What Is A Loan Officer Assistant? (TOP 5 Tips)

A loan officer assistant plays a vital role in the administrative upkeep of a loan office. As such, the duties of a loan officer assistant cover the entire loan origination process, including managing paperwork and interacting with everyone involved to keep the process moving efficiently.

What are the job duties of a loan officer assistant?

Loan Officer Assistants assist loan officers in processing the loan applications of clients. Loan officer assistants primarily work on the administrative tasks in the departments. They are in charge of managing documents, updating databases, and sorting files.

Does a loan officer assistant have to be licensed?

Basically, the professional credentials to become a loan officer assistant is the same as that of a loan officer. However, loan officer assistants do not have to become licensed.

How do loan officer assistants stay organized?

Follow our top tips to help stay organized and meet the demands of running a mortgage business.

  1. Don’t be afraid to delegate. The art of delegation is a tough one to master as a business owner.
  2. Don’t rule outsourcing out. Paperwork piling up?
  3. Work smart.
  4. Set routines and realistic deadlines.
  5. Recharge your batteries.
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How do you become a loan officer?

Loan officers typically need at least a bachelor’s degree, preferably in a business-related field such as finance, economics or accounting. Mortgage loan officers need a mortgage loan originator license, which requires passing an exam, at least 20 hours of coursework and background and credit checks.

How do you become a loan officer assistant?

Loan officer assistant training is often done on the job. You’ll also need to pass state and federal tests for licensing. Although an associate or bachelor’s degree may be required, in most cases a high school diploma or GED is sufficient to become a loan officer assistant.

How many loans does the average loan officer close?

Most loan officers can close anywhere from 18 to 25 loans in a year, with some doing as many as 35 to 40. According to U.S. News, which ranks loan officers as #14 on its list of Best Business Jobs, the average salary for a loan officer in 2015 was $63,430 with the upper 75th percentile making over $90,000.

How much do junior loan officers make?

The average salary for a junior loan officer is $53,290 per year in the United States.

Is being a loan officer assistant stressful?

Loan assistants support loan officers working in commercial or real estate areas. Analytical thinking and familiarity with banking processes related to loans, mortgages, and liens will also be important. Your working environment will be fast-paced, and the position might require enduring stressful situations.

What is a loan processor salary?

The average loan officer/loan processor salary is $50,689 per year, or $24.37 per hour, in the United States. People on the lower end of that spectrum, the bottom 10% to be exact, make roughly $24,000 a year, while the top 10% makes $105,000. As most things go, location can be critical.

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How much does a home lending assistant make at Chase?

Chase Salary FAQs The average salary for a Lending Assistant is $43,889 per year in United States, which is 69% higher than the average Chase salary of $25,969 per year for this job.

Is being a loan officer assistant hard?

First and foremost, it is not an easy job. Sure, a mortgage broker or bank may tell you that it’s simple. And yes, you may not have to work very hard in the traditional sense, or take part in any back-breaking work.

What does PE mean in mortgage?

PE – Whole Loan accommodates both mandatory and best efforts execution types: With a mandatory execution, a seller agrees to deliver a specified dollar amount of a mortgage product (within certain tolerances) to Fannie Mae by a specific date at an agreed upon price within a range of pass-through rates.

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