How to write a Loan Processor job description

Your job description is the first touchpoint between your company and your new hire. With millions of people searching for jobs on Indeed each month, a great job description can help you attract the most qualified candidates to your open position. To get you started, here are some tips for creating an effective job description.

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What does a Loan Processor do?

A Loan Processor evaluates the eligibility of people and businesses based on submitted loan applications. They act as a liaison between customers and financial institutions who assist qualified applicants acquire loans in a timely manner. Additionally, loan processors meet with customers to determine their needs and recommend the best loan products to help meet their financial goals.

Loan Processor job title

A great job title typically includes a general term, level of experience and any special requirements. The general term will optimize your job title to show up in a general search for jobs of the same nature. The level of experience will help you attract the most qualified applicants by outlining the amount of responsibility and prior knowledge required. And if your position is specialized, consider including the specialization in the job title as well. But avoid using internal titles, abbreviations or acronyms to make sure people understand what your job posting is before clicking.

Examples of Loan Processor job titles

  • Loan Processor
  • Junior Loan Processor
  • Mortgage Loan Processor
  • Loan Processor (Part-Time)
  • Loan Officer

Loan Processor job summary

A great job description starts with a compelling summary of the position and its role within your company. Your summary should provide an overview of your company and expectations for the position. Outline the types of activities and responsibilities required for the job so job seekers can determine if they are qualified, or if the job is a good fit.

Example of a Loan Processor job summary

Our local credit union is currently experiencing rapid growth. We are interested in expanding our capacity to provide mortgage loans to home buyers, and we are looking for an experienced Loan Processor to join our team. The successful applicant will be responsible for accurately managing residential and commercial real estate loan documentation through our established systems, and reviewing it to ensure it is completed in full and complies with current banking regulations and policies. We encourage all who are qualified and want to work with a dynamic and highly productive team to apply.

Loan Processor responsibilities and duties

The responsibilities and duties section is the most important part of the job description. Here you should outline the functions this position will perform on a regular basis, how the job functions within the organization and who the job reports to.

Examples of Loan Processor responsibilities

  • Review initial loan approval and work with borrower to gather appropriate documentation
  • Collect all required documentation for the loan package
  • Create a loan submission package for the Underwriting department
  • Submit files to assigned Underwriter
  • Satisfy all conditions when received from Underwriter
  • Ensure that approval falls within the established lending guidelines
  • Communicate with other professionals, including attorneys, county clerks and title companies

Loan Processor qualifications and skills

Next, outline the required and preferred skills for your position. This may include education, previous job experience, certifications and technical skills. You may also include soft skills and personality traits that you envision for a successful hire. While it may be tempting to include a long list of skills and requirements, including too many could dissuade qualified candidates from applying. Keep your list of qualifications concise, but provide enough detail with relevant keywords and terms.

Examples of Loan Processor skills

  • Bachelor’s Degree in Finance or related field
  • 2+ years’ FHA loan processing experience
  • Basic knowledge of underwriting terminology
  • Strong attention to detail and accuracy
  • Effective written and verbal communication skills
  • In-depth knowledge of the real estate industry and current trends

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Job Description Examples

Need help writing a job description for a specific role? Use these job description examples to create your next great job posting. Or if you’re ready to hire, post your job on Indeed.

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