What is a Loan Assistant?

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A loan assistant supports a lender on the front-end of the loan process. This allows the lender to be more productive in his or her own position. Depending on the financial institution, a loan assistant may also be known as a loan administrator; however, in most cases, loan administrators are usually involved with managing loan files after booking—not before booking.  

Loan Assistant Functions

Loan assistants streamline the lending process by performing a variety of duties for the lenders that they support. Responsibilities can vary significantly based on the financial institution’s structure and the loan assistant’s capabilities. Generally speaking, loan assistants help with the following tasks:

  • Preparing loan presentations
  • Contacting potential borrowers for missing information and documents
  • Taking steps needed to clear exceptions
  • Working on line-of-credit advances for existing customers

A loan assistant’s job can be very busy and fast-paced. This is especially true when one loan assistant is assigned to two or more lenders. A good loan assistant is able to juggle many responsibilities at once and has a strong eye for detail. Loan assistants should also be comfortable using technology, especially:

  • Email
  • Document management software
  • Electronic signature tools
  • Document collection portals
  • Microsoft Excel and PowerPoint

eBooks for Loan Assistants

Interested in learning more and advancing your career as a loan assistant? Download a free resource from our digital library. Check out our collection of free spreadsheets, whitepapers, and ebooks.

Or, browse our banking definitions page for more terminology.

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