Loan Reviewer Onboarding Checklist

Loan Reviewer Onboarding Process

Are you looking for help setting up a staff orientation process so that when your new Loan Reviewer starts their role, they can learn about their responsibilities and your company as quickly as possible? Whether you’re keen to use buddy onboarding, want to automate your Banking onboarding experience or just need an onboarding checklist for your new Loan Reviewer, you’re in the right place. We’ve put together a sample Loan Reviewer onboarding checklist below and have created onboarding templates & resources to help.

Loan Reviewer Onboarding Checklist

1. Introduction to company policies and procedures: The loan reviewer should receive a comprehensive overview of the company’s policies and procedures, including those related to loan review processes, risk assessment, and compliance. This task is typically performed by the HR department or a designated trainer.

2. Familiarization with loan review software: The loan reviewer should be trained on the specific loan review software used by the company. This includes understanding how to navigate the system, input loan data, generate reports, and perform risk analysis. The IT department or a designated software trainer usually handles this task.

3. Shadowing experienced loan reviewers: To gain practical knowledge and insights into the loan review process, the new loan reviewer should shadow experienced colleagues. This task allows them to observe and learn from experienced professionals, understand best practices, and familiarize themselves with the company’s specific loan review approach. Senior loan reviewers or team leads typically perform this task.

4. Review of loan review guidelines and checklists: The loan reviewer should be provided with detailed loan review guidelines and checklists specific to the company’s policies and regulatory requirements. These documents outline the criteria for assessing loan quality, identifying potential risks, and ensuring compliance. The loan review manager or a designated trainer is responsible for providing and explaining these guidelines.

5. Training on credit analysis and risk assessment: As a loan reviewer, it is crucial to have a solid understanding of credit analysis and risk assessment techniques. The new loan reviewer should receive training on topics such as financial statement analysis, cash flow analysis, collateral valuation, and risk rating methodologies. This training is typically conducted by the credit analysis department or a designated trainer.

6. Introduction to loan review team members: The loan reviewer should be introduced to their colleagues within the loan review team, as well as other relevant departments such as credit analysis, underwriting, and compliance. This task helps foster collaboration, establish relationships, and facilitate effective communication within the organization. The loan review manager or team lead usually handles these introductions.

7. Review of loan files and documentation: The new loan reviewer should be given the opportunity to review sample loan files and documentation to familiarize themselves with the types of loans the company handles, the required documentation, and the loan approval process. This task helps the loan reviewer understand the loan lifecycle and the importance of accurate documentation. The loan review manager or a designated trainer typically provides these loan files.

8. Training on regulatory compliance: Given the highly regulated nature of the banking industry, the loan reviewer should receive training on relevant laws, regulations, and compliance requirements. This includes understanding anti-money laundering (AML) regulations, fair lending practices, consumer protection laws, and other applicable regulations. The compliance department or a designated trainer is responsible for providing this training.

9. Introduction to loan review reporting: The loan reviewer should be trained on how to prepare loan review reports, including the format, content, and frequency of reporting. This task involves understanding the key metrics, risk rating systems, and reporting templates used by the company. The loan review manager or a designated trainer typically provides this training.

10. Ongoing professional development opportunities: To ensure continuous growth and development in the role, the loan reviewer should be made aware of any ongoing professional development opportunities, such as industry conferences, webinars, or training programs. This task helps the loan reviewer stay updated on industry trends, regulatory changes, and best practices. The HR department or the loan review manager typically communicates these opportunities

Setting Up Your Employee Onboarding Process

From reading through the items in the example Loan Reviewer checklist above, you’ll now have an idea of how you can apply best practices to getting your new Loan Reviewer up to speed and working well in your Banking team. Scroll up to see the link to our onboarding templates & resources or get in touch to discuss getting help setting up your systems and processes in this area.