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

What is a loan specialist and how to become one

Updated January 8, 2025

4 min read

A loan specialist is responsible for processing personal and commercial loans. He/She simplifies the loan process and timeline to determine approval or rejection. He/She also seeks loan applications from existing customers based on their borrowing histories or demographics. However, most loan specialists focus on loan processing. This implies that they help with every step of the process, from filling out the necessary paperwork to getting the signatures of involved parties on the closing documents. They also guide applicants on the processes and recommend ways to qualify or improve credit ratings.

Loan specialists work in banks, lending institutions, real estate firms, and automotive dealerships. A minimum of a high school diploma is required to get the job with experience in a banking or lending environment. Applicants must possess communication, customer service, attention to detail, organization, and negotiation skills.

A loan specialist makes an average salary of $43,039 per annum. It varies between $27,000 and $67,000.

ScoreLoan SpecialistUS Average

Salary

3.4

Avg. Salary $43,081

Avg. Salary $59,228

Stability Level

8.6

Growth Rate -3%

Growth Rate 0.3%

Diversity

8.3

Race

American Indian and Alaska Native 0.41%

Asian 7.32%

Black or African American 12.66%

Hispanic or Latino 16.72%

Unknown 4.33%

White 58.57%

Gender

female 69.06%

male 30.94%

Age - 41

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 - 41

Stress Level

8.6

Stress level is very high

7.1 - high

Complexity Level

6.9

Complexity Level is challenging

7 - challenging

Work Life Balance

5.2

Work Life balance is fair

6.4 - fair

Key steps to become a loan specialist

Explore loan specialist education requirements

Most common loan specialist degrees

Bachelor's

50.7 %

Associate

21.5 %

High School Diploma

15.7 %

Start to develop specific loan specialist skills

Skills	Percentages
Loan Applications	28.98%
Customer Service	13.97%
Financial Statements	9.57%
Outbound Calls	2.64%
Credit Reports	2.50%

Complete relevant loan specialist training and internships

Accountants spend an average of 1-2 years on post-employment, on-the-job training. New loan specialists 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 specialist based on U.S. Bureau of Labor Statistics data and data from real loan specialist resumes.

Gain additional loan specialist certifications

Loan specialist certifications can show employers you have a baseline of knowledge expected for the position. Certifications can also make you a more competitive candidate. Even if employers don't require a specific loan specialist certification, having one may help you stand out relative to other applicants.

The most common certifications for loan specialists include International Accredited Business Accountant (IABA) and Certified Management Accountant (CMA).

More About Certifications

Research loan specialist duties and responsibilities

Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
Follow FHA investor guidelines regarding requirements necessary for opening file.
Order new and replacement ATM and debit cards.
Prepare loan documentation for lines of credit, letters of credit, automobile loans, and UCC secure loans.

Prepare your loan specialist resume

When your background is strong enough, you can start writing your loan specialist 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 specialist 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 Specialist Resume templates

Build a professional Loan Specialist 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 Specialist resume.

Apply for loan specialist jobs

Now it's time to start searching for a loan specialist 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 specialists rate their job?

-/5

5 Stars

4 Stars

3 Stars

2 Stars

1 Star

Loan Specialist 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