How To Become A Loan Administrator: What It Is and Career Path

What is a loan administrator and how to become one

Updated January 8, 2025

4 min read

As a Loan Administrator, you work between potential customers and banks to help people and companies secure loans for their dream projects and business. As a loan administrator, you assist consumers and companies in choosing a suitable loan product and completing an application. You survey potential borrowers to determine their eligibility for a loan.

The loan administrator serves as the main contact from the financial institution to those applying for a loan and maintains communication and assistance until the loan process closes. Filing for loans requires a huge amount of paperwork, so you will spend significant time gathering client data, writing reports, and collecting loan files. You will coordinate meetings between the customers and financial executives.

The demand for loan administrator should increase over the next ten years, seeing the growth in open positions of about 3 percent. As a loan administrator, you can make a median salary of $43,000.

You have to have at least a high school diploma or GED, but most loan administrators have a B.A. or B.S. in finance, business, or economics and at least two to five years of work experience. You need solid skills in finance, customer service, financial software, data analysis, and negotiation skills. Most loan adminstrator positions require registration and licensing through national mortgage loan systems.

ScoreLoan AdministratorUS Average

Salary

3.3

Avg. Salary $42,859

Avg. Salary $59,228

Stability Level

7.3

Growth Rate 4%

Growth Rate 0.3%

Diversity

5.5

Race

American Indian and Alaska Native 0.48%

Asian 6.44%

Black or African American 9.30%

Hispanic or Latino 16.18%

Unknown 4.64%

White 62.95%

Gender

female 76.81%

male 23.19%

Age - 44

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 44

Stress Level

7.3

Stress level is high

7.1 - high

Complexity Level

8.8

Complexity Level is advanced

7 - challenging

Work Life Balance

5.6

Work Life balance is fair

6.4 - fair

Key steps to become a loan administrator

Explore loan administrator education requirements

Most common loan administrator degrees

Bachelor's

57.9 %

Associate

19.8 %

High School Diploma

9.2 %

Start to develop specific loan administrator skills

Skills	Percentages
Customer Service	13.61%
Data Entry	4.72%
Loan Administration	4.59%
Loan Processing	4.53%
Financial Statements	3.99%

Complete relevant loan administrator training and internships

Accountants spend an average of 6-12 months on post-employment, on-the-job training. New loan administrators learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a loan administrator based on U.S. Bureau of Labor Statistics data and data from real loan administrator resumes.

Research loan administrator duties and responsibilities

Manage a multifacete commercial real estate investment firm.
Pull OFAC on all borrowers.
Order third party reports such as appraisals, titles, and OFAC information.
Order on FHA loans in a timely and efficient manner to meet month end deadlines.

Prepare your loan administrator resume

When your background is strong enough, you can start writing your loan administrator resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a loan administrator resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose From 10+ Customizable Loan Administrator Resume templates

Build a professional Loan Administrator resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your Loan Administrator resume.

Apply for loan administrator jobs

Now it's time to start searching for a loan administrator job. Consider the tips below for a successful job search:

Browse job boards for relevant postings
Consult your professional network
Reach out to companies you're interested in working for directly
Watch out for job scams

How do loan administrators rate their job?

-/5

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Loan Administrator reviews

A zippia user wrote a review on Mar 2022

Pros

Helping People, secure a better financial future

Cons

Having to Decline applicants

A zippia user wrote a review on Oct 2019