Mortgage Agent and Broker
Begin Your Mortgage Loan Administration Career
Aug 14, 2005, 20:35

Loan Administration as the name suggests is the process of completely administering the loan approval and loan payment procedure. In other words, this involves the administration of loans from origination to maturity of the loan. Generally, the Mortgage Lender or Banker would assume the responsibility of Loan Administration.

The Loan Administration department handles the following tasks:

  • Fully study the loan application and all supporting documents
  • Analyze the documents to ensure that they are in compliance with all rules and regulations. Review these documents for completeness and accuracy.
  • Understand title reports, interest rates, and all compliance issues
  • Perform the final review before the Lender enters into a legal contract with the Buyer
  • Interact with the Seller and Buyer to resolve any issues pertaining to payment
  • Issue all contracts, commitments, and loan terms to the Buyer
  • Monitor all loan transactions and monthly payments
  • Maintain records of all the documentation along with records of monthly payments, the amount of payment, and date when received
  • The Loan Administrator in some cases also takes the responsibility of paying the Buyer's real estate taxes as well as insurance premiums.

Most Mortgage Bankers offer Loan Administration Services. Some offer it as part of their lending process, while some may even charge an extra fee for this additional service. It is highly recommended that as a Buyer, you select a Lender who provides these services. Hiring a qualified professional to administer your mortgage loans is also a good practice to follow.

To ensure that you do not overpay or agree to unnecessary terms before and during the mortgage loan process, you must engage a Loan Administrator. Besides, the administrator would also make sure that all your payments are made on time, which is extremely crucial.

Related Mortgage Career Topics:

Article Source:

Best kept mortgage leads secrect? Find here!

© Copyright 2004 by