Loan Assistant Career

Job Description: Interview loan applicants to elicit information; investigate applicants' backgrounds and verify references; prepare loan request papers; and forward findings, reports, and documents to appraisal department. Review loan papers to ensure completeness, and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.

*A job as a Loan Assistant falls under the broader career category of Loan Interviewers and Clerks. The information on this page will generally apply to all careers in this category. We are still seeking more specific information about this career from experts in this field. If you can provide us with more information, .

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Loan Assistant Career

What Loan Assistants do:

  • Verify and examine information and accuracy of loan application and closing documents.
  • Answer questions and advise customers regarding loans and transactions.
  • Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
  • Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
  • Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
  • Record applications for loan and credit, loan information, and disbursements of funds, using computers.
  • Present loan and repayment schedules to customers.
  • Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
  • File and maintain loan records.
  • Accept payment on accounts.
  • Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
  • Interview loan applicants to obtain personal and financial data and to assist in completing applications.
  • Check value of customer collateral to be held as loan security.
  • Schedule and conduct closings of mortgage transactions.
  • Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
  • Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
  • Submit loan applications with recommendation for underwriting approval.
  • Establish credit limits and grant extensions of credit on overdue accounts.

What work activities are most important?

Importance Activities

Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.

Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

Communicating with Persons Outside Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.

Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.

Performing for or Working Directly with the Public - Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.

Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.

Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.

Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.

Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.

Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.

Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.

Resolving Conflicts and Negotiating with Others - Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.

Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.

Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.

Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.

Developing and Building Teams - Encouraging and building mutual trust, respect, and cooperation among team members.

Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

Judging the Qualities of Things, Services, or People - Assessing the value, importance, or quality of things or people.

Performing Administrative Activities - Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.

Monitor Processes, Materials, or Surroundings - Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.

Selling or Influencing Others - Convincing others to buy merchandise/goods or to otherwise change their minds or actions.

Developing Objectives and Strategies - Establishing long-range objectives and specifying the strategies and actions to achieve them.

Training and Teaching Others - Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.

Coordinating the Work and Activities of Others - Getting members of a group to work together to accomplish tasks.

Assisting and Caring for Others - Providing personal assistance, medical attention, emotional support, or other personal care to others such as coworkers, customers, or patients.

Guiding, Directing, and Motivating Subordinates - Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.

Coaching and Developing Others - Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.

Holland Code Chart for a Loan Assistant