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Job Description for Loan Administrator
There are many reasons individuals seek to procure loans, places one may go to find one, and different contexts in which loan processes are administered. Whatever the variables, most institutions which loan money typically employ a loan administrator to oversee the processes. Also known as a loan officer or a loan processor, these individuals are responsible for every aspect of the loan process, from meeting with prospective borrowers and hashing out terms to overseeing collection and processing of payments and ensuring that everything is handled within legal and regulatory boundaries.
A loan administrator who works in real estate will deal with budding homeowners and help them
understand their many home loan options. They often work with several lending agencies and help new homeowners choose the right lender for their needs. Still others work for collection agencies; these loan administrators work with debtors to assist them in creating payment schedules and other options so they are better able to repay their obligations.
Many organizations do not have specific educational requirements for this position beyond a high school diploma or equivalent, although a college degree in Business Management or Finance is recommended and some may require an established background in accounting or bookkeeping. Most employers focus less on education than the applicant's previous experience in loans and banking in general.
Loan Administrator Tasks