Loan Processor: What is the cost of hiring?

Why hire a Loan Processor?

The need for new staff can affect both your existing team and your bottom line. A great Loan Processor hire can help your business:

• Perform thorough screening of the loan applications to decide its merit by investigating creditworthiness of the potential borrowers through in-depth background research
• Conduct interviews with the applicants to discuss their credit standing, the follow-up to clarify crucial points and design repayment plans
• Ensure that all the loan contracts pass through proper lending rules and regulations

Skills to look for in a great Loan Processor

Efficient Loan Processors act as trusted credit checkers on behalf of the company or bank. Their role is vital to minimize the bad loans.

• Bachelor’s in Finance, Accounting or Economics
• Proven experience as Loan Processor or in a similar role
• Sound knowledge of banking and financial software
• Well aware of the different lending processes and relevant rules and regulations
• Strike balance between Customer service and the right side of the lending rules
• Effective interpersonal and communication skills

Writing a Loan Processor job description

A thoughtful description is important to finding qualified Loan Processor candidates. A Loan Processor job description should include a compelling summary of the role, a detailed list of duties and responsibilities, and the required and preferred skills for the position.

Consider including keywords that job seekers are using to search for Loan Processor jobs, such as:

• Loan Processor
• Junior Loan Processor
• Mortgage Loan Processor

Interviewing Loan Processor candidates

To hire a dynamic and ethical individual as a Loan Processor, the hiring manager needs to emphasize on designing the interview questions to test the skill set and knowledge of the applicants along with their response to resolve tricky situations.

• Different lending procedures and its implications
• Step by step approach of loan approval and required paperwork
• Achievement of credit target or granting loan only to the eligible applicant by being ethical, which of the two options will you choose

See our list of interview questions for more examples.