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A loan administrator may have many different tasks and responsibilities, depending on his or her place of employment. Loan officers are often responsible for overseeing the process of loan application, evaluation, and recommendations to employers. A loan officer may also be called a loan officer or loan processor.
Any business or organization that handles the origination, processing, or collection of loans may hire a loan administrator. People in this line of work may have university degrees in business, finance, or economics, but many simply work their way up the ladder at a lending institution. Even without a degree, a loan administration must have an excellent understanding of financial regulations, employer lending regulations, and the structure of loan repayment programs. It is ideal to have excellent customer service skills, but this may be less important in some positions.
In a bank or lending institution, a loan officer may be in charge of finding and interviewing new loan candidates. He or she may provide necessary information to prospective borrowers about available loans, and help these candidates prepare data and paperwork to apply for the loan. The loan administrator may be in charge of reviewing all financial data and making a recommendation to the lenders about the candidate.
Another job a loan administrator may perform is helping current clients refinance their existing loans, or helping them apply for additional funds. By going through the employer client list, an administrator may identify current clients who may be looking to expand business and increase the amount borrowed. It's not uncommon for loan officers to try and build strong relationships with certain clients, especially those who frequently need lending assistance or have a strong track record of successful expansion.
In a real estate agency, a loan administrator might work with people trying to buy a home. He or she may help clients gather all necessary financial data and help home loan programs that are likely to suit the borrower. A loan officer can be very useful to clients by carefully explaining the often complicated payment structures and additional fees included in many home loans.
Loan administrators might also work for collection agencies. In this capacity, an administrator will try to contact borrowers who are in default on loans in order to get accounts up to speed. Although this may seem like an unpleasant profession, loan officers have a great opportunity to help people in this line of work. By helping financially strapped customers set up payment plans that work for them and therefore not default on loans, the loan officer can help both his customer and his employer.
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