Other Opportunities for Loan Processors

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Comments (5)

old processor in Huntington Beach, California

57 months ago

Ryan in Eagle Pass, Texas said: Hello,

I am currently an Analyst (creating reports, working condo submissions, and a number of other tasks) for my mortgage company. Recently an opportunity has come up where I will be learning to become a loan processor.
As someone new to the mortgage industry I'm open to anything at this point, and I'm fairly excited about this promotion.

My question has to do with other opportunities for expierenced mortgage loan processor's outside of the mortgage environment. Say after a few years I decide I'm interested in trying something else. What other directions could an experience loan processor go if they were looking to get into something other than mortgage?

I felt like I would have more opportunities working as an Analyst, in that it might be easier to switch fields to say finance, retail banking, or any other type of anaylitical positions.
With processing it seems like everything I have found shows it as being a fairly specific skill set that may not apply in any other fields.

Anyone with a similar experience as this? Or does anyone have any other thoughts or opinions on this and the mortgage industry in general?

Thanks

Ryan

I have been a Mortgage Loan Processor for 27 years. I was considered the "Go To" person
at my former empoloyer for all questions regarding FHA, VA and Conventional. From Underwriting guidelines to how to handle an angry Real Estate Agent, they came to me, and that included the President of the company.

When my employer of 20 years finally gave up and closed I found a new job with a start up
company that closed in 6 months. I have been unemployed since October and I cannot even
get a call back on my resume. I wish I knew how to transfer these skills because I'm
scared. Stay in the area you are in, if anything happens where you are "Processor" is
not going to help you land a new job, and it really doesn't transfer.

The other job I would have loved butt

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Ryan in Eagle Pass, Texas

57 months ago

Thanks for the reply, it's good to hear from somone with real experience.

Of course when management offered the position they sold it as something that would have a lot of upwards mobility, especially if I wanted to get into originating, closing, or management. But, honestly I'm not sure that direction is right for me, I'm eager to learn as much about the business as possible, but just because that's my nature.

I can see myself in a few years from now wanting to get into another field using the knowledge I would have gained working in mortgage, but I'm beginning to see now that the mortgage industy is fairly specialized. Even some of the people here in my office have been telling me since I started that I should get out of mortgage, that my future would be set for me. It's not exactly what you want to hear when you are just getting started in your career.

Thank you for your advice and I hope the best for you in your job search.

Still open to anyone else's advice/storeis!

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Happy Searcher in San Francisco, California

47 months ago

old processor in Huntington Beach, California said: I have been a Mortgage Loan Processor for 27 years. I was considered the "Go To" person
at my former empoloyer for all questions regarding FHA, VA and Conventional. From Underwriting guidelines to how to handle an angry Real Estate Agent, they came to me, and that included the President of the company.

When my employer of 20 years finally gave up and closed I found a new job with a start up
company that closed in 6 months. I have been unemployed since October and I cannot even
get a call back on my resume. I wish I knew how to transfer these skills because I'm
scared. Stay in the area you are in, if anything happens where you are "Processor" is
not going to help you land a new job, and it really doesn't transfer.

The other job I would have loved butt

Keep searching! As it seems there are many foreclosures and a backlog of homes to reconcile in the next few years, it seems odd that with your excellent experience you wont be able to find work in your previous profession (if you still want to do that). Have you related an up to date resume and presentation that speaks of your achievements and how you saved the company time, solved problems and helped them make money? If the employment development department in your area is a good one, there may be several classes to help you with presenting yourself and finding several ways to reach your goal.

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Betsy in Miami, Florida

33 months ago

Hi ryan, i took some online loan processing training classes through www.LoanProcessorTraining.org and i landed my first job as a mortgage processor.. i hope this helps.

Betsy

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Pointer in Visalia, California

2 months ago

Ryan,

I too am an experienced processor of 15 years on and off. I have been able to switch fields twice. once to Sales and another to Education. I just read an article about this very thing, transferable skills and as it turns out processing actually does have a lot of transferable skills. Some are interpersonal communication skills, customer service, financial analysis, general accounting, credit, financial counseling and planning, detail orientation, time management, works well under pressure...etc. You get my drift. When I was reading the website I started thinking back to all of the I did that can transfer. As well as, I have been a top producer at every company and became a "go to" or SME, which transfer to leadership, team work, training and coaching, etc. Hope that helps

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