Loan Documentation Specialist
Quick Facts
Median Salary$46,264
Most Common EducationHigh school or GED
Projected 10-Year Growth-7.04%
Assessment MatchTake the Assessment
What They Do
A Loan Documentation Specialist reviews applications for loans and assists with the process of evaluating loans. Prepares, organizes and verifies the documents and reports required for a loan application. Monitors the loan application and approval process and may assist customers with loan payments. May specialize in mortgage, business or other types of loans.
Core Tasks:
- Verify and examine information and accuracy of loan application and closing documents.
- Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
- Record applications for loan and credit, loan information, and disbursements of funds, using computers.
- Submit loan applications with recommendation for underwriting approval.
- Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
- Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
- File and maintain loan records.
- Interview loan applicants to obtain personal and financial data and to assist in completing applications.
- Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Check value of customer collateral to be held as loan security.
- Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
- Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
- Answer questions and advise customers regarding loans and transactions.
- Present loan and repayment schedules to customers.
What to expect as a Loan Documentation Specialist
1Earn a High school or GED Diploma
46% of people achieve this level of education.
2Gain skills and experience
See Loan Documentation Specialist related courses on Tallo
3Land a job
410 openings for Loan Documentation Specialists
Career Progression
in United States (Nation)
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