Loan Processor Job Description: Top Duties and Qualifications

A Loan Processor, or Mortgage Processor, is in charge of gathering the necessary paperwork and documentation required for someone to apply for a loan. Their duties include carefully reviewing mortgage applications to confirm that all essential fields have been filled out, organizing additional application materials and submitting applications on schedule.

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Loan Processor duties and responsibilities

The Loan Processor has several duties and responsibilities, such as:

  • Gathering information for the loan application
  • Evaluating credit histories for applications
  • Collecting data from clients such as their assets, salaries, debts and employment status to fill in information for the loan application
  • Researching and correcting mistakes in applications for clients
  • Reviewing file documentation for missing or erroneous information 
  • Meeting loan application deadlines 
  • Assisting Loan Officer with requests and tasks needed to complete and process applications

Loan Processor Job Description Examples:

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Loan Processor

Excellent opportunity to receive fast-track training and be processing home loans within two months. No experience required, but general office experience a big plus.

AimLoan.com is a San Diego-based mortgage lender with a 22 year history of taking care of its employees and customers. Read over 100 reviews by AimLoan employees on Glassdoor!

Centrally located in Mission Valley, our company hours are 8:30 to 5:00, Monday through Friday.

Healthy AND Safe Work Environment

Our workplace provides:

  • A minimum of 9 feet between workstations

  • Multiple sinks installed throughout buildings

  • Health stations by every door with hand sanitizer, disinfectant and wipes

    Additionally, all Associates practice the following health and safety guidelines:

  • Stay home when you are sick

  • Do not shake hands or touch others

  • Cough or sneeze into your inner elbow

  • Maintain a 6 foot “safe distance” from others

  • Wash your hands regularly with soap and water

  • Use hand sanitizer when soap and water are not available

  • Do not touch your eyes, nose or mouth with unwashed hands

  • Clean and disinfect frequently touched objects and surfaces

    Excellent Compensation

  • $15 per hour

  • Plus $100 commission per closed loan

  • $40,000-$50,000 achievable in first year

  • $50,000-$60,000 achievable in second year

    Plus Great Benefits

  • 15 days paid time off, plus 6 paid holidays

  • 85% employer-paid medical and dental coverage

  • 401(k) plan with 6% company match

    Qualifications

  • Unquestionable integrity and a genuine desire to help others.

  • Ability to thrive in a high volume, fast-paced environment.

  • Self motivated and self sufficient in approach to work.

  • Strong organizational and time management skills.

  • Ability to multi-task; close attention to detail.

  • Strong customer service skills; eager to pick up the phone and help customers.

  • High school diploma; college a plus.

    If you share our core values of Integrity, Teamwork, Communication, Service and Continuous Improvement, we want you to join our company. Background checks are conducted, including a review of your credit history. We are a drug free workplace and an equal opportunity employer. Visit our website at [website] to learn more about our company.

    Job Type: Full-time

    Education:

  • High school or equivalent (Required)

    Benefits:

  • Health insurance

  • Dental insurance

  • Retirement plan

  • Paid time off

    Schedule:

  • Monday to Friday

  • No weekends

    Company's website:

  • No
  • ×

    Loan Processor

    An integral part of our team focused on delivering a WOW experience for our clients, our Mortgage Loan Processor prepares the file for underwriting and coordinates internally and externally through the loan closing.

    Responsibilities include:

  • Review file for completeness prior to submission to underwriting

  • Work with the loan officer and the borrower to obtain documentation needed

  • Evaluate applications for reasonableness and escalates issues as needed

  • Coordinate and review information from third parties such as appraisal and title

  • Ensure timelines are met

  • Submit approved mortgage loan to Closer

  • Manage the pipeline to ensure workflow is appropriately prioritized

  • Deliver excellent service

    Skills include:

  • Strong organizational skills

  • Pro-active communication

  • Customer service focus - both internally and externally

  • Team player

  • Continuous learner

    Experience:

  • Mortgage Loan Processing: minimum 1 year

  • Encompass experience a plus

    Our culture and our team will WOW you. We have a strong focus on team work, respect, being humble and continuous learning and development.

    Bonus package.

    Reports to Operations Manager.

    Job Type: Full-time

    Salary: $50,000.00 to $80,000.00 /year

    Experience:

  • Loan Processing: 1 year (Required)

  • Mortgage: 1 year (Required)

    Additional Compensation:

  • Bonuses

    Work Location:

  • Fully Remote

    Benefits:

  • Health insurance

  • Dental insurance

  • Vision insurance

  • Retirement plan

  • Paid time off

  • Work from home

  • Flexible schedule

  • Parental Yes
  • ×

    Loan Processor

    We are looking for a reliable Loan Processor to perform appraisals of business or individual loans. You will undertake an intermediary role between potential clients and our financial institution. The goal is to help qualified applicants obtain loans in a timely manner and protect our organization’s credibility. Loan processor duties and responsibilities will include analysis, appraisal and evaluation of loan applicants, as well as writing and finalizing contracts.

    Responsibilities

  • Perform initial appraisal of potential borrowers by thoroughly examining their applications

  • Assess the credit standings of applicants through background research

  • Interview applicants to evaluate their eligibility for loan or mortgage

  • Conclude on all applicable financial and non-financial criteria and develop loan repayment plans

  • Follow up with clients to clarify important points

  • Give the “green light” to eligible candidates and report decisions with sound arguments

  • Finalize loan contracts and keep clients informed in rules and obligations

  • Remain up to speed regarding lending and other financial services

  • Create and renew records

  • Identify customer needs, explore all options and suggest different types of loans

  • Cultivate trustworthy referral networks, suggest alternate channels and cross-sell products and services

  • Forge trust relationships and enhance customer dedication

  • Work within established regulations and adhere to law requirements at all times

    Skills

  • Proven working experience in a loan processor role

  • Good knowledge of banking computer software and MS Office

  • Comprehension of direct/indirect lending procedures

  • In-depth understanding of relevant rules and regulations

  • Excellent communication and sales skills

  • Balance between customer satisfaction orientation and a results driven approach

  • BSc degree in finance, economics, or a related field

    Job Type: Full-time

    Salary: $16.00 to $22.00 /hour

    Experience:

  • mortgage loan processing: 1 year mortgage: 1 year banking: 1 year loan processing: 1 year commercial mortgage: 1 year Other
  • What does a Loan Processor do?

    Loan Processors work at banks and other financial lenders to act as a liaison between front-facing bank staff and the underwriters who research and approve loans. Their role is to make sure that loan applications are free of mistakes and include all of the essential information Underwriters need to perform a risk assessment and a background check, preventing errors from increasing turnaround time. Loan Processors act as a liaison between the Loan Officer and the Underwriter, double-checking lending guidelines and all essential prior-to-document conditions related to each loan document before and after approval.

    Loan Processor skills and qualifications

    Loan Processors should have a variety of practical skills for their position. The main skills and qualifications of a Loan Processor are:

    • Experience with mortgage loan software programs
    • Verbal and written communication
    • Good interpersonal and customer service skills
    • Time-management and organization skills
    • Ability to work with strict deadlines
    • Ability to explain technical concepts in simple terms
    • Ability to work in fast-paced environment
    • Willingness to learn new concepts to grow and advance

    Loan Processor salary expectations

    A Loan Processor makes an average of $47,341 per year. Salary may depend on level of experience, education and the geographical location.

    Loan Processor education and training requirements

    The minimum educational requirement for Loan Processors is a high school diploma or GED. Some employers prefer to hire Loan Processor candidates who have an associate degree in finance. A bachelor’s degree in finance or economics is important for those who want more experience and better career prospects as a Loan Processor. Certifications and training are available for Loan Processors, which can make them more attractive candidates. Those who hold a certification must be able to maintain it through continuing education. 

    Loan Processor experience requirements

    Entry-level Loan Processors should have a year of experience in banking or finance, preferably in a customer-facing role. Experience as a Teller or Customer Support Representative is ideal. Loan Processors who work with complicated or complex loan applications, such as commercial loans, need one to two years of experience. Senior-level Loan Processors and those in leadership roles need three to five years of experience. A bachelor’s degree can usually substitute for some experience at any level.

    Job description samples for similar positions

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    Frequently asked questions about Loan Processors

     

    What is the difference between a Loan Processor and a Loan Officer?

    Loan Processors and Loan Officers both play an important role in preparing mortgages and other loan applications, but they work at different steps in the process. Loan Officers work a front-facing role where they find potential customers, meet with clients and discuss their needs, collecting initial information and personal documents. They help the client fill out the first portion of paperwork, then pass the file to the Loan Processor. The Loan Processor then acts as a failsafe by reviewing the documents and checking for any missing, incomplete or inaccurate details that they need to clarify with the Loan Officer.

     

    What are the qualities of a good Loan Processor?

    The most important characteristic of a Loan Processor is having strong attention to detail so that they can process complex financial paperwork with efficiency and accuracy. Good Loan Processors are able to can applications and immediately spot mistakes and missing information. They notice when information looks out of place or when certain documents are missing from a client’s file so that they can track down the correct details and documents. Successful Loan Processors have the patience and focus to spend hours reading paperwork and comparing it against screening standards and financial guidelines.

     

    What are the daily duties of a Loan Processor?

    Once a Loan Processor receives a file from a Loan Officer, they begin by organizing their file and noting any missing documentation. They track down employment verification details, bills, bank statements and identification information. Loan Processors might contact lawyers and clerks to track down additional details that are essential for processing the loan application. They communicate with the Loan Officer about additional missing information before proofreading the final forms and sending them to the Underwriter. At the end of the process, Loan Processors review the loan contract for errors and noncompliance issues.

     

    What should you look for on a resume?

    When reviewing a Loan Processor’s resume, look for experience in finance, accounting or real estate. Loan Processors can receive on-the-job training to help them learn how to proofread financial documents, but familiarity with industry best practices can help them adapt to their role more quickly and maintain a high standard of conduct. A Loan Processor’s resume should emphasize their time management skills and ability to multitask by managing the timelines and organizing the documents of multiple projects at once.

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