What does a Loan Analyst do?
A loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Loan analyst responsibilities
Here are examples of responsibilities from real loan analyst resumes:
- Innovate technical solutions, including development of complex macros within MSP, to automate work and reduce manual processes
- Prepare and remit quarterly / semi-annual USDA reporting
- Communicate with FHA, VA, FNMA and FHLMC investors for any missing documents that are not include at closing.
- Review government loan's documents including FHA & VA loans, and approves or suspends the loans after the underwriter decision.
- Contact correspondent lenders for any missing documents and request correction of documents when necessary.
- Select to participate in company management as a critical member of loan origination process improvement team.
- Gather and document project requirements by conducting activity-base analysis of foreclosure processes and provide recommendations base on the findings.
- Conduct analysis of mortgage origination issues raise by mortgage insurance companies or investors and preparing written rebuttals to those issues.
- Interact closely with the surveillance utilization and review team to audit medical record documentation in accordance with Medicaid regulations and guidelines.
- Work closely with attorneys on daily basis to discuss need documents and possible mitigation or litigation strategies on foreclosure and bankruptcy matters
- Update appropriate systems (CPI/MSP LPS) with findings of litigation, title issues, and document request, solutions.
- Adhere to FDCPA in conjunction with laws and procedures with collection process.
- Develop employee performance while following all federal and state collections standards, including FDCPA.
- Secure an IRP relending program with USDA.
- Review the documentation provide to determine eligibility for income, assets, LTV & DTI.
Loan analyst skills and personality traits
We calculated that 13% of Loan Analysts are proficient in Loan Documentation, Customer Service, and Real Estate. They’re also known for soft skills such as Detail oriented, Initiative, and Interpersonal skills.
We break down the percentage of Loan Analysts that have these skills listed on their resume here:
- Loan Documentation, 13%
Received Officer Title Designation as Vice President Loan Documentation which provided authority to act on behalf of the company
- Customer Service, 12%
Gained invaluable financial and customer service experience managing an adversely classified loan portfolio during one of the most challenging agriculture recessions.
- Real Estate, 9%
Processed documentation required to close real estate loans, ordered title policies to verify encumbrances for satisfactory lien position.
- Financial Statements, 9%
Processed corporate loans by analyzing financial statements, company prospects, and macro environment to determine pricing and underwriting procedure.
- Loan Portfolio, 4%
Processed changes/requests on consumer loan portfolios including assumptions, modifications, and maturity notices.
- Data Entry, 4%
Collaborated with team members by reviewing data entry checklist to ensure accuracy and system integrity resulting in high quality loan acquisitions.
Most loan analysts use their skills in "loan documentation," "customer service," and "real estate" to do their jobs. You can find more detail on essential loan analyst responsibilities here:
Detail oriented. The most essential soft skill for a loan analyst to carry out their responsibilities is detail oriented. This skill is important for the role because "information on an application affects the potential profitability of a loan, so loan officers must pay attention to details." Additionally, a loan analyst resume shows how their duties depend on detail oriented: "ensured accuracy and completeness of data entry with the ability to pay good attention to small detail. "
Initiative. Many loan analyst duties rely on initiative. "loan officers may act as salespeople in promoting their lending institution, so they must contact people and businesses to determine their need for a loan.," so a loan analyst will need this skill often in their role. This resume example is just one of many ways loan analyst responsibilities rely on initiative: "participate in and/or lead initiatives designed to improve existing processes or create new capabilities for loan review reporting and disclosures. "
Interpersonal skills. Another skill that relates to the job responsibilities of loan analysts is interpersonal skills. This skill is critical to many everyday loan analyst duties, as "loan officers must be able to guide customers through the application process and answer their questions." This example from a resume shows how this skill is used: "possess exceptional analytical skills, communication abilities (both oral and written), and customer services and interpersonal relationship skills. "
The three companies that hire the most loan analysts are:
- CCiti22 loan analysts jobs
- PThe PNC Financial Services Group22 loan analysts jobs
- JJPMorgan Chase & Co.12 loan analysts jobs
Choose from 10+ customizable loan analyst resume templates
Build a professional loan analyst resume in minutes. Our AI resume writing assistant will guide you through every step of the process, and you can choose from 10+ resume templates to create your loan analyst resume.
Compare different loan analysts
Loan analyst vs. Credit officer
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
These skill sets are where the common ground ends though. The responsibilities of a loan analyst are more likely to require skills like "financial statements," "excellent interpersonal," "data entry," and "loan processing." On the other hand, a job as a credit officer requires skills like "risk management," "credit risk," "credit approval," and "portfolio management." As you can see, what employees do in each career varies considerably.
Credit officers really shine in the finance industry with an average salary of $120,621. Comparatively, loan analysts tend to make the most money in the finance industry with an average salary of $37,567.On average, credit officers reach higher levels of education than loan analysts. Credit officers are 10.4% more likely to earn a Master's Degree and 0.2% more likely to graduate with a Doctoral Degree.Loan analyst vs. Underwriter
An underwriter's duties depend on the line of work or industry involved, such as mortgage companies, insurance, or lending firms. However, an Underwriter's responsibility will mainly revolve around using their extensive expertise on how a company will achieve financial gains, and assessing the possible financial risks of a client by reviewing various aspects to determine their capacity to uphold monetary obligations. Most of the time, the Underwriter's tasks will also involve evaluating a client's credit history, health, assets, overall financial history.
In addition to the difference in salary, there are some other key differences worth noting. For example, loan analyst responsibilities are more likely to require skills like "loan documentation," "real estate," "loan portfolio," and "data entry." Meanwhile, an underwriter has duties that require skills in areas such as "mortgage loans," "credit decisions," "underwriting process," and "strong analytical." These differences highlight just how different the day-to-day in each role looks.
On average, underwriters earn a higher salary than loan analysts. Some industries support higher salaries in each profession. Interestingly enough, underwriters earn the most pay in the manufacturing industry with an average salary of $78,233. Whereas loan analysts have higher pay in the finance industry, with an average salary of $37,567.In general, underwriters achieve similar levels of education than loan analysts. They're 0.9% less likely to obtain a Master's Degree while being 0.2% less likely to earn a Doctoral Degree.Loan analyst vs. Senior underwriter
A senior underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from loan analyst resumes include skills like "real estate," "loan portfolio," "data entry," and "loan processing," whereas a senior underwriter is more likely to list skills in "portfolio," "strong analytical," "sr," and "renewal business. "
Senior underwriters earn the highest salary when working in the insurance industry, where they receive an average salary of $77,893. Comparatively, loan analysts have the highest earning potential in the finance industry, with an average salary of $37,567.When it comes to education, senior underwriters tend to earn similar degree levels compared to loan analysts. In fact, they're 0.6% more likely to earn a Master's Degree, and 0.4% more likely to graduate with a Doctoral Degree.Loan analyst vs. Mortgage banker
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Types of loan analyst
Updated January 8, 2025
