1. Verify customer contact information:
The loan officer assistant must verify that all the contact information provided by the customer is accurate and up-to-date. This includes names, physical addresses, phone numbers, e-mail addresses and other related contact details. It is important to ensure that all documents are delivered to the correct person and address, and that the customer can be contacted if needed.
2. Prepare and submit documents:
The loan officer assistant should prepare all required documents for the loan application process such as loan applications, credit reports, income statements and other relevant documents. The loan officer assistant must review all documents for accuracy and completeness before submitting to the lender or customer.
3. Complete credit checks and background checks:
The loan officer assistant must conduct credit checks on potential borrowers in order to assess their ability to repay a loan. This includes obtaining credit scores from bureaus such as Experian, TransUnion and Equifax, as well as running background checks to verify identity information provided by applicants.
4. Obtain signatures on agreements and contracts:
The loan officer assistant should obtain signatures from all parties involved in the loan process on any relevant documents such as loan agreements and contracts. This is to ensure that all parties are legally bound to the terms of the agreement or contract.
5. Track loan payments:
The loan officer assistant must track all payments made by the borrower to make sure that they are up-to-date with their repayments. The assistant should also notify borrowers if a payment is overdue, or if it needs to be adjusted due to an increase in interest rates or other changes in the terms of the loan.
6. Send notifications regarding late payments:
If a customer fails to make a payment on time, it is important for loan officer assistants to notify the customer immediately. The notification should include details of the missed payment, as well as any additional charges or fees that may have been incurred due to late payments.
7. Other relevant tasks related to the loan process:
Other tasks that a loan officer assistant must be familiar with include researching lenders, obtaining quotes and rates from those lenders, negotiating terms of loans, preparing documents for closing and monitoring compliance with rules and regulations. They should also keep up-to-date with changing laws and regulations in order to ensure customers are protected throughout the loan process.