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6 Skills Required To Be A Loan Processing Associate At Alaya

6 Skills Required To Be A Loan Processing Associate At Alaya

Blog Author

Alaya

Jan 17, 2024

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6 minutes read

Say hello to Abhigya Subedi, a Loan Processing Specialist at Alaya. She recently progressed from her role as a Loan Processing Associate. With a keen eye for detail and a passion for delivering exceptional service, Abhigya is crucial in ensuring a smooth and efficient loan processing experience for her customers.

Read on to learn more about Abhigya’s role and the skills required to be a Loan Processing Associate at Alaya.

What Is A Loan Processing Associate?

A Loan Processing Associate is a broker support role at Alaya that handles all end-to-end processes required for the smooth processing of loan applications, from submission to when a loan is approved.

Abhigya describes her role as an LPA in the following way: “The role of Loan Processing Associate is more of a behind-the-scenes conductor who orchestrates work for the best chances of the client securing a home loan quickly and with less hassle. Supporting brokers in processing home loan applications with diverse scenarios from pre-submission and post-submission to settlement of the loan, an LPA has the ground knowledge of pricings, valuations, and submission processes.”

During your initial months at Alaya, you’ll be immersed in a supportive learning environment, honing your skills until you can manage the entire loan application process independently. In a nutshell, a Loan Processing Associate orchestrates efficiency, turning complex procedures into a seamless experience for our clients.

What Are The Skills Required For A Loan Processing Associate?

A Loan Processing Associate (LPA) must possess a diverse skill set to excel in their role.

  • Effective communication, attention to detail, and time management are crucial for seamless workflow.
  • Problem-solving skills address unexpected challenges, ensuring a smooth application process.
  • A customer service orientation fosters trust and positive client experiences. Proficiency in data entry is a technical cornerstone, emphasising accuracy and efficiency.

In the dynamic realm of loan processing, these skills collectively define the prowess of a competent LPA. Abhigya lists the top six skills required to work as a Loan Processing Associate at Alaya:

1. Effective Communication

Personally, I prefer emails for their asynchronous nature and the advantage of maintaining a clear paper trail for essential information. However, it is equally important to understand what situation benefits from a detailed email and what requires the immediacy of a phone call. Most of my mornings begin with a phone call, either to the lender, the client or another stakeholder.

As an LPA, the ability to discern when to pick up the phone versus when to opt for email communication is a key skill to have. The goal is to communicate effectively – the operative word being “effectively” – to get things done seamlessly and to have this knack for choosing the right communication method that guarantees a timely workflow.

Fluent verbal and written English communication is required so I can talk to clients and stakeholders.

2. Attention To Detail

In the toolkit of an LPA, attention to detail stands out as the keystone competency. As someone who handles sensitive information like a client’s financial history, credit scores and other asset information, an LPA must ensure that every piece of information is accurately recorded and matches the established criteria. This involves meticulous record-keeping habits and adherence to regulatory compliance measures.

3. Time Management

In a robust world of work, where deadlines follow you like a shadow, time management is essential to meeting targets and maintaining a smooth operation of affairs. My characteristic organisational habits have proven to be a significant asset in my journey in the role of an LPA, especially regarding time management. Time management techniques are not a one-size-fits-all concept. They require a personalised refinement. Time management is crucial not just for managing multiple loan applications but also to keep oneself from being overworked.

4. Problem-Solving Skills

Each loan application comes with its own scenarios, and while similar cases are bagged into separate specified categories, sometimes an unexpected event might thwart the process of loan settlement. An LPA should be able to address those issues with strong problem-solving skills and find viable solutions, ensuring a smooth application process.

5. Customer Service

Customer service orientation is vital for an LPA as it directly impacts the client’s experience. An LPA needs to ensure positive interactions with loan applicants, which in turn fosters client trust and loyalty and contributes to the company’s positive reputation. In a competitive market like now, both in terms of business and work, excellent customer service is a key differentiator. To be able to provide tailored guidance and supportive experience to each client is a key skill that an LPA needs to hone.

6. Data-Entry Skills

A large portion of an LPA’s role is dedicated to data entry. Proficiency in accurate and timely data entry is fundamental for an LPA. This includes entering and updating information related to loan applications, client details, and financial data. This requires familiarity with Customer Relationship Management (CRM) software, specialised broker portals, and the ability to handle and categorise a significant volume of client information efficiently.

Ready To Shine As A Loan Processing Associate?

Explore a fulfilling career at Alaya as a Loan Processing Associate, where your skills and ambitions align with a dynamic and supportive environment.

Do you possess the skills that make a standout Loan Processing Associate? Discover your potential today for a role that may define your career at Alaya.

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