Loan Specialist Job Description
Loan specialist
provides administrative assistance to Loan Officer, underwriter, including updating loan data for entry into the financial institution’s origination systems and assembling loan documentation.
Loan Specialist Duties & Responsibilities
To write an effective loan specialist job description, begin by listing detailed duties, responsibilities and expectations. We have included loan specialist job description templates that you can modify and use.
Sample responsibilities for this position include:
Underwrite income source(s), collateral, and credit quality of commercial property and multi-family property loan applications
Coordinate with processing staff, the loan officers and cooperatives third party vendors, attorneys and escrow companies to ensure timely loan closings
Calls for and reviews sales contracts any required addendums
Submits approved funding requests for wire execution
Analyzes the financial condition of existing and prospective bank customers
Aggressively seeks alternative means of financing or counter offers for all borrowers when it is determined that the original request cannot be accommodated
Frequent interaction with clients, investor banks, and internal customers
Receives inbound calls from financial centers regarding customer real estate loan inquiries
Originates and delivers a complete loan application through appropriate loan origination system
Communicates loan decision to customer and gathers the required documents for processing
Loan Specialist Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Loan Specialist
List any licenses or certifications required by the position: VA, FHA, MI, GL, PC, LLC, GNMA, W-2, IRS
Education for Loan Specialist
Typically a job would require a certain level of education.
Employers hiring for the loan specialist job most commonly would prefer for their future employee to have a relevant degree such as High School and Collage Degree in Education, Graduate Education, Graduate, Finance, Accounting, Economics, Management, Business/Administration, Engineering, Sociology
Skills for Loan Specialist
Desired skills for loan specialist include:
Loan documentation
Exceptions
Collateral review
Payment and loan systems
Lending processes and procedures
Banking processes helpful
Loan principles
Lending processes
Documentation and loan systems
Banking process and procedures helpful
Desired experience for loan specialist includes:
Ability to resolve small research issues
Basic know of computer software programs such as word, excel
Handles non-routine, complex job duties/responsibilities with limited supervision
May train entry-level employees and assist supervisor/manager with coordination of workflow
Commercial and/or consumer loan experience
Experience on core loan accounting software systems
Loan Specialist Examples
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Loan Specialist Job Description
Job Description Example
Our innovative and growing company is hiring for a loan specialist. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for loan specialist
- Ensures proper delivery of loan documents to appropriate departments (Credit Operations, QLMS) after closing
- Prepares all early disclosures to customers during the application process
- Provides support to regional sales management on consumer lending needs
- Assists bankers (FSRs, FCMs) with consumer lending questions, both non-real estate and real estate
- Provides feedback to loan partners
- Makes outbound calls to highly qualified prospective customers identified through marketing programs and promotions
- Create Borrower/Guarantor profiles and financial ticklers and covenant into the tracking system
- Update waivers/forbearance based on Commercial Credit Reports/Loan Agreements
- Provide assistance to Relationship Managers/Relationship Associates for system navigation, financial statement reconciliation, and solve problems pertaining to financial covenants in the loan monitoring system
- Monitoring the multi-family loan ongoing financial performance according to the service contract with Fannie
Qualifications for loan specialist
- Ability to communicate clearly with coworkers, managers, business partners and customers
- Knowledge of consumer and/or commercial loans
- Knowledge of mortgage documentation
- Associates degree beneficial
- Minimum of two (2) years related banking experience
- Education -Bachelor or Associate’s Degree preferred
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Loan Specialist Job Description
Job Description Example
Our innovative and growing company is looking for a loan specialist. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for loan specialist
- Facilitate disposition efforts with borrowers, loan officers, attorneys, real estate agents, title companies and/or other third parties
- Obtain transaction approval by preparing deal package for management review
- Maintain current status of each deal in loan servicing system
- The Loan Accounting Specialist shall be responsible for processing monetary and non-monetary transactions to customers’ loans, in compliance with the Department’s policies and procedures’ in a timely and accurate manner
- Compare physical documentation contained in the loan files to the loan system for accuracy and completeness
- Process auto title releases through Dealertrack’s TMS system
- Process UCC terminations through CT Lien Solutions’ iLien database
- Utilize CT Lien Solutions’ iLienRed database to prepare correspondence regarding satisfactions of liens
- Assist with processing early release of collateral requests, as assigned and within specified time frames
- Utilize Client Vista and Alnova to maintain and review loan information ensure loans have been properly paid off before any documentation is released
Qualifications for loan specialist
- 4 additional years of relevant Mortgage/Consumer Lending experience may be considered in lieu of a Bachelor's Degree
- 2+ years experience in Residential Mortgage Loan Servicing
- Ability to work both in a team environment independently
- Review and order title polices and appraisals
- Ensure documents are filed and tracked
- Comply with Bank regulations
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Loan Specialist Job Description
Job Description Example
Our company is growing rapidly and is hiring for a loan specialist. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for loan specialist
- Utilize Loan IO, Tickler, SM, Mobius/Web Image, Vintek, DealerTrack to properly research collateral information for paid out loan files
- Provide assistance to loan officers, retail personnel and back office support through phone and email communication, while maintaining a high degree of professionalism
- Adhere to performance and production goals
- Cross train on all functions within the department
- Analyzes various industries and has a thorough knowledge of the risks associated with those industries
- Able to close between 15 to 20 files per month
- Consults with title companies, borrowers, attorneys, realtors and /or other external business partners
- Independently and proactively resolves problems under time constraints
- Stays abreast of internal lending policies, practices, guidelines, lending systems and products
- Accurately records data in Loan Origination System
Qualifications for loan specialist
- Relevant work experience in Retail Sales or Customer Service a plus
- 3 years or more experience in Accounting or Finance Services industry preferred
- Experience in maintaining robust daily electronic ledgers for reconciliation purposes
- Ability to demonstrate analytical capabilities
- 2 years system knowledge working within Shaw IL specializing in monetary transactions
- Experience working on multiple concurrent tasks while meeting rigorous deadlines
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Loan Specialist Job Description
Job Description Example
Our company is growing rapidly and is looking for a loan specialist. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for loan specialist
- Quickly and efficiently set-up and organize loan documentation within new loan files received by mail, and logging on loan register
- Reviews and evaluates appraisals (real estate or movables) environmental reports relative to assigned accounts
- Of this position include, but are
- Performs new account system maintenance including but not limited to manual boarding of loans when necessary
- Performs account research
- Processes payments from payment reserve accounts
- Responsible for servicing both sold and purchased participation loans including payments and reconciliation
- Researches and applies Unapplied/Non-posted items
- Researches and follows up on short loan payments
- Performs loan maintenance and updates on FISERV system
Qualifications for loan specialist
- PC knowledge, Word and Excel Spreadsheet experience required
- 10 key, alpha, numeric and visual comparison skills
- Ability to maintain confidentiality and professional demeanor while working with internal and external customers
- Proficient in basic PC applications, including Microsoft Office
- FiServ training as needed to perform specific tasks
- Encompass Training
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Loan Specialist Job Description
Job Description Example
Our company is hiring for a loan specialist. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for loan specialist
- Provide liaison duties with students, parents, faculty and staff
- Provide financial counseling to resolve past due balances
- Analyze paid-in-full Federal Perkins Loan borrowers with credit balances on account
- Boarding new consumer, home equity and business banking loans and lines to the Horizon system
- Maintaining loan product boarding procedures
- Performing servicing duties as assigned including but not limited to maintenance to systems, subordinations, tracking discharges, and processing recorded mortgages
- Backup document review and funding the loan and lines and process through the loan origination system
- Keeping informed of compliance regulations including changes and updates as it applies to products and systems
- Reviewing trade documentation utilizing ClearPar and TSI, coordinating with counterparties on settlement dates, processing loan activity (principal, interest, etc) based off agent notices
- Investigate discrepancies between agent bank and our internal system (CDO Suite)
Qualifications for loan specialist
- Collateral Experience or Auto record research preferred
- Knowledge of how to prepare wire instructions, GL sheets and other funding documents
- Ability to use T-Soft to prepare loan closing documents strongly preferred
- High school diploma or (2) or more years related experience and/or training
- State Licensing may be required by some states
- Must have at least one to three (1 – 3) years of mortgage processing or two to three (2 – 3) years clerical, administrative support, or related experience