Loan Processor Duties, Skills & Responsibilities

Our mission

Indeed’s Employer Resource Library helps businesses grow and manage their workforce. With over 15,000 articles in 6 languages, we offer tactical advice, how-tos and best practices to help businesses hire and retain great employees.

Read our editorial guidelines

When hiring Loan Processors, it’s important to properly describe the job opening with the duties, skills and responsibilities of the role. We’ve compiled a guide to Loan Processor Duties, Skills & Responsibilities using data from actual job postings on Indeed.

Ready to get started?

Post a Job

Ready to get started?

Post a Job

Popular Loan Processor Duties and Skills

Here are some commonly found skills and other specifications in job postings for Loan Processors.

Loan processing

Definition : Experience or skill preparing documents and verifying information for loans.
Years of experience most commonly required: 2-3
How common is it? This skill is found in 27.3% of Loan Processor job postings on Indeed.

Fair Housing regulations

Definition : Knowledge of laws and regulations at state and federal government levels to eliminate discrimination associated with buying, selling, and renting housing.
Years of experience most commonly required: 2-3
How common is it? This skill is found in 25.1% of Loan Processor job postings on Indeed.

Underwriting

Definition : Experience in assessing and undertaking financial risk in exchange for payment.
Years of experience most commonly required: 3-4
How common is it? This skill is found in 7.8% of Loan Processor job postings on Indeed.

Banking

Definition : Knowledge of or experience with working in a banking environment.
Years of experience most commonly required: 2-3
How common is it? This skill is found in 6.3% of Loan Processor job postings on Indeed.

FNMA

Definition : Experience with or knowledge of Fannie Mae (FNMA) guidelines.
Years of experience most commonly required: 2-3
How common is it? This skill is found in 5% of Loan Processor job postings on Indeed.

NMLS

Definition : A license for a mortgage loan originator or mortgage loan officer to assist borrowers with the purchasing and refinancing of homes. License is awarded by NMLS-approved education providers upon passing a state's MLO license exam. Requires a high school diploma.
Years of experience most commonly required: 2-3
How common is it? This skill is found in 4.9% of Loan Processor job postings on Indeed.

TILA

Definition : Knowledge of or experience with TILA (The Truth in Lending Act), which regulagtes disclosures to borrowers about credit.
Years of experience most commonly required: 2-3
How common is it? This skill is found in 4.5% of Loan Processor job postings on Indeed.

Math

Definition : Knowledge of or experience with general mathematical concepts.
Years of experience most commonly required: 2-3
How common is it? This skill is found in 4.2% of Loan Processor job postings on Indeed.

Loan origination

Definition : Experience with assisting clients with the initiation or completion of the process of obtaining a loan. Loan originators can be independent contractors or work for a financial institution.
Years of experience most commonly required: 2-3
How common is it? This skill is found in 2.9% of Loan Processor job postings on Indeed.

10 key calculator

Definition : Experience or skill using a 10 key calculator.
Years of experience most commonly required: 2-3
How common is it? This skill is found in 2.9% of Loan Processor job postings on Indeed.

Basic math

Definition : Knowledge of basic mathematical concepts.
Years of experience most commonly required: 1-2
How common is it? This skill is found in 2.4% of Loan Processor job postings on Indeed.

Contracts

Definition : Knowledge of or experience with drafting, interpreting, revising or otherwise working with contracts.
Years of experience most commonly required: 2-3
How common is it? This skill is found in 1.8% of Loan Processor job postings on Indeed.

Escrow

Definition : Experience handling contractual financial arrangements that require regulation and disbursement of funds for various temporary transactions.
Years of experience most commonly required: 2-3
How common is it? This skill is found in 1.6% of Loan Processor job postings on Indeed.

Loan officer experience

Definition : Experience assisting bank or other financial institution clients with individual or business loan applications.
Years of experience most commonly required: 1-2
How common is it? This skill is found in 1.3% of Loan Processor job postings on Indeed.

Financial services

Definition : Knowledge of or experience with services related to the finance industry, such as banking, lending, or investing.
Years of experience most commonly required: 4-5
How common is it? This skill is found in 0.7% of Loan Processor job postings on Indeed.

Mortgage servicing

Definition : Experience with mortgage servicing.
Years of experience most commonly required: 2-3
How common is it? This skill is found in 0.7% of Loan Processor job postings on Indeed.

Credit analysis

Definition : Skill in or experience with analyzing financial data to determine the default risk associated with a borrower.
Years of experience most commonly required: 1-2
How common is it? This skill is found in 0.1% of Loan Processor job postings on Indeed.