Loan Processor Job Description
What is a loan processor?
A loan processor, also termed a mortgage processor, is responsible for processing your loan by preparing mortgage application files and other required paperwork.
Loan processors ensure proper assembling, administering, and processing of loan applications before getting approved by the loan underwriter.
To get a detailed overview of loan processor duties and responsibilities, you can check out loan processor job descriptions in 2022. It will show you all the modern loan processing skills and methodologies required to grow as a successful mortgage loan processor.
Here you will get answers to the following questions:
- What does a loan processor do?
- What are the fundamental loan processor duties?
- What is the average salary of a loan processor in the United States?
To get a loan processor job in 2022, you will need a job-winning loan processor resume along with your educational degree and certifications. Hiration has simplified the resume-building process with its AI-powered Online Resume Builder. This digital tool comes with an auto-suggest feature to help you through the resume-building process.
Loan Processor Job Description Template
A loan processor job description defines all the requirements of an organization for the offered job. Here is an example of what a loan processor job description looks like:
Loan Processor Job Details
We seek a skilled loan processor capable of performing appraisals of individual loans and businesses. A perfect fit will undertake an intermediary role between our financial institution and potential clients. Our goal is to consistently offer loans to qualified applicants and prevent our organization’s credibility. As a loan processor, you will majorly ensure loan applicants' analysis, appraisal, and evaluation. Moreover, the loan processor at our organization will also write and finalize loan contracts.
Loan Processor Responsibilities
Here are some highlighting responsibilities of a loan processor at our organization:
- Assess applicants’ credit standings by doing background research
- Perform potential borrowers’ initial appraisal by examining their applications appropriately
- Finalize the loan contracts and keep every client informed about organizational rules and obligations
- Identify client requirements, explore every possible option, and suggest loan options accordingly
- Conclude on every applicable non-financial and financial criteria and develop precise loan repayment plans
Loan Processor Requirements
- 2+ years experience as a loan processor
- Intermediate knowledge of MS Office and banking computer software
- Understanding of modern financial rules and regulations
- Excellent sales and communication skills
- BSc degree in economics, finance, or any similar field
Also Read: Loan Officer Job Description
Mortgage Loan Processor Job Description
There is no difference other than titles between mortgage loan processor and loan processor. To see the similarity between them, you can compare this real-time example of a mortgage loan processor with job responsibilities from further given examples:
We are looking for a mortgage loan processor who can collaborate with Loan Officers to perform different activities related to FHA, Conventional (Freddie Mac, Fannie Mae), VA, and USDA underwriting guidelines for every mortgage loan closing within our organization. A perfect fit will work in a high-pressure environment in a very busy mortgage company to meet deadlines while ensuring high customer service quality. The mortgage loan processor at our organization must be detail-oriented & self-motivated and possess superior customer service skills.
As a mortgage loan process, you will be responsible for the following major tasks:
- Collaborate with loan officers to complete the mortgage process timely and enhance the client experience
- Verify loan package completion and review every loan submission checklist
- Perform complete analysis and review of borrower’s employment, credit, assets, and income as needed according to the particular program before transferring the file to the underwriter
- Manage entire loan processing pipeline: conduct credit analysis and underwriting analysis with collected information
- Handle required conditions and review loan approvals for underwriting and loan closing
Senior Loan Processor Job Description
You will require at least 5+ years of experience as a loan processor to get a senior profile title. Here is an example of a real-time senior loan processor job description:
We seek a senior loan processor to process and close every commercial loan complying with company policies and regulatory requirements. The perfect fit will work with Account Officers/Relationship Managers and Underwriters to collect all the due diligence information needed for collateral analysis, financial analysis, loan approval, and credit analysis. The senior loan processor at our company will ensure the proper documentation of loans and compliance of both contractual and supporting documentation with federal and state laws to protect the interest of the Bank and its clients.
The major responsibilities of a senior loan processor include:
- Support Relationship Managers, Underwriters, and Credit Administration to address primary loan processes appropriately
- Assist loan processing team in gathering, reviewing, and assembling due diligence information and completing loan documentation
- Actively manage, prioritize, and coordinate multiple and simultaneous loan closing
- Prepare and review every new loan documentation for precession and risk management
- Participate with the loan processing and approval team to identify problems and resolve issues
Jr Loan Processor Job Description
As a junior loan processor, you will need to ensure error-free loan documentation and verification. For a deeper understanding, you can have a glance at a real-time junior loan processor job description given below:
We are hiring a junior loan processor to process different mortgage loans Conventional, NonQM, VA, and FHA. The junior loan processor at our company will collect, review, and analyze file documentations, update AUS and submit that to the underwriter for loan approvals. A perfect fit will assist in completing all the remaining file documentation while offering high-quality customer service.
As a junior loan processor, you will be responsible for:
- Obtaining and assembling the entire loan package in an appropriate order for underwriting
- Verifying all the documents before heading for the underwriting process
- Communicating with customers, loan originator, and underwriter to get initial and missing documents needed for qualifying the loan
- Review every loan for compliance within TIL, RESPA, Reg. B, HMDA, etc.
- Managing loan processing pipeline by reports within the given turnaround times
Also Read: Personal Banker Job Description
Fundamental Loan Processor Job Duties
The loan processor responsibilities can differ in different companies. However, the fundamental duties of a loan processor move around these points:
- Examine all the reviewed loan applications
- Conduct thorough background research on loan applicants
- Examine every non-financial and financial criterion
- Conduct applicant interviews to examine their loan eligibility
- Maintain a strong relationship with clients
- Prepare amount repayment plans
- Authorize loan contracts
- Give ‘green flag’ to eligible candidates
- Regularly update records
- Maintain smooth communication with clients
- Ensure client satisfaction
Average Loan Processor Job Salary in The US
The average loan processor salary in the United States is USD 51,511. Additionally, you can check out the salary differences in different US cities below:
|City Name||Average Loan Processor Salary|
|San Diago, CA||USD 58,676|
|Atlanta, GA||USD 58,120|
|Dallas, TX||USD 56,596|
|Irvine, CA||USD 56,543|
|Jacksonville, FL||USD 54,809|
|Phoenix, AZ||USD 54,762|
|Irving, TX||USD 47,866|
|Las Vegas, NV||USD 47,755|
|Charlotte, NC||USD 45770|
Take a look at the key points of this intuitive guide:
- Loan processor job descriptions can differ according to company, but the major responsibilities remain the same
- You can use a loan processor job description to pick technical keywords and use them in your loan processor resume
- Mortgage processor is another term used for loan processor
- Loan processor salaries also differ according to the company located in the United States
We have elaborated on different level loan process job descriptions above to give you an idea about fundamental and modern loan processor responsibilities. After going through all of them, you can use Hiration’s Online Resume Builder to build a job-winning loan processor resume. If you encounter any hurdles while using Hiration’s digital resume-building tool, you can mail us at firstname.lastname@example.org.