Loan Specialist Job Description

Updated on: March 19, 2018

Position Overview

A loan specialist is an individual who heads a team of loan officers to ensure that clients are provided with the right services. But supervision is not the only work of a loan specialist.

He or she is expected to be an expert in handling loan applications, both online, and manual. The work is tough, as there is a lot of responsibility attached to it, and one has to be exceptionally well-versed in creating and maintaining a positive liaison with people from many different walks of life.

Position Requirements

Working as a loan specialist does not require any formal education, except a high school diploma. The work is complicated, but if you have had some experience in this regard, you might not find it to be so. Also, prior experience in this regard means that you will be considered a better person to hire, than one who hasn’t had any.

If you have worked as a loan specialist before, or in any other capacity that deals with loans, you will have a great idea of what the work entails. Since many loan specialists work in banks, it is essential for them to possess knowledge of banking processes and procedures. Moreover, a loan specialist needs to maintain both verbal and numeric aptitudes, as there is a lot of client contact, and calculations to do.

Some of the primary duties of a loan specialist are listed here:


Loan Specialist Duties & Responsibilities

• Oversee a team of loan officers, to ensure that they are providing the right loan application information to clients.

• Motivate team members to perform lead generation work, and follow up on good leads.

• Perform audits on loan files, and ensure that areas of non-compliance are properly addressed.

• Present all findings to the senior management, and executive officers, and ensure that any significant information is highlighted.

• Work with risk management teams to strategies, and implement loan disbursement and payback policies and procedures.

• Assist the underwriting department in making a loan decision, ensuring that all activities are performed according to company protocols.

• Provide corporate clients with information on loan products, and assist them fully in creating payback models.

• Handle business development and full cycle sales of personal loans, automobile loans, and other credit products.

• Assist clients in making a financial decision, aiming to help them in achieving their financial goals.

• Verify the completeness and accuracy of all loan files presented for approval, and prepare and track disbursements, loan documents, and reports, according to established processes.