The Loan Specialist Blog

 Welcome to the Loan Specialist blog!  My name is Brian, and I will be blogging about my experiences and knowledge of being a Loan Specialist.  In this first post, I'll delve into what a Loan Specialist is, what they do, and why more brokers should hire for this position.  

So what is a Loan Specialist?  A Loan Specialist is an assistant to a mortgage broker/loan officer who assists them with setting up loan files.  The loan specialist compiles client documents, pulls credit, submits the loan file to the lender, sets up the loan file with accurate information, and determines if the client(s) qualify, generally by running some sort of Automated Underwriting System, or AUS for short.  

Generally, a loan officer does this themselves.  That's why they are sometimes also called loan originators.  But technically, a loan specialist is a loan originator.  Having a loan specialist allows the loan officer(s) to focus more on sales and client relations.  They don't have to do the busy work of assembling the file, documents and pulling credit.  That's where the loan specialist comes in.

One of the biggest aspects to the loan specialist position is assessing and calculating income.  This requires someone with very good attention to detail and someone good with numbers.  Fortunately, there are income calculators available at a lot of lenders, so the math part isn't quite as important.  What is almost more important is knowing what can and cannot work.  For example, someone who was out of work for a few years and is about to start an hourly position likely wouldn't be able to use their income.  

My boss hired for the Loan Specialist position so that, as I said earlier, he and other loan officers could focus more on sales.  This allows them to focus on making quality Bombombs (video emails) and have meetings whenever they need.  Also, hiring someone who only focuses on creating loan files ensures more accurate loans.  If an LO has to create a loan file while simultaneously focusing on sales and meetings, they are far more likely to make an error which could sabotage a deal.  

I'm honestly surprised that the position of Loan Specialist is not more widely known or used.  I'm sure some brokers consider it to be a waste of a position/money, because unless they are constantly getting loan files to work on or can assign them other busy work, it may not be the best use of company money.  But to any loan broker that wants to ensure accuracy of files, I highly recommend they hire for a loan specialist.  Someone who, like me, is good with numbers and can remember rules and guidelines.  

Year by year, jobs gain and drop in popularity based on need in the current economy.  I think the position of loan specialist is going to be a job on the rise.  I think more and more brokers will hire for them.  I know there are a lot of people out there, like me, who aren't the best at communicating with people, but are good at following rules and guidelines and have attention to detail.  So I believe there are people that would be willing and able to fill those positions should more brokers start hiring for them.  I hope anyone that may read this possibly considers it for a position, because it's one that (should) pay well enough and allows someone to work a normal 9-5 with regular weekends and holidays off.