A Lending Specialist is a professional who plays a crucial role in the financial industry. They are responsible for assisting individuals and businesses in securing loans and managing the lending process. In this blog post, we will delve into the main responsibilities and the essential hard and soft skills required for Lending Specialists.

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Main Responsibilities of a Lending Specialist

The following list describes the typical responsibilities of a Lending Specialist:

Address

Address any issues identified and provide appropriate coaching / corrective action as needed.

Analyze

• Analyze data and information to provide insights and recommendations.

• Analyze financial documents, including income statements, tax returns, and bank statements.

Apply

Apply strong critical thinking and problem-solving skills to meet clients' needs.

Assess

Assess significance of any security or conditions shortfalls, credit and fraud risks.

Assist in

• Assist clients in resolving any issues or concerns related to their loans.

• Assist in preparing for client meetings and account opening documentation.

• Assist in preparing new business proposals or presentations to clients / prospects.

• Assist in the development and implementation of lending policies and procedures.

• Assist in the development of strategic plans.

• Assist with the development of client communications as required.

Assume

Assume responsibility for branch operations in the absence of the Branch Manager.

Attend

Attend industry conferences and networking events.

Build

• Build change management plans of varying scope and type.

• Build trust and maintain ongoing relationships.

Calculate

Calculate interest rates, payment schedules, and loan terms.

Check

Check and reconcile information and documentation to ensure accuracy and completeness.

Collaborate with

• Collaborate effectively to get things done, building and nurturing strong relationships.

• Collaborate with appraisers and title companies to facilitate property appraisals and title searches.

• Collaborate with internal and external stakeholders in order to deliver on business objectives.

• Collaborate with legal teams to ensure compliance with lending regulations.

• Collaborate with marketing teams to develop loan product promotions and campaigns.

• Collaborate with underwriters and other team members to expedite loan approvals.

Collect

Collect fees applicable to credit terms and conditions or account agreement.

Communicate

Communicate effectively and confidently, and is comfortable engaging all clients.

Complete

• Complete additional projects and responsibilities as assigned.

• Complete comprehensive analysis for risk, financial and profitability rating and assessments.

• Complete training in products, industry knowledge, and sales.

Conduct

• Conduct background checks on applicants to verify their financial history.

• Conduct independent analysis and assessment to resolve strategic issues.

• Conduct market research to identify potential lending opportunities.

Continue

Continue serving our customers through our digital and phone channels.

Coordinate

• Coordinate relationship management activities with deal team members and internal groups.

• Coordinate the management of databases.

Correspond

Correspond and facilitate the communication flow with Creditors, Clients and Advisors.

Create

Create a welcoming work environment.

Determine

• Determine client needs and ensures timely and accurate completion of transaction processing.

• Determine loan eligibility criteria and ensure applicants meet the necessary requirements.

Develop

• Develop a consumer client base to facilitate direct sale of lending solutions.

• Develop and maintain relationships with clients, real estate agents, and loan officers.

• Develop tailored messaging.

Educate

Educate clients on loan options and provide guidance throughout the application process.

Ensure

• Ensure alignment and integration of data in adherence with data governance standards.

• Ensure follow up and follow through with both Internal and external customers.

• Ensure follow-up and follow through with internal and external customers.

• Ensure proper adherence to the code of conduct and ethical guidelines.

• Ensure that loan level pricing is properly verified at the time of funding / purchasing.

• Ensure the customer feels understood.

• Ensure timely and accurate set-up, maintenance and advance of lending products.

• Ensure timely resolution of all client questions and concerns, both internal and external.

Evaluate

• Evaluate circumstances requiring exceptions and engages senior management for resolution.

• Evaluate collateral and assess its value for secured loans.

• Evaluate loan applications and assess the creditworthiness of borrowers.

Focus on

Focus on underwriting and making recommendations loan applications.

Gather

Gather and formats data into regular and ad-hoc reports, and dashboards.

Generate

Generate reports and prepare financial analyses.

Handle

• Handle requests from existing clients who are looking for an increase in their existing mortgage.

• Handle sales calls from prospects and customers.

Help

• Help determine business priorities and best sequence for execution of business / group strategy.

• Help the customer feel relieved.

Identify

• Identify and analyze issues and problems and resolve in a timely manner or escalates as required.

• Identify and escalate irregularities and discrepancies to management as per guidelines.

• Identify and make appropriate referrals to BMO Partners that add value to the customer.

• Identify business needs, designs / develops tools and training programs.

• Identify emerging issues and trends to inform decision-making.

• Identify opportunities to increase profitability, create capacity and reduce expenses.

• Identify potential risks and suggest appropriate risk mitigation strategies.

Implement

Implement and monitor procedural and policy changes as required.

Lead

Lead client / advisor discussions and sell all personal lending products.

Look

Look beyond the obvious to understand the root cause of problems.

Maintain

• Maintain accurate and organized loan files and documentation.

• Maintain confidentiality and adhere to data protection regulations.

• Maintain control of security collateral including preparation and registration.

Manage

• Manage and processes the flow of applications and changes.

• Manage operational audits and controls for banking and account administration.

• Manage operational audits and controls for banking and general branch administration.

Meet

Meet and exceed established volume goals.

Monitor

Monitor loan repayments and ensure timely collections.

Negotiate

Negotiate loan terms and conditions with clients and financial institutions.

Partner

Partner with the leadership team on strategic direction and complex line-of-business projects.

Perform

Perform miscellaneous administrative tasks as assigned by your Manager.

Prepare

• Prepare loan proposals and present them to clients.

• Prepare new business proposals or presentations to clients / prospects.

Process

Process seller requested post funding review and adjustments.

Provide

• Provide advice and guidance to assigned business / group on implementation of solutions.

• Provide day to day technical support for team members.

• Provide dedicated support to the Credit Planning Consultants.

• Provide exceptional customer service and address client inquiries.

• Provide guidance and support to loan officers and junior lending specialists.

• Provide input into the planning and implementation of operational and business programs.

• Provide input into the planning and implementation of operational programs.

• Provide sales support to Credit Planning Consultants.

• Provide specialized consulting, analytical and technical support.

Review

• Review and actions overdrafts and other monitoring reports in a timely manner.

• Review and provides feedback and best practices about client solutions and credit structure.

• Review loan agreements and contracts to ensure accuracy and compliance.

Set-up

Set-up and completes margin / covenant tests within established timeframes.

Stay updated on

• Stay updated on market trends and interest rate fluctuations.

• Stay up-to-date with industry regulations and changes in lending practices.

Strive

Strive for excellence / meet or exceed business goals.

Support

• Support the development of tools and delivery of training focused on delivering business results.

• Support the implementation, maintenance, and sustainment of vendor solutions.

Take

Take an active role in the training and development of all LS1 and LS2 employees.

Think

Think creatively and proposes new solutions.

Use

Use resources and innovative technologies to optimize the client experience.

Utilize

Utilize loan origination software and other financial tools effectively.

Most In-demand Hard Skills

The following list describes the most required technical skills of a Lending Specialist:

1. Financial analysis and risk assessment

2. Loan underwriting and processing

3. Knowledge of lending laws and regulations

4. Proficiency in loan origination software

5. Data analysis and interpretation

6. Credit evaluation and scoring

7. Mortgage industry knowledge

8. Documentation and file management

9. Financial modeling and forecasting

10. Familiarity with loan pricing and interest rates

11. Collateral valuation and assessment

12. Loan structuring and terms negotiation

13. Financial statement analysis

14. Proficiency in Microsoft Office Suite (Excel, Word, PowerPoint)

15. Familiarity with accounting principles

16. Strong mathematical and analytical skills

17. Excellent written and verbal communication skills

18. Attention to detail and accuracy

19. Time management and organizational abilities

20. Problem-solving and critical thinking skills

Most In-demand Soft Skills

The following list describes the most required soft skills of a Lending Specialist:

1. Strong interpersonal and relationship-building skills

2. Customer service orientation

3. Effective communication and active listening

4. Adaptability and flexibility

5. Empathy and understanding

6. Teamwork and collaboration

7. Attention to client needs and requirements

8. Conflict resolution and negotiation

9. Professionalism and integrity

10. Time management and prioritization

Conclusion

In conclusion, a Lending Specialist carries out various responsibilities related to loan evaluation, application processing, and client support. To excel in this role, individuals need a combination of technical skills such as financial analysis and loan underwriting, as well as essential soft skills like effective communication and customer service.