A Loan Officer Assistant is a professional who supports loan officers in their day-to-day tasks, ensuring the smooth operation of the lending process. This role requires a combination of technical expertise, interpersonal skills, and attention to detail. In this blog post, we will describe the primary responsibilities and the most in-demand hard and soft skills for Loan Officer Assistants.

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Main Responsibilities of a Loan Officer Assistant

The following list describes the typical responsibilities of a Loan Officer Assistant:

Accompany

Accompany Loan Officer in the field, meeting new clients and realtors.

Add

Add newly closed loans on 1st of each month to our data base.

Analyze

Analyze customer's credit and financial scenario and determining appropriate loan product(s).

Ask

Ask questions of Loan Offices to facilitate learning and expanding mortgage knowledge.

Assist in

• Assist customers and follows up on outstanding items.

• Assist customers and prospects throughout the loan process to further enhance business relationship.

• Assist in collection missing documentation for completion of loan file from borrowers.

• Assist in evaluating loan applications for risk assessment.

• Assist in maintaining Loan Officer calendar for client meeting, sales calls and other bank meetings.

• Assist in organizing loan marketing and promotional activities.

• Assist in preparing loan applications and collecting necessary documentation.

• Assist in preparing loan disclosure documents for clients.

• Assist in resolving loan-related issues or discrepancies.

• Assist in training new loan officer assistants.

• Assist Loan Manager with follow up for items requested.

• Assist Loan Officer as needed (minus any licensed activity).

• Assist Loan Officer in marketing efforts to current and new clients.

• Assist Loan Officers with marketing campaigns through mail, email, and internet.

• Assist Loan Officer with any clerical or admin support.

• Assist loan originators and production partners in managing the pipeline of loan applications.

• Assist Mortgage Loan Officer or Mortgage Sales Manager in gathering and preparing loan submissions.

• Assist originator in appointment setting with prospective and new applicants.

• Assist Processor in satisfying conditions.

• Assist the Loan Originator with other administrative and / or sales duties as needed.

• Assist the Loan Processor once approval received and forward to borrower.

• Assist the originator with obtaining an accurate and thorough 1003.

• Assist with data entry into Fulton Mortgage Company's loan origination system.

• Assist with ensuring clear communication for a smooth closing transaction.

• Assist with identifying processing delays and gaps in turn times.

• Assist with maintaining customer database via Loyalty Express system.

Attend

Attend industry events and professional development workshops.

Bend

Bend, stoop and stretch as needed.

Build

Build / organize new loan applications and supporting documents.

Collaborate with

• Collaborate with other team members to improve processes and efficiency.

• Collaborate with underwriters to address any outstanding loan conditions.

Collect

Collect supporting documentation from customer, gathering necessary documentation for pre-approval.

Communicate with

• Communicate challenges and opportunities to Loan Officer.

• Communicate with Borrower and Agents prior to Processing.

• Communicate with clients to obtain missing information or clarify details.

• Communicate with realtor and borrower on loan status on a continual basis.

• Communicate with UW support to ensure Lending Ability / Research.

Complete

• Complete any additional duties as assigned and assist interdepartmentally as needed.

• Complete Automated Jungo Follow up Tasks.

• Complete Income Calculation Worksheet.

• Complete loan set up within 48 hours of receipt.

Conduct

• Conduct financial analysis to assess loan affordability.

• Conduct preliminary assessments of loan eligibility.

• Conduct research on loan products and market trends.

Contact

Contact customers regarding required loan documentation and prepare for loan officer review.

Coordinate

• Coordinate and schedule loan closings.

• Coordinate and schedules loans closings.

• Coordinate closing details with Client – final payment, rate, cash to close, etc..

• Coordinate loan closing logistics and schedule appointments.

• Coordinate with appraisers, title companies, and other third parties involved in the loan process.

Delegate

Delegate Tasks to Admin as needed.

Design

Design flyers for new programs or other programs of interest.

Determine

• Determine if applicants are eligible for credit based on broad guidelines.

• Determine which vendors will be used for data processing.

Disclose

Disclose Loan Documents as Needed (Admin Function).

Discover

Discover what's possible with Evergreen.

Discuss

Discuss product features with customer.

Ensure

Ensure files move through processing and closing in a timely manner.

Enter

• Enter loan applicant data into Home Lending system software.

• Enter loan application and disclosures information into a loan origination system.

• Enter data and maintain marketing programs and tools such as Loan Officer Toolbox.

Establish

Establish appointments with clients.

Follow-up

• Follow-up on Document Requests (in Floify as well as via Phone Call, SMS).

• Follow-up on Leads / Referrals.

• Follow-up on leads that are provided and track progress.

• Follow-up on loan file status with Operations and third parties, such as escrow and title companies.

• Follow-up with assigned clients at all times, keeping them informed of the loan process.

• Follow-up with clients at all times, keeping them informed of the loan process.

• Follow-up with clients to provide updates on the loan status.

Gather

• Gather Borrower Documentation.

• Gather client information and verify its accuracy.

• Gather files for weekly pipeline review with mortgage processor and provide the status of each file.

Handle

• Handle 1st Level escalations between Loan Assistants and Processing.

• Handle administrative tasks, such as filing, faxing, and organizing documents.

Implement

• Implement and execute new systems for team and clients.

• Implement goals and initiatives as communicated by Senior Management.

Input

• Input client data into loan processing systems.

• Input new loan files on to the appropriate software.

• Input Team files into Encompass with accuracy to make sure the correct information is in the file.

Keep up to date on

• Keep up to date on all required training.

• Keep up to date on regulation changes.

• Keep up to date with company approved programs and software systems.

Maintain

• Maintain accurate and up-to-date records of loan transactions.

• Maintain confidentiality and handle sensitive client information appropriately.

• Maintain consistent and satisfactory attendance.

• Maintain database of mortgages and loans and customer information.

• Maintain dialogue with loan officers and real estate brokers with loan status reports.

• Maintain high degree of confidentiality.

• Maintain Loan Officers' databases of customer information.

• Maintain referral source relationships through quick response time and excellent custom service.

Make

• Make and retain copies of important documents.

• Make copies for Clients and copy packages / scans / uploads files.

Manage

• Manage active pipeline by communicating with processing team and all associated parties.

• Manage and follow up with all new and existing leads in a timely and accurate manner.

• Manage appraisal order status and updates.

• Manage disclosure queue daily.

• Manage monthly compliance-approved email marketing to realtors.

• Manage tasks / goals to meet closing & rate lock deadlines.

Meet with

• Meet with clients to complete necessary documents on an as need basis only.

Monitor

• Monitor and Re-Disclose Loan Estimates and Change of Circumstances within 3 days of revisions.

• Monitor and respond to loan-related inquiries and emails.

• Monitor loan pipelines and track progress of applications.

Notify

Notify Loan Officer of vacations or sick days in a timely manner.

Order

Order customer credit reports as well as pricing and locking loans as requested by the Loan Officer.

Organize

Organize all documentation submitted and verifies file completeness.

Oversee

Oversee Loan Officer pipeline schedules and deadline times on all loans.

Perform

• Perform Admin Functions as needed.

• Perform all actions in accordance with the Guiding Values of the company.

• Perform credit checks and analyze credit reports.

• Perform daily pipeline management reviews.

• Perform initial set up of files in Origination System.

• Perform specific tasks assigned by the MLO.

Prepare

• Prepare and send thank you cards to referral sources and new clients.

• Prepare loan documents, sets up loan files and follows up with supporting documents.

• Prepare loan files for submission to underwriting.

• Prepare pipeline and closed loan summary reports.

• Prepare pre-qualification / pre-approval / commitment letters.

• Prepare reports and presentations for loan officers.

Prequalify

Prequalify clients to include discussing rate, terms and / or financial options.

Present

Present various loan programs and benefits of each to the customer.

Process

Process Loan Application from start to finish in line with proper standards and company procedures.

Provide

• Provide administrative and sales support to loan originators and production partners.

• Provide a list of prioritized items necessary for the loan officer to complete on a daily basis.

• Provide disclosures to borrower at application, or mail within 24 hours if over the phone.

• Provide exceptional customer service to clients.

• Provide needs list of all items for a complete loan application.

• Provide pipeline reports to review status of all files with managing loan officers.

• Provide support to assigned MLO or respective team members, and / or as assigned by LOA Manager.

Pull

Pull credit reports and have them ready for the meeting.

Request

• Request All necessary items from Escrow / Title.

• Request status updates from pre-approved clients and referral sources (weekly TBD calls).

Respond to

Respond to customers general inquiries and provide update on loan packages.

Restructure

Restructure loans to meet guides and get approval.

Return

Return any incomplete loans back to Loan Officer.

Review

• Review and monitor loan documents for accuracy, completeness, and adherence to approval conditions.

• Review fee changes to determine accordance to TRID change of circumstance guidelines.

• Review loan files for completeness and compliance with regulations.

• Review underwriting guidelines, structure the loan and submits to the automatic underwriting system.

Run

• Run AUS findings and prepare the Initial Fee Worksheet.

• Run Automated Compliance Testing and inform processor of any major fails.

• Run credit on loans assigned to an originator.

Schedule

Schedule, coordinates, and attends settlements.

Screen

Screen and make calls, book appointments and provide administrative support as needed.

Send

Send out correspondence – thank you cards, closing cost calculators, etc..

Set

• Set and confirm appointments for originator and manage calendar.

• Set and track all appointments for Loan Officer for referring Partners, seminars, closings, etc..

Set-up

Set-up and maintain mortgage loan files.

Stay acquainted with

• Stay acquainted with assigned Loan Officer's complete pipeline activity.

• Stay acquainted with assigned MLO's complete pipeline activity.

• Stay acquainted with assigned MLO's daily schedule.

• Stay informed about loan programs, rates, and policies.

• Stay updated on industry regulations and compliance requirements.

Support

Support, creates and executes marketing initiatives and loan tracking reports.

Take

Take Ownership of the Loan.

Track

• Track and manage new leads and follows up on referral business.

• Track incoming leads for Loan Officer and / or LP II using "Lead Tracker” form.

Trade

Trade / service marks are the property of Evergreen Home Loans.

Update

• Update client database information.

• Update customers, real estate agents, and titles companies on the loan's progress.

• Update Jungo on every touch.

Use

Use the principles of Balanced Stewardship in independent decision making.

Utilize

Utilize information gathered by the Mortgage Loan Originator to prequalify customers.

Work with

• Work with appraisers to obtain official appraisal.

• Work with a strong sense of urgency and responsiveness.

• Work with customers in structuring of residential mortgage loans.

• Work with the Processor to collect documentation to clear Loan Officer conditions.

Most In-demand Hard Skills

The following list describes the most required technical skills of a Loan Officer Assistant:

1. Proficiency in loan origination software.

2. Knowledge of underwriting guidelines and loan processing procedures.

3. Familiarity with mortgage loan products and programs.

4. Ability to analyze financial statements and credit reports.

5. Excellent mathematical and numerical skills.

6. Attention to detail and accuracy in data entry.

7. Competence in using Microsoft Office suite, including Word and Excel.

8. Understanding of loan documentation and disclosure requirements.

9. Proficiency in using loan calculators and mortgage-specific tools.

10. Knowledge of federal and state regulations governing lending practices.

11. Ability to navigate loan processing systems and databases.

12. Strong organizational and time management skills.

13. Proficiency in preparing reports and presentations.

14. Knowledge of loan pricing and interest rate structures.

15. Familiarity with automated underwriting systems.

16. Ability to analyze and interpret complex financial information.

17. Understanding of loan closing procedures and documentation.

18. Knowledge of property appraisal processes.

19. Ability to handle loan-related software and online platforms.

20. Familiarity with loan servicing and post-closing procedures.

Most In-demand Soft Skills

The following list describes the most required soft skills of a Loan Officer Assistant:

1. Excellent communication skills, both verbal and written.

2. Strong interpersonal skills and ability to build rapport with clients.

3. Attention to detail and high level of accuracy.

4. Strong problem-solving and critical-thinking abilities.

5. Exceptional customer service orientation.

6. Ability to work in a fast-paced, deadline-driven environment.

7. Teamwork and collaboration skills.

8. Adaptability and flexibility to handle changing priorities.

9. Professionalism and ethical conduct.

10. Strong time management and multitasking skills.

Conclusion

As a Loan Officer Assistant, possessing a combination of these hard and soft skills will enable you to excel in the role, provide excellent support to loan officers, and contribute to the success of the lending process.