Summary: A loan processor is someone who accepts your loan application, processes it, and then helps you close the deal. They have strong communication skills in order to convey all information in a polite, approachable and understandable manner. Loan processors make sure that information is collected and filed to be able to process a loan application smoothly.
Duties: A loan processor should always express to the client the status of the loan. Also, keep regular updates so that loan applicants have a full understanding about the methods it undergoes. They prepare and process loans once application is received. At this point, a loan processor may be able to approve or deny a loan. They check whether the applicant is qualified for the loan. It is important to go through and verify all the documents attached by the applicant; examples are bank accounts, income tax returns and pay stubs. They make sure that all policies are followed, all documents are signed, and correct data is given in order to approve a loan.
Education and Training Requirements: A loan processor holds a degree and once on the job, may receive formal training from the employer. To become a certified loan processor, one should enroll in NAMP where three kinds of certificates are given depending on your qualifications. For starting loan processors, you can get the Certified Purple Processor. For those who have more than 5 years of work as a loan processor, you can get the Certified Master Loan Processor and the utmost certification is Certified Ambassador Loan Processor.
Knowledge and Skills Requirements: Loan processors have pleasing personalities and very good communication skills because they regularly interact with the people. They should be competent in using the computer because documentation of loans is important. Documentation is crucial because these are the basis on loan approvals. Word processor is mainly used during documentation of the information.
Working Conditions: Loan processors work in an office space. It could be either a lending company or a bank. A loan processor may take an hour of sitting to be able to analyze the loan application thoroughly. Sometimes, depending on workload or work demand, a loan processor may work for long period time.
Salary: A loan processor may get an average pay of $44,000 annually. This amount may differ according to companies, benefits and work experience. Because of this, a loan processor will be able to get less or more than the amount given. A loan processor may get an overtime pay of $20.02 to $26.03 per hour.