Loan Coordinator Job Description
The loan coordinator is normally found working in financial organizations like credit unions, banks, corporations, different universities, etc. The loan coordinator responsibilities include functioning as a intermediary between the clients and the organization he/she is working for.
The loan coordinator is the main key person who needs to be contacted if there are any complaints from the customers, or if there are any issues that need to be resolved during the entire loan process.
It is his/her imperative duty to maintain clear communication with the client regarding incomplete items or if it does not meet the required guidelines and requirements mentioned by the organization.
Key Responsibilities Of Loan Coordinator
If finance is what interests you, and if you are good at interacting with a variety of people at different levels, then you can definitely make a successful career as a loan coordinator. This professional is responsible for entering the loan applications in the defined system and maintaining complete integrity of the data that has been entered in the system.
He/she works as a liaison between the manager and the loan department. He/she is the initial point of contact and should be able to provide all the details to the potential clients regarding the various services that are provided.
He/she should be able to manage all the administrative and clerical duties and other relevant loan processing duties.
Some of the points given below will help you to give a better idea as to what exactly are the key responsibilities that need to be handled by a loan coordinator while working in different kinds of loans departments:
- To act as a primary source of contact for clients throughout the granting process of loan, right from the initial stage of inquiry to its final close out that may include client advocacy in special cases that require his/her assistance
- To be involved in the loan processing procedures that include gathering the relevant financial and legal documents and ordering the related reports necessary for further processing
- To work with different associations, community partners, etc., to brief them about various loan programs, to identify the meeting space and to develop training plans as well as other relevant training materials to make various presentations in the workshop and to make modifications to ensure that it is successful
- To prepare and submit the loan files for final approval to the underwriting department that involves a complete financial analysis and summarizes the key findings, requests, exceptions, recommendations, etc., with reference to the standard policies
- To conduct a quality control audit of the previous database before closing it
- To coordinate and ensure proper completion of all the documentation and forward it to the borrower as well as the loan provider and make sure that the master copy of the file is maintained so that it can be recovered at a later stage
- The loan coordinator may be involved in the funding and disbursing the documents that need to be reviewed and approved by the underwriting team so that it can be routed further to the appropriate person for signature.
- He/she remains updated on various policies and procedures, criteria involved while granting a loan, and keeps current knowledge on the various underwriting standards and regulations.
- He/she may also participate in the design, implementation and evaluation of the loan programs and assess it for its effectiveness.
- He/she develops relationship with community agencies that will provide additional support to the clients and looks out for different opportunities where the products and services can be promoted.
- He/she schedules and tracks the contingency dates, closing dates and the loan lock expirations.
- He/she reviews the loan approvals to ensure adherence to the conditions that are necessary for underwriting and closing.
- At the end, he/she should make every effort to provide best customer services as well as provide valuable guidelines and consultation to the potential clients.
Essential Skills and Abilities
- The loan coordinator should have good coordination and organization skills and should be ready to work in a highly team oriented work atmosphere.
- He/she should possess good counseling skills to be able to guide the clients and provide them with the best information of the relevant products and services.
- He/she should be detail oriented with strong work ethics and should be able to demonstrate strong integrity combined with excellent communication skills.
- He/she should be able to gather, analyze various documents and should be totally customer centric.
- Good administrative skills, ability to multitask and meet deadlines in a fast paced work environment, etc., are some of the other required skills to ensure success in this field.
Educational Requirement
The minimum education required to make an entry as a loan coordinator is that the individual should have completed graduation from an accredited university or college with coursework in finance, economics, real estate, or any other related field. Some relevant training, certification along with experience would definitely prove to be a great advantage.
Work Schedule
The loan coordinator needs to work under deadlines. Therefore, he/she does not have any fixed duty hours, and his/her work hours may vary according to the requirements of the work situation.
Salary Details
The remuneration package differs depending on the type of department he/she is working in; for example, home, mortgage, etc. According to one of the job portals, the average salary varies in the range of $35,000 to $45,000 and depends on the experience, skills, and other qualities of that particular individual.
Career Prospects
The U. S. Bureau of Labor Statistics states that the opportunities for this position are definitely going to rise in the coming decade, but the growth will be quite slow. Those who have proved their capabilities and demonstrated success through their work will surely rise to higher managerial positions.
Thus, if money matters and extending help to the needy clients interests you, then you can definitely handle the loan coordinator responsibilities well and ensure yourselves a rewarding career ahead.
Related Resume
Loan Coordinator Resume
