Loan Assistant
AS A LOAN ASSISTANT YOU WILL:
Assist Loan Specialists with the planning, development and coordination of training seminars for lenders, real estate agents, Veterans and other VA Home Loan program participants. Aid in the preparation of reports and quality control reviews, lender monitoring, lender and underwriter approvals, and lender file maintenance. Make eligibility determinations, resolve data discrepancies, and issue Certificates of Eligibility (COEs). Answer incoming calls and personally handle inquiries within the Loan Production area. Guide, counsel, and instruct program participants on aspects of the VA Home Loan Program through personal and/or written contacts. Provide support as needed in the underwriting review of loan applications submitted to VA for guaranty in order to ensure lender compliance with VA underwriting guidelines and regulations such as fees and charges. Analyze and interpret VA policies, local and state laws, and procedures as they relate to acquisition, financing of real estate, and the Automatic and prior Approval Loan programs. Apply comprehensive knowledge of mortgage lending, financial management and credit underwriting in processing loan applications and auditing closed loans. Use various computer programs to process loan applications and audit closed loans. Specialized
Experience:
To qualify for this position, applicants must meet all requirements by the closing date of this announcement. Experience refers to paid and unpaid experience, including volunteer work done through National Service programs (e.g., Peace Corps, AmeriCorps) and other organizations (e.g., professional; philanthropic; religions; spiritual; community; student; social). Volunteer work helps build critical competencies, knowledge, and skills and can provide valuable training and experience that translates directly to paid employment. You will receive credit for all qualifying experience, including volunteer experience. The Office of Personnel Management's group coverage qualification standards, associated individual occupational requirements (IOR), and individual qualification standards covering white collar occupations in the Federal competitive service can be found here. INDIVIDUAL OCCUPATIONAL REQUIREMENT:
There is an Individual Occupational Requirement (IOR) that must be met to qualify for the GS-1165 occupational series. Loan Specialist Series, 1165-Individual Occupational Requirement:
Experience:
Specialized
Experience:
Experience that demonstrated competence in agricultural, commercial, realty, or other types of loans. Experience may have been gained in such work as reviewing and passing upon applications for agricultural, commercial, bank or mortgage loans; servicing a loan portfolio of a bank or other loan association; performing financial analysis of commercial concerns for investment purposes; appraising real estate to determine property valuation; or similar work. OR Education:
Undergraduate and Graduate Education:
Major study -- finance, business administration, economics, accounting, insurance, engineering, mathematics, banking and credit, law, real estate operations, statistics, or other fields related to the position, such as agriculture, agricultural economics, farm, livestock or ranch management, or rural sociology. To qualify, applicants must have one year of specialized experience equivalent to at least the next lower grade (GS-05) in the normal line of progression for the occupation in the organization. Specialized experience is defined as experience that documents loan servicing skills, mortgage underwriting/financial background and/or a real estate sales background AND (as per the IOR requirements identified in this section of the announcement) experience that demonstrated competence in agricultural, commercial, realty, or other types of loans. Experience may have been gained in such work as reviewing and passing upon applications for agricultural, commercial, bank or mortgage loans; servicing a loan portfolio of a bank or other loan association; performing financial analysis of commercial concerns for investment purposes; appraising real estate to determine property valuation; or similar work. Or applicants may substitute education for the experience required to qualify at the GS-07 level (as per the IOR requirements identified in this section of the announcement):
Undergraduate Degree and Superior Academic Achievement. You have successfully completed a full 4-year course of study in any field leading to an undergraduate degree from an accredited college or university or you possess an undergraduate degree in any field from an accredited college or university, AND you meet one of the following Superior Academic Achievement provisions:
a. Ranked in the upper 1/3 of your college class or major subdivision at the time you apply; OR b. Earned election to a national scholastic honor society that meets the requirements of the Association of College Honor Societies other than freshman honor societies; OR c. Earned a grade point average (GPA) of 2.95 or higher on a 4.0 scale based on all completed undergraduate courses, or all undergraduate classes completed during the final two years; or earned a GPA of 3.45 or higher on a 4.0 scale based on all completed undergraduate courses in your major, or all undergraduate courses in your major completed during the final two years. Regarding the Superior Academic Achievement provisions, if more than 10% of your undergraduate course work (credit hours) was taken on a pass/fail or similar basis, you can qualify only on the basis of your class standing or membership in an honor society. If you qualify based on your education, you must upload or fax a copy of your college transcript along with your application. If you are selected for the position, an official college transcript(s) will be required at your start date. OR Graduate Education. You must have at least one full academic year of graduate level education that demonstrates you possess the knowledge, skills, and abilities necessary to satisfactorily perform the work. One year of full-time graduate education is normally determined by the school you attended. If that number cannot be determined, 18 semester hours should be considered equivalent to one academic year of graduate study. Part-time graduate education is creditable on a pro-rated basis. If you qualify based on your education, you must upload or fax a copy of your college transcript along with your application. If you are selected for the position, an official college transcript(s) will be required at your start date. Or applicants can combine education and specialized experience to qualify for the position (as per the IOR requirements identified in this section of the announcement). If you have some, but not all, of the graduate education AND specialized experience described above, you may still qualify by combining the amount of creditable education and experience that you do have. To do so, first calculate the percentage of qualifying education you have as a percentage of the education required. Next, calculate the percentage of specialized experience you have as a percentage of the experience required. Then, add the two percentages. The total percentage must equal at least 100% for you to qualify for the position at the GS-7 grade level. For example, an applicant who has 9 semester hours of graduate education (i.e., 50% of graduate education required) and 6 months of acceptable specialized experience (i.e., 50% of the experience required) would satisfy the qualification requirements for the position. If you qualify based on a combination of graduate education and specialized experience, you must submit a copy of your college transcript with your application. Note:
A full year of work is considered to be 35-40 hours of work per week. Part-time experience will be credited on the basis of time actually spent in appropriate activities. Applicants wishing to receive credit for such experience must indicate clearly the nature of their duties and responsibilities in each position and the number of hours a week spent in such employment.
Estimated Salary: $20 to $28 per hour based on qualifications.
Assist Loan Specialists with the planning, development and coordination of training seminars for lenders, real estate agents, Veterans and other VA Home Loan program participants. Aid in the preparation of reports and quality control reviews, lender monitoring, lender and underwriter approvals, and lender file maintenance. Make eligibility determinations, resolve data discrepancies, and issue Certificates of Eligibility (COEs). Answer incoming calls and personally handle inquiries within the Loan Production area. Guide, counsel, and instruct program participants on aspects of the VA Home Loan Program through personal and/or written contacts. Provide support as needed in the underwriting review of loan applications submitted to VA for guaranty in order to ensure lender compliance with VA underwriting guidelines and regulations such as fees and charges. Analyze and interpret VA policies, local and state laws, and procedures as they relate to acquisition, financing of real estate, and the Automatic and prior Approval Loan programs. Apply comprehensive knowledge of mortgage lending, financial management and credit underwriting in processing loan applications and auditing closed loans. Use various computer programs to process loan applications and audit closed loans. Specialized
Experience:
To qualify for this position, applicants must meet all requirements by the closing date of this announcement. Experience refers to paid and unpaid experience, including volunteer work done through National Service programs (e.g., Peace Corps, AmeriCorps) and other organizations (e.g., professional; philanthropic; religions; spiritual; community; student; social). Volunteer work helps build critical competencies, knowledge, and skills and can provide valuable training and experience that translates directly to paid employment. You will receive credit for all qualifying experience, including volunteer experience. The Office of Personnel Management's group coverage qualification standards, associated individual occupational requirements (IOR), and individual qualification standards covering white collar occupations in the Federal competitive service can be found here. INDIVIDUAL OCCUPATIONAL REQUIREMENT:
There is an Individual Occupational Requirement (IOR) that must be met to qualify for the GS-1165 occupational series. Loan Specialist Series, 1165-Individual Occupational Requirement:
Experience:
Specialized
Experience:
Experience that demonstrated competence in agricultural, commercial, realty, or other types of loans. Experience may have been gained in such work as reviewing and passing upon applications for agricultural, commercial, bank or mortgage loans; servicing a loan portfolio of a bank or other loan association; performing financial analysis of commercial concerns for investment purposes; appraising real estate to determine property valuation; or similar work. OR Education:
Undergraduate and Graduate Education:
Major study -- finance, business administration, economics, accounting, insurance, engineering, mathematics, banking and credit, law, real estate operations, statistics, or other fields related to the position, such as agriculture, agricultural economics, farm, livestock or ranch management, or rural sociology. To qualify, applicants must have one year of specialized experience equivalent to at least the next lower grade (GS-05) in the normal line of progression for the occupation in the organization. Specialized experience is defined as experience that documents loan servicing skills, mortgage underwriting/financial background and/or a real estate sales background AND (as per the IOR requirements identified in this section of the announcement) experience that demonstrated competence in agricultural, commercial, realty, or other types of loans. Experience may have been gained in such work as reviewing and passing upon applications for agricultural, commercial, bank or mortgage loans; servicing a loan portfolio of a bank or other loan association; performing financial analysis of commercial concerns for investment purposes; appraising real estate to determine property valuation; or similar work. Or applicants may substitute education for the experience required to qualify at the GS-07 level (as per the IOR requirements identified in this section of the announcement):
Undergraduate Degree and Superior Academic Achievement. You have successfully completed a full 4-year course of study in any field leading to an undergraduate degree from an accredited college or university or you possess an undergraduate degree in any field from an accredited college or university, AND you meet one of the following Superior Academic Achievement provisions:
a. Ranked in the upper 1/3 of your college class or major subdivision at the time you apply; OR b. Earned election to a national scholastic honor society that meets the requirements of the Association of College Honor Societies other than freshman honor societies; OR c. Earned a grade point average (GPA) of 2.95 or higher on a 4.0 scale based on all completed undergraduate courses, or all undergraduate classes completed during the final two years; or earned a GPA of 3.45 or higher on a 4.0 scale based on all completed undergraduate courses in your major, or all undergraduate courses in your major completed during the final two years. Regarding the Superior Academic Achievement provisions, if more than 10% of your undergraduate course work (credit hours) was taken on a pass/fail or similar basis, you can qualify only on the basis of your class standing or membership in an honor society. If you qualify based on your education, you must upload or fax a copy of your college transcript along with your application. If you are selected for the position, an official college transcript(s) will be required at your start date. OR Graduate Education. You must have at least one full academic year of graduate level education that demonstrates you possess the knowledge, skills, and abilities necessary to satisfactorily perform the work. One year of full-time graduate education is normally determined by the school you attended. If that number cannot be determined, 18 semester hours should be considered equivalent to one academic year of graduate study. Part-time graduate education is creditable on a pro-rated basis. If you qualify based on your education, you must upload or fax a copy of your college transcript along with your application. If you are selected for the position, an official college transcript(s) will be required at your start date. Or applicants can combine education and specialized experience to qualify for the position (as per the IOR requirements identified in this section of the announcement). If you have some, but not all, of the graduate education AND specialized experience described above, you may still qualify by combining the amount of creditable education and experience that you do have. To do so, first calculate the percentage of qualifying education you have as a percentage of the education required. Next, calculate the percentage of specialized experience you have as a percentage of the experience required. Then, add the two percentages. The total percentage must equal at least 100% for you to qualify for the position at the GS-7 grade level. For example, an applicant who has 9 semester hours of graduate education (i.e., 50% of graduate education required) and 6 months of acceptable specialized experience (i.e., 50% of the experience required) would satisfy the qualification requirements for the position. If you qualify based on a combination of graduate education and specialized experience, you must submit a copy of your college transcript with your application. Note:
A full year of work is considered to be 35-40 hours of work per week. Part-time experience will be credited on the basis of time actually spent in appropriate activities. Applicants wishing to receive credit for such experience must indicate clearly the nature of their duties and responsibilities in each position and the number of hours a week spent in such employment.
- Department:
1165 Loan Specialist - Salary Range:
$49,730 to $64,644 per year
Estimated Salary: $20 to $28 per hour based on qualifications.
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