Depending on where he or she works, a loan administrator may have a variety of tasks and responsibilities. Loan officers are frequently in charge of overseeing the loan application, evaluation, and employer recommendations process. A loan officer is also known as a loan processor or a loan officer.
A loan administrator can be hired any company or organization that deals with loan origination, processing, or collection. Many people in this field have bachelor’s degrees in business, finance, or economics, but many others simply work their way up the corporate ladder at a lending institution. A loan administration must have a thorough understanding of financial regulations, employer lending regulations, and the structure of loan repayment programs, even if they do not have a degree. Excellent customer service skills are ideal, but they may be less important in some positions.
A loan officer may be in charge of finding and interviewing new loan candidates in a bank or lending institution. He or she may provide prospective borrowers with necessary information about available loans and assist them in preparing data and paperwork to apply for the loan. The loan administrator may be in charge of reviewing all financial information and recommending the candidate to the lenders.
Another job a loan administrator might do is assist current clients in refinancing their loans or applying for additional funds. An administrator can identify current clients who want to expand their business and borrow more money looking through the employer client list. It’s not uncommon for loan officers to try to form strong bonds with certain clients, particularly those who require funding frequently or have a proven track record of expansion success.
A loan administrator might work with people who are trying to buy a home in a real estate agency. He or she may assist clients in gathering all necessary financial information and in determining which home loan programs are most likely to suit the borrower’s needs. A loan officer can help clients carefully explaining the often complex payment structures and additional fees that come with many home loans.
Loan administrators may also work for debt collectors. In this role, an administrator will attempt to contact borrowers who have fallen behind on their payments in order to bring their accounts up to date. Despite the fact that this may appear to be an unpleasant profession, loan officers have a unique opportunity to assist people in this field. The loan officer can help both his customer and his employer assisting financially strapped customers in setting up payment plans that work for them and thus avoid defaulting on loans.