The position of a loan administrator is a key position and provides all administrative and secretarial support that ensures better functioning of the loan department.
The loan administrator responsibilities comprise compiling data, gathering information from various resources, preparing reports, arranging the training programs, coordinating the meetings, special events, etc., answering the telephone calls, handling the correspondence and ensuring that the loan department generates maximum revenue and business.
The most essential function is to maintain professional healthy relationship with the existing as well as the prospective clients on whom the business is dependent to a great extent.
The responsibilities of a loan administrator cater to documenting, closing, disbursing and servicing of highly complex loans. The loans may either be related to construction, small business, mortgage, commercial, etc.
The loan administrators are responsible for obtaining the relevant loan documents and resolving the related issues as fast as possible.
They need to communicate with the clients, customers, outside agenices, etc., in order to gather all important information, research for the underlying problems and respond promptly to the inquiries.
They also draft the final loan documents that include proper terms and conditions along with the rates. They ensure that loan fundings decisions are taken within the assigned limits.
They are accountable for preparing the final loan package as well as reviewing the loan process and its relevant reports. They may also be involved in training and guiding the lower level staff.
The points mentioned below will be able to guide you further on the key responsibilities that need to be handled by these professionals:
In addition to the above duties, the loan administrators are also involved in the preparation of loan worksheets that can be used by the loan operations department and may also assist with the closings. They need to process and monitor the loan payments and handle the inquiries made by the customers.
They identify signs of unusual or suspicious account activities and make recommendations so as to minimize the risk factors. They process the loan requests, interpret the loan documents as well as the investor requirements, so as to ensure fast closure of that particular transaction.
They constantly create and update the loan data in the system. They perform various accounting processes that deal with receipts, payoffs and checks issued. They also initiate collection activities on the past accounts.
They need to maintain knowledge about what the competitors are offering and make suggestions to improve the current customer base. Whenever there is a need, they may assist in audits in the evaluation of performance of the loan operations.
They maintain excellent individual as well as corporate relationship with customers and try to resolve all their problems.
They are responsible for reviewing the loan applications, as well as approving or rejecting them by ensuring adherence to the rules and regulations of the organization they are working for. They define and establish procedures related to loan collateral, securities, asset control, etc.
They also analyze the risks and determine the impact it would have on the organization. Thus, they are responsible for handling a wide array of duties.
Basic Skills and Abilities
In order to be a successful loan administrator, you need to have good supervisory skills and should be able to demonstrate a sense of responsibility while carrying out the assigned duties. You should be comfortable to work in a team environment, guide the staff members, train them, resolve practical problems in an efficient manner, etc.
You must be able to work independently and productively and should be able to prioritize assignments as per their issues of significance. Strong customer service and communication skills along with proficiency in computers will be an added advantage.
Good aptitude with excellent organization and time management skills will be useful as well.
A typical loan administrator should require an associate degree or should have completed some equivalent course. A four year degree course in business finance or accounting would be of great help as well. Advanced Microsoft Office skills, especially Word, Excel, Outlook, PowerPoint, etc., would be an added advantage. Those with the ability to produce spreadsheets, charts, and graphs for professional presentations would definitely have an added edge.
The professionals working in this field usually work in a normal office environment. However, they may need to work under stressful work conditions and may need to extend and work beyond their normal routine duty hours.
The lowest salary offered is $27,000, while the highest range is upto $69,000. The average median remuneration package offered for this professional is close to $42,000. It is largely dependent on the skills, experience and educational requirements of that particular individual as well as the needs of the employer.
The finance industry, especially the loan segments seems to have loads of opportunities for this position. Those who have had a successful track record in the past are sure to rise to higher positions and can be assured of a lucrative salary and professional development as well.
Therefore, if you want to get promoted really fast, then the loan administrator responsibilities must be carried out efficiently and effectively.