MORTGAGE LOAN ASSISTANT: Job Description and 2023 Salaries


A mortgage loan assistant reports to a mortgage loan officer (MLO) or a mortgage loan originator. They are in charge of ensuring the accurate and timely completion of home real estate loan applications, which also includes making initial contact and follow-up with clients, gathering information for new loan underwriting, providing support throughout the mortgage loan application process, and performing administrative duties. In this article, we will discuss the salary and job description of a mortgage loan assistant.

They usually work for a mortgage company, where they interact with their mortgage loan officer, underwriters, realtors, and prospective buyers.

What Is a Mortgage Loan Assistant

Loan assistants assist loan officers who work in commercial or real estate lending. They provide assistance with loan paperwork and documentation. Also, they go over loan files, verify taxes, check collateral values, and keep track of account activity. In addition, they follow up with correspondence and conduct loan inspections under the supervision of their supervisor.

If you want to succeed in this role, you must have excellent customer service skills. It will be necessary to pay close attention to details and be able to handle information discreetly. Analytical skills and familiarity with banking processes involving loans, mortgages, and liens will also be required.

Mortgage Loan Assistant Salary

The salary of a mortgage loan assistant varies depending on their level of education, years of experience, and the company for which they work. They may also earn additional compensation in the form of commissions and bonuses.

  • Annual Median Salary of Mortgage loan Assistant: $46,000 ($22.12/hour)
  • Mortgage loan assistant Top 10% Annual Salary: $85,000 ($40.87/hour)

A mortgage loan assistant salary is expected to grow at an average rate over the next decade. The need for credit in the economy will drive demand for loan assistants. Furthermore, as interest rates rise, the demand for loans may also rise as consumers and businesses seek lower rates.

Mortgage Loan Assistant Job Description

Many financial institutions rely on mortgage loan assistants to provide first-rate customer service. On a daily basis, they interact with customers, assisting them in understanding their options and completing paperwork related to loans or other services provided by the bank. Loan assistants may also be in charge of administrative duties such as scheduling appointments, answering phones, filing documents, and so on.

Mortgage Loan Assistant Job Description

The mortgage loan assistant job description encompasses a wide range of duties, which may include:

  • Assisting borrowers in comprehending loan terms such as interest rates and payment schedules
  • Loan application processing, including documentation collection and verification
  • Examining loan applications to see if they meet the minimum requirements for approval.
  • Assisting borrowers in applying for loans by providing information about the application process
  • Creating closing documents like HUD-1 settlement statements and promissory notes
  • Working with lawyers, title agents, real estate agents, appraisers, inspectors, and insurance agents to coordinate closings.
  • Organizing appraisals for property purchased with a loan
  • Maintaining communication with applicants throughout the loan process to ensure that all steps are completed on time and that no problems arise.
  • Processing mortgages, student loans, auto loans, and credit card payments

The Major Job Description of the Mortgage Loan Assistant Is Customer Service.

The mortgage loan officer assistants do not have to go out and solicit new business. Loan officers are mortgage professionals who work hard to gain new clients. When loan officers receive new business, they have their loan assistants assist them in processing the loan and closing the file. During the mortgage process, the borrower will primarily communicate with the loan assistant and/or processor.

Throughout the mortgage process, from loan application to closing, the mortgage loan assistant will be in constant communication with the borrower and third parties. The loan officer will go over rates, terms, and fees with the borrower. Furthermore, the loan officer will lock the loan. However, aside from locking the loan and directing the borrower to the best loan program for their needs, the loan officer assistant will do almost everything during the mortgage process.

The Mortgage Loan Assistant’s Role vs. The Mortgage Processor

Most mortgage loan processors work for multiple loan officers at mortgage companies. It is not unusual for a single loan officer to process loans for four or more loan officers. However, the majority of loan officer assistants work solely for one high-producing loan officer. On occasion, one loan officer assistant will handle the workload of two licensed loan officers. Mortgage loan officer assistants collaborate closely with mortgage processors. They understand that mortgage processors will toss a file that is not legible, incomplete, or has missing pages to the side of the documents submitted to the processor. Mortgage loan assistants collaborate closely with mortgage processors. Furthermore, any missing or illegible documents can frequently cause delays in the mortgage process and cause the closing date to be pushed back.

Mortgage Loan Assistant Job Requirements

A mortgage loan  assistant should typically have the following skills:


The majority of employers require loan assistants to have a high school diploma or the equivalent. Some employers prefer candidates with a bachelor’s degree in finance, accounting, or another related field. Financial accounting, business law, economics, business communication, and business mathematics are all relevant courses.

Training and experience:

Most employers will provide loan assistants with on-the-job training. This training will teach you the company’s specific processes and procedures. You may also be trained on how to use the company’s computer systems and software.

Licenses and certifications:

Certifications are not usually required to become a loan assistant, but they can help you stand out when applying for jobs.

Mortgage Loan Assistant Skills

To be successful as a mortgage loan officer assistant, you must have the following skills:


Another important skill for loan assistants is attention to detail. This is due to the fact that you may be in charge of verifying the accuracy of information provided by clients. You might also be in charge of ensuring that all documents are complete and in the proper order.

Communication abilities:

Communication skills are essential in this role because you may interact with clients over the phone, in person, or via email. You may also be communicating with other team members, so being able to listen and respond to others professionally is essential.

Customer Care service:

Customer service skills can help you interact professionally and courteously with clients and customers. As a loan assistant, you may be responsible for answering questions about the loan process, explaining loan details, or assisting clients with loan application completion.

Organizational abilities:

Organizational abilities can assist you in keeping track of paperwork and other documents. As a loan assistant, you may be responsible for filing paperwork and keeping track of important documents. This can also assist you in ensuring that the company has all the information it requires to process a loan.

Computer abilities:

Loan assistants must also be computer literate. Many of the tasks you will perform as a loan assistant will require you to use a computer, such as entering data, creating documents, and communicating with clients via email. It is necessary to be familiar with a variety of computer programs, including word processing, spreadsheet, and email programs.

Mortgage Loan Assistant Work Environment

Loan assistants are most commonly found in banks, credit unions, and other financial institutions. They typically work regular business hours, but may occasionally work overtime to meet deadlines. Loan assistants typically work in offices that are well-lit and ventilated. Furthermore, they may be required to sit for extended periods of time, and they may be required to do much of their work on computers.

How to Become a Mortgage Loan Assistant

If you want to be a loan assistant, one of the first things you should think about is how much education you’ll need. We discovered that 51.0 percent of loan assistants have a bachelor’s degree or higher. In terms of higher education, we discovered that 3.9 percent of loan assistants have a master’s degree or higher. Despite the fact that the majority of loan assistants have a college degree, it is possible to become one with only a high school diploma or GED.

When researching how to become a loan assistant, choosing the right major is always an important step. When we looked into the most common majors for loan assistants, we discovered that the most commonly earned degree is bachelor’s degrees or associate degrees. Furthermore, other degrees that we frequently see on loan assistant resumes include a high school diploma and a Master’s Degree.

You might find that previous work experience will help you become a loan assistant. In fact, many loan assistant positions require prior experience as a customer service representative. Meanwhile, many loan assistants have prior work experience as loan processor tellers.


Mortgage loan assistants typically begin at the entry-level and advance to higher-level positions as they gain experience. Mortgage loan assistants with experience may advance to positions such as loan officer, loan processor, or loan underwriter.

Frequently Asked Questions

What fees should I expect as part of my mortgage?

Mortgage fees commonly include origination, application, credit report, appraisal, processing, and underwriting. There is no application fee for Navy Federal. Fees that apply will be listed on your Loan Estimate form, which you will receive after applying for a mortgage.

Do mortgage loan originators receive a commission?

The majority of mortgage loan originators are paid a commission on the loans that they originate. The size of the commission, as well as how it is calculated, varies by financial institution. Mortgage loan originators at larger banks are typically paid a salary plus a small percentage of the final mortgage amount. Smaller banks may pay a salary in addition to a percentage of the fees.

How can I know if I am being paid fairly as a mortgage loan originator?

If you’re not sure what salary a mortgage loan originator should be earning, use Indeed’s Salary Calculator to get a free, personalized pay range based on your location, industry, and experience.

Do I need a down payment?

No, not always. Several of our mortgage loans are available with little or no down payment to qualified applicants.

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