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How to become a Loan Processor

To work as a loan processor, the following may be required of you:

  1. Start with a high school diploma or its equivalent (a GED). Most companies will give candidates with this minimum educational qualification an appointment as a loan processor.
  2. To advance your career or increase your chances of getting employed, you should earn an associate's degree with courses in banking and finance.
  3. Get employment to receive on-the-job training and skills from banks, mortgage lenders and credit unions.
  4. While working, learn the use of specialized computer software that is useful for record-keeping and processing of documents.
  5. Earn a master's degree. This qualification can help you to take up senior-level positions in the industry or moving into other areas of financial services.
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What skills help Loan Processors find jobs?

  • Loan Processing
  • Fair Housing Regulations
  • Underwriting
  • Banking
  • Math
  • Time Management
  • Customer Service
  • Fraud
  • Microsoft Outlook
  • Microsoft Office
  • Loan Origination
  • Computer Skills
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Career progression for Loan Processor

Education levels for Loan Processors

0%10%26%64%Master's DegreeAssociate's DegreeBachelor's DegreeHigh School Diploma or GED

Based on the requirements of Loan Processor job openings on Indeed in the United States within the last three years.

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Expected salary by experience

0-44-88-1212-1616-2020-24Years of experience37k40k42k45k48kAnnual salary in USD

Based on resume data from Indeed users who reported working as a Loan Processor in the United States within the last three years.

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Common qualifications for Loan Processors

  • MLO
  • NMLS
  • Certified Notary Public
  • Real Estate Broker
  • Registered Sleep Technologist
  • Driver's License
  • Real Estate License
  • Doubles/Triples Endorsement
  • FINRA License
  • Educator License With Stipulations
  • Series 6
  • Medical Laboratory Scientist Certification
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Frequently asked questions

Common questions about career advices for a Loan Processor

What are the skills needed to work as a loan processor?

The following skills are required as a loan processor:

  • Specialized computer software skill
  • Excellent math and analytical skills
  • Good office skills
  • Good communication and interpersonal skills
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