Also known as Closer, Licensed Loan Officer Assistant, Loan Analyst, Loan Clerk, Loan Closer, Loan Originator, Loan Processor, Mortgage Broker, Mortgage Loan Processor, Mortgage Processor
Also known as Closer, Licensed Loan Officer Assistant, Loan Analyst
Loan Analysts 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.
In addition, Loan Analysts review loan papers to ensure completeness, and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.
Loan Analysts are often responsible for overseeing or executing some or all of the following tasks:
The above responsibilities are specific to Loan Analysts. More generally, Loan Analysts are involved in several broader types of activities:
The median salary for a Loan Analyst is $41,370, and the average salary is $42,780. Both the median and average roughly describe the middle of the Loan Analyst salary range, but the average is more easily affected by extremely high or low salaries.
Many Loan Analysts earn significantly more or less than the average, due to several factors. About 10% of Loan Analysts earn less than $27,350 per year, 25% earn less than $33,730, 75% earn less than $50,950, and 90% earn less than $61,360.
Between the years of 2020 and 2030, the number of Loan Analysts is expected to change by -2.4%, and there should be roughly 17,600 open positions for Loan Analysts every year.
Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.
Compared to most occupations, those who work as a Loan Analyst are usually higher in their Conventional and Enterprising interests.
Loan Analysts typically have very strong Conventional interests. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Also, Loan Analysts typically have moderate Enterprising interests. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
People differ in their values, or what is most important to them for building job satisfaction and fulfillment.
Compared to most people, those working as a Loan Analyst tend to value Relationships, Support, and Recognition.
Most importantly, Loan Analysts moderately value Relationships. Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment.
Second, Loan Analysts moderately value Support. Occupations that satisfy this work value offer supportive management that stands behind employees.
Lastly, Loan Analysts moderately value Recognition. Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious.
Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.
In order to perform their job successfully, people who work as Loan Analysts must consistently demonstrate qualities such as attention to detail, integrity, and dependability.
Below, you'll find a list of qualities typically required of Loan Analysts, ranked by importance:
Loan Analysts often have training in vocational schools, related on-the-job experience, or an associate's degree.
Loan Analysts usually need one or two years of training involving both on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with this occupation.
Loan Analysts may benefit from understanding of specialized subject areas, such as customer and personal service, administrative, or computers and electronics knowledge.
The list below shows several areas in which most Loan Analysts might want to build proficiency, ranked by importance.
Loan Analysts must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.
For example, Loan Analysts need abilities such as oral comprehension, written comprehension, and speech clarity in order to perform their job at a high level. The list below shows several important abilities for Loan Analysts, ranked by their relative importance.
Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.
Loan Analysts frequently use skills like active listening, speaking, and reading comprehension to perform their job effectively. The list below shows several critical skills for Loan Analysts, ranked by their relative importance.
The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.
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