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Career profile Loan Analyst

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

Loan Analyst

Also known as Closer, Licensed Loan Officer Assistant, Loan Analyst

Interests Profile
  • Conventional
  • Enterprising
  • Social
Pay Range
$27,350 - $61,360 (annual)
Required Skills
  • Active Listening
  • Speaking
  • Reading Comprehension
Knowledge Areas
  • Customer and Personal Service
  • Administrative
  • Computers and Electronics
Core tasks
  • Verify and examine information and accuracy of loan application and closing documents.
  • Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
  • Record applications for loan and credit, loan information, and disbursements of funds, using computers.
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What does a Loan Analyst do?

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.

What kind of tasks does a Loan Analyst perform regularly?

Loan Analysts are often responsible for overseeing or executing some or all of the following tasks:

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

The above responsibilities are specific to Loan Analysts. More generally, Loan Analysts are involved in several broader types of activities:

Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
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.
Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
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.

What is a Loan Analyst salary?

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.

Median annual salary
$41,370
Typical salary range
$27,350 - $61,360
Projected growth (2020 - 2030)
-2.4%

What personality traits are common among Loan Analysts?

Interests

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.

Values

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 Achievement.

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 Achievement. Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment.

Psychological Demands

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:

Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Integrity
Job requires being honest and ethical.
Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Cooperation
Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Initiative
Job requires a willingness to take on responsibilities and challenges.

What education and training do Loan Analysts need?

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.

Educational degrees among Loan Analysts

  • 1.6% did not complete high school or secondary school
  • 24.6% completed high school or secondary school
  • 32.1% completed some college coursework
  • 12.9% earned a Associate's degree
  • 24.6% earned a Bachelor's degree
  • 3.7% earned a Master's degree
  • 0.5% earned a doctorate or professional degree

Knowledge and expertise required by Loan Analysts

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.

Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Administrative
Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
Computers and Electronics
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.

Important Abilities needed by Loan Analysts

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 oral expression 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.

Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension
The ability to read and understand information and ideas presented in writing.
Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
Speech Recognition
The ability to identify and understand the speech of another person.
Speech Clarity
The ability to speak clearly so others can understand you.

Critical Skills needed by Loan Analysts

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.

Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking
Talking to others to convey information effectively.
Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Writing
Communicating effectively in writing as appropriate for the needs of the audience.

What is the source of this information?

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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