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September 27, 2025
Explore the critical requirements, core duties, primary responsibilities, and key skills that should be included in a comprehensive Loan Specialist job description.
What does a Loan Specialist do?
A loan specialist helps clients apply for loans by collecting and organizing all necessary documents. They work within a company's financial policies and procedures and may specialize in different types of loans, such as home, student, car, or small business loans.
Job Description
We are seeking a dynamic loan specialist to review and approve loans. In this role, you will gather data, verify documents, and ensure loan applications are complete. You will also interpret our company's financial policies and regulations.
Job Duties and Responsibilities
- Prepare loan applications for clients by collecting, organizing, and reviewing all required documents.
- Determine if loans can be approved and communicate with management as needed.
- Process loan advances and disbursements and create pay off letters.
- Work closely with loan officers to obtain credit information, coordinate closings, calculate closing costs, and distribute funds to clients.
- Ensure loans are processed according to company policies and procedures.
- Maintain credit files and follow up on client inquiries.
- Assist with periodic audits.
Requirements and Qualifications
- Bachelor's degree in finance, economics, business administration, accounting, or a related field.
- At least one year of experience as a loan agent or in a similar role.
- Strong understanding of banking procedures and financial documentation.
- Ability to handle confidential information professionally and ethically.
- Excellent customer service skills.
- Experience with digital financial systems.
- Proficiency in computer skills.
- Ability to multitask and stay organized.
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