A loan specialist is someone who handles both personal and business loans. She usually works for a bank or lending institution, though some companies, such as real estate firms and car dealerships, have in-house loan specialists who can help customers. The loan process can be lengthy and complicated, so a loan specialist works to simplify the steps and reduce the time it takes to find out whether the funds are approved or denied.
Some loan specialists are expected to cold call or solicit loan applications from existing customers. Based on demographics or borrowing histories, the latter sales approach offers loans to consumers who are considered good prospects. If the specialist is expected to sell, she must be prepared to give formal sales presentations. Graphs, charts, and brochures are frequently used to describe the process, qualification procedures, and loan options, such as balloon payments and variable and fixed interest rates.
The majority of specialists, on the other hand, are solely concerned with loan processing. People in this position typically assist with all aspects of lending, from completing preliminary paperwork to ensuring that all parties involved sign off on the closing documents. In the meantime, she is usually available to provide guidance on procedures and to suggest options for obtaining or improving credit ratings.
Being a good communicator can help you succeed as a loan specialist. A large part of the job entails having clear and concise interactions with customers, lenders, and credit reporting agencies. A loan specialist’s ability to negotiate creatively is also highly valued.
Providing exceptional and compassionate customer service can help the specialist succeed in her endeavors. Even if the loan application is rejected at first, she may be the person the customer chooses to assist them in future loan applications. Her clients are more likely to refer others to her for their lending needs if she builds trust and confidence in her abilities.
Aside from communication and customer service skills, the specialist is frequently expected to have a keen eye for detail and be well-organized. She double-checks a lot of documents for accuracy and is usually working on several loan applications at the same time. Delays in the loan process can result in a customer missing out on a good interest rate or even losing a bid on a property. Attention to detail and good organization can help avoid delays in the loan process, which can result in a customer missing out on a good interest rate or even losing a bid on property.
A high school diploma is not required for a loan specialist, though coursework in accounting, loan processing, customer relations, or lending practices is preferred. For those looking for work in this field, experience in banking or lending is also a plus.