Loan Specialist Job Description Template
A Loan Specialist is responsible for processing and approving loan applications, as well as disbursing funds to borrowers. They must have strong knowledge of lending products and underwriting guidelines in order to make sound decisions. In addition, they must be able to effectively communicate with customers and build relationships in order to maintain a high level of customer satisfaction.
Loan Specialist Job Responsibilities
- Review loan applications and supporting documentation to determine if borrower meets qualifications for preapproval.
- Analyze credit reports and score to identify any risk factors that may impact the loan approval process.
- Prepare loan packages for submission to underwriting department for further review and approval.
- Work with underwriters to obtain final approval on loans.
- Verify all conditions of loan approval have been satisfied prior to disbursing funds to borrowers.
- Monitor loans throughout the life of the loan to ensure timely payments are being made by borrowers.
Objectives
- To provide loan specialist services to clients in need.
- To develop and maintain strong relationships with clients through effective communication and customer service.
- To process loan applications and documents accurately and efficiently.
- To ensure compliance with all applicable laws, regulations, and company policies and procedures.
- To keep abreast of changes in the lending industry and updates to company policies and procedures, as well as new products and services offered by the company.
- To provide assistance to other team members when needed, including training new employees on loan processing procedures
Loan Specialist Job Skills & Qualifications Needed
- Bachelor's degree in business, finance, or a related field
- At least five years of experience in loan processing or underwriting
- Thorough knowledge of banking and lending regulations
- Excellent communication and customer service skills
- Strong organizational and time management skills