What does a Loan Processor do?
A loan processor is an expert who examines and reviews loan applications before they are presented to the underwriters for approval. They bring together the necessary documents for the loan, ensuring that information filled into them is accurate and complete.
Working as a Loan Processor
A loan processor may function in the following ways:
- Assisting brokers and loan processors
- Organizing necessary paper works for a loan applications
- Checking for inappropriate or incorrect information in the loan application documents
- Submitting loan files and applications to the underwriters
- Verifying applicants' financial records
How much does a Loan Processor make in the United States?
Average base salary
The average salary for a loan processor is $51,373 per year in the United States.
Most common benefits
Do loan processors need to be licensed?
The condition for the licensing of loan processors as a requirement for employment varies from state to state and company to company. Some private loan processors might need to obtain licenses before they can practice while loan processors working for licensed financial institutions do not need to be licensed before they practice.
Do loan processors work during weekends?
Usually, most loan processors work from Mondays to Fridays. However, in certain situations when the loan broker is busy, loan processors may have to work during weekends.
Can loan processors work from home?
Yes, loan processors can work from home depending on the work arrangement with the lender or broker. Usually, private loan processors work remotely or operate their own home office.