Loan Officer Assistant Salary: What to Expect

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Written By KennethChing

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The loan and mortgage Loan Officer Assistant Salary are an important part of the loan process. They are involved in many of the back-office work, including double-checking applications and preparing estimates to the lender. They are also available to answer any questions customers may have and ensure they fully understand the terms of their loan agreement.

You might be interested in a career as an legal assistant certification mortgage loan officer or something similar. However, there are some differences between your job and that of a loan agent. These differences could also affect your salary.

Understanding the roles of each title in the loan process is a great help. Understanding the job responsibilities will help you to understand what the salary is for loan officer interior design assistant jobs in the future.

Lender Officer vs Loan Officer

It is important to understand the job duties for the position when considering master electrician salary. A loan officer assistant’s main job is to ensure that the customer, lender, and loan officer have everything they need in order for the loan process to move forward. The loan officer assistant is an important part of the entire process.

What does a Loan Officer Assistant Salary do? They help clients secure different types of loans

The vast knowledge of loan officers is extensive. They are familiar with all types of loans offered by different financial institutions. They are also familiar with the requirements for each loan type and the conditions that must be met. Depending on their expertise, they may specialize in mortgage, consumer, and commercial loans. They can work at banks, credit unions, and mortgage companies.

A customer who wants to obtain a loan works directly with a loan officer. They work together to create an agreement and establish terms that are acceptable to both the borrower as well as the lender. The loan officer is an intermediary between the customer, lender and borrower to ensure that all parties are satisfied.

A loan officer is responsible for identifying available loans. Loan Officer Assistant Salary could include advising clients about promotional offers for credit, or helping someone with difficult circumstances. The client usually meets with the loan officer at the bank or credit union, but it is not uncommon for the loan officer travel to the client.

What is the role and responsibilities of a loan officer assistant, you ask? Although you may think they do mainly support tasks such as proofreading, filling out forms and making copies, the fact is that they play an important role in the entire process. They are responsible for the majority of the administrative and behind-the scenes work involved in loan applications.

Assistant loan officers ensure that all requirements are met before a loan request is submitted. They also prepare cost estimates for lenders, answer clients’ questions, and make sure that all parties have the right information. From the beginning of the loan process to its conclusion, assistant loan officers are available. They assist with marketing and prepare letters of credit.

Qualifications for Loan Officer Assistant Salary

To become a loan officer assistant, there are no standard qualifications. Each company has its own requirements. One quick glance at job listings for loan officer assistants reveals that not all companies require an associate or bachelor’s degree. Others only require a high school diploma with some experience.

There are so many qualifications that it is easy to see why salaries can vary. A loan officer assistant who has a degree would likely receive more compensation than someone with only a high school diploma. However, it’s impossible to quantify this information as much depends on the employer.

  • Salary Expectations

Payscale reports that the median development manager salary of a loan officer assistant at $36,832 is $38,429, with reported salaries between $28,429 to $48,959. Payscale’s data is fascinating because it shows that salaries remain relatively flat after a 5 year experience and a pay rise. This means that assistant loan officers who have been in the field for 10 years and 20 years don’t see much difference in their salaries.

This can be broken down further. Payscale reports that an average commercial loan officer assistant earns between $30,237 to $60,896 per year, with an hourly rate $13.80-$27.64.

Payscale data also suggests that there is potential for commissions, profit sharing, bonuses and other benefits. This is true, but it all depends on the employer. These benefits are not offered by every company. The average pay for those who do offer these benefits is between $26,138 and $53,945, which amounts to $40,041.

  • Additional Benefits Loan Officer Assistant Salary

Some loan officer assistants may be eligible for insurance coverage through their employers. Although this is entirely at the employer’s discretion, it appears to be fairly common. Payscale reports that 71%, 64%, and 55% of loan officer assistants have medical insurance. Only 25% of those surveyed reported receiving no benefits.

  • What to Expect

Based on the information that we have collected, average salaries for loan officer assistants are around $39,000 Although actual salaries, bonuses and benefits vary by employer, it is safe to assume that a middle-level loan officer assistant at a typical company would earn approximately this amount.