An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

A loan assistant supports a lender on the front-end of the loan process. This allows the lender to be more productive in his or her own position. Depending on the financial institution, a loan assistant may also be known as a loan administrator; however, in most cases, loan administrators are usually involved with managing loan files after booking—not before booking.

Loan Assistant Functions

Loan assistants streamline the lending process by performing a variety of duties for the lenders that they support. Responsibilities can vary significantly based on the financial institution’s structure and the loan assistant’s capabilities. Loan assistants help with the following tasks:

  • Preparing loan presentations
  • Contacting potential borrowers for missing information and documents
  • Taking steps needed to clear exceptions
  • Working on line-of-credit advances for existing customers or members

A loan assistant’s job can be very busy and fast-paced. This is especially true when one loan assistant is assigned to two or more lenders. A good loan assistant can juggle many responsibilities at once and has a strong eye for detail. Loan assistants should also be comfortable using technology, especially:

  • Email
  • Document management software
  • Electronic signature tools
  • Document collection portals
  • Microsoft Excel and PowerPoint

Resources for Loan Assistants

Interested in learning more and advancing your career as a loan assistant? Download a free resource from our digital library. Check out our collection of free spreadsheets, whitepapers, videos and Books or browse our banking definitions page for more terminology.

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Exception Tracking Cost Calculator

Exception tracking has many moving parts—from notice generation to recordkeeping and reporting. How much does it cost your financial institution each year? Find out with Alogent’s free calculator.
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