What is a loan officer assistant?

A loan officer assistant plays a vital role in the administrative upkeep of a loan office. As such, the duties of a loan officer assistant cover the entire loan origination process, including managing paperwork and interacting with everyone involved to keep the process moving efficiently. A loan officer assistant job description may include taking loan applications, answering clients’ questions, and filing necessary paperwork.

Want to learn what to expect when becoming a loan officer assistant? Read on to find out about education and skill requirements, plus potential salary and career paths.

How is this role monitored?

Loan officer assistants typically report to the organization’s loan officer or loan originator and must adhere to the federal and state tests and licensing requirements.

A successful loan officer assistant helps ensure the entire loan process runs smoothly, from filing necessary documents on-time and accurately, to maintaining appropriate correspondence with all involved parties.

Required skills

  • Attention to detail
  • Interpersonal communication skills, both written and verbal
  • Managerial aptitude
  • Organizational abilities
  • Analytical skills
  • Computation skills

Qualifications

For this role, you should have:

  • High school diploma (a relevant 2- or 4-year degree may be preferred)
  • Customer service or office administration experience
  • Previous banking or mortgage industry experience is preferred

Loan officer assistant salary

If this sounds like a career path for you, you may be wondering, how much does a loan officer assistant make? Although there isn’t an official U.S. government classification for the position, you can calculate a loan officer assistant’s salary by looking at the median salaries for a loan officer, $63,270 in May 2019, and for secretaries and administrative assistants, $39,850 in May 2019.

Expect a loan officer assistant salary to fall within this range. However, the exact amount will depend on your experience and education, as well as the company type and where it’s located.

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Duties of a loan officer assistant

What does a loan officer assistant do? Here are the duties you’ll be expected to perform:

  • Make initial contact and follow up with potential clients
  • Serve as an ongoing point of contact for clients, helping them collect required information and complete any necessary documents throughout the loan process
  • Assist and coordinate internal parties involved in the loan application process, including mortgage loan officers, underwriters, and realtors
  • Gather information for new loan underwriting, including credit reports, tax filings, business entity searches, and title work
  • Ensure loan documentation complies with federal and state requirements
  • Manage closing paperwork and ensure proper filing
  • Review delinquent accounts and attempt to collect debts
  • Perform general office administration duties

Loan officer assistant interview questions

Review these questions before heading into an interview for a loan officer assistant position:

  1. What are the top three skills you feel you bring to this position?
  2. Describe a time when you displayed excellent communication skills and the result.
  3. What’s your process for verifying the accuracy of information?
  4. What is your method for staying organized and prioritizing duties in a fast-paced environment?
  5. How would you go about sharing a difficult piece of information with a client?
  6. Tell me about a time you helped solve a problem for someone else.
  7. Share an experience when you had to deal with a difficult person and how you handled the situation.

Job Outlook

While the Bureau of Labor Statistics (BLS) stated that employment of insurance underwriters is projected to decline 6% in the following years, skills like customer service, communication and making judgment calls on higher risk applicants through Loan Officer interviews, are factors why financial institutions have not completely transitioned the load to software-based solutions and will still require underwriters.

Similar positions

  • Mortgage loan assistant
  • Mortgage sales assistant
  • Mortgage loan processor
  • Junior loan processor
  • Remote mortgage loan processor

Career advancement

A loan officer assistant may follow a variety of career paths to land the following roles:

  • Mortgage loan officer
  • Loan collections officer
  • Mortgage brokers
  • Operations manager

How to become a loan officer assistant

Loan officer assistant training is often done on the job. You’ll also need to pass state and federal tests for licensing.

Although an associate or bachelor’s degree may be required, in most cases a high school diploma or GED is sufficient to become a loan officer assistant. In fact, an applicant with previous experience in the mortgage or loan industry may be given preference over a candidate with an advanced degree but no experience.

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