize tasks
  • Strong analytical skills

We at [Company Name] are proud to be an Equal Opportunity Employer. We believe that a diverse and inclusive team is key to success, and so we encourage applications from people of all races, religions, national origins, genders, and ages, as well as veterans and individuals with disabilities.

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