Loan Document Specialist Job Description

The loan document specialist, as the name suggests, is a professional who is engaged in gathering the loan documents that are necessary for the approval of the loan of the applicant. The loan documentation specialist responsibilities include compiling the loan documents, reviewing them, and arranging them according to the requirements of the file.

He/she is the key point of contact for the clients throughout the entire process of the loan. He/she may request and ask for some additional documents if it is going to affect the decision of approving the loan for the applicant.

Thus, if an individual has the knowledge of various loan documentation and the procedures involved in it, then carrying out these duties would definitely become much more easier.

Key Responsibilities of Loan Document Specialist

The loan document specialist is responsible for delivering high level and quality customer service. His/her work involves duties that require him/her to interpret different policies and procedures, analyze the loan applications received, review the loan documents, ensure that all the verification processes have been carried out and conduct a follow up on the same with the potential clients.

He/she is responsible for conducting and performing high level and large volume of time sensitive tasks and his/her work may include a lot of research work as well. He/she should be able to solve queries, ensuring compliance with the timeliness and quality standards.

To understand the role of this professional in detail, let us go through the following details that would help in giving a better insight into the various key responsibilities that need to be carried out by the loan document specialist:

• To prepare loan documents for all different types of loans, ensuring that all the procedures are carried out effectively and within the given deadline
• To work in coordination with various officers, attorneys and other third party personnel and ensure that the loan transactions are carried out within the assigned parameters of the organization
• To obtain, order, and analyze all the pertinent documentation and to carry out the verification of moderate to complex loan transactions
• To provide valuable assistance in reviewing, preparing, and maintaining various credit files and to follow up immediately on some exceptional cases
• To process advances and disbursements as well as to be involved in preparation of the pay off letters
• The loan document specialist in addition to the above responsibilities and duties is constantly seen interacting with the clients, analyzing their loan applications and documents, and interpreting the rules and regulations of the organization.
• He/she reviews the closing documentation to ensure that the term and structure of the loans are in conformance with the policies of the bank.
• He/she is involved in transmitting the loan documentation to the loan officers for further functioning and provides the much needed back end support as well.
• Thus, he/she needs to handle a multitude of responsibilities.
• He/she conducts thorough research, analyzes the underlying problems and solves them in a timely and professional manner.
• He/she may be involved in periodic audits and works with external as well as internal parties to ensure the receipt of the vital loan documents and its final disposition.

Essential Skills and Abilities

• The professional loan document specialist should naturally be customer oriented, detail oriented, and should be thoroughly dedicated towards his/her work.
• He/she should be experienced in handling varying loan products and should be able to handle confidential data in an ethical and professional manner.
• He/she should be able to understand the purchase contracts, entity documents, lease agreements and should have some working exposure with title and insurance companies.
• Prior work experience in preparing the loan documentation would prove to be of great help.
• He/she should be proficient in handling computers and should be well versed in using MS Word and Excel along with good typing skills.
• He/she should be able to juggle multiple tasks at a time.

Educational Background

The loan document specialist does not require any particular college or university degree as such, but if the individual has completed a degree in finance, economics, business administration, accounting, etc., then it would definitely prove to be a great advantage. Most of the learning for this professional happens while he/she is on the job. Those with prior work experience and additional qualifications will move to higher positions more easily.

Work Schedule

The professional in this field is required to work full time and his/her weekly routine normally comprises forty to forty five hours per week. He/she may need to extend his/her duty hours if there is tremendous pressure of work.

Salary Details

According to one of the job portals, the remuneration package offered for the professional working in this field is in the range of $40,000 to $44,000. The individual's skills, experience, location, size and type of the organization are also equally important factors that play a crucial role in deciding the final salary package.

Career Prospects

The loan documentation specialist has got huge career advancement opportunities. If he/she is able to prove his/her caliber, he/she can move to some complex documentation and later on move as a documentation manager as well. According to the U. S. Bureau of Labor Statistics, the demand for the loan documentation specialists is expected to rise by about ten percent in the coming years.

Thus, professional handling of loan document specialist responsibilities will help in taking your career to new heights and promising you a better future ahead.