Loan Document Specialist Job Description and Duties

Updated on: January 20, 2021
Loan Document Specialist Job Description

Working as a loan document specialist requires exceptional customer service skills.

Since the work revolves around helping applicants apply for loans, loan document specialists need to be exceptionally well-versed in work.

Usually, a high school diploma or a GED equivalent is sufficient to work as a loan document specialist. However, knowledge of different types of loans, their timelines, and associated paperwork is essential.

As a loan document specialist, you will be spending most of your time with clients hoping to acquire your assistance. You will be helping them fill out loan application forms, as well as filing them properly.

Since working as a loan specialist requires you to be well-versed in all these areas, it is imperative that you possess at least some experience of the work.

Experience and skills acquired because of it will go a long way in helping you bag the job.

A list of job duties particular to the position of a loan document is provided below:

Job Duties for Loan Document Specialist Resume

• Greet clients as they arrive and engage them in conversation.

• Confer with clients to determine their reasons for acquiring loans.

• Assist clients in determining the right ways of filling out insurance forms.

• Check filled out insurance forms.

• Ask clients to make changes or additions to the provided information.

• Review and interpret loan requests.

• Check clients’ backgrounds in order to acquire information about other loans or debts.

• Identify requirements for each loan application and communicate them to clients.

• Interpret rules and regulations to ensure that loan documents are in order.

• Create and maintain liaison with underwriters to ensure timely loan transactions.

• Review clients’ credit files.

• Track follow-up documentation.

• Stay updated about changes in loan policy and federal compliance regulations.

• Respond to requests for information and clarity by clients.

• Follow up on loans in order to expedite their payments.

• Analyze additional documentation needed for each client’s case.

• Review, prepare and maintain various credit files.

• Processes advances and disbursements.

• Create pay off letters and ensure that they are timely mailed to clients.

• Assist credit departments in following up with delinquent clients.

• Ensure that all loan cases are files confidentially and adequately.

• Maintain credit and collateral files according to the procedure.

• Provide backup to loan operations specialists.

• Keep updated about new and emerging loan policies and procedures.

• Communicate suspected fraud to load administrators.

• Generate client correspondence related to loan initiation and payback.

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