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This question is about loan processor.
How long does it take to become a Loan Processor?
It takes 4 years of professional experience to become a loan processor. That is the time it takes to learn specific loan processor skills, but does not account for time spent in formal education. If you include the normal education requirements to complete a college degree, then it takes 7 to 9 years years to become a loan processor.
There are certain skills that you need to obtain in order to become a successful loan processor. Some of the most common skills are listed below. Along with each skill, we provide an actual example of how someone included the skill on their resume:
Loan Portfolio -- Managed/Prepared nationwide manufactured mortgage loan portfolios for daily, weekly, monthly, quarterly and yearly reporting.
Loan Applications -- Processed and closed mortgage loan applications through ordering required documents and development of a coherent and compliant package to the investor/lender.
Customer Service -- Provided superior internal and external customer service by proactively communicating with clients and business partners on loan decisions and underwriting guidelines.
Appraisal Reports -- Calculated income, completed self-employed tax return analysis, reviewed preliminary and appraisal reports for accuracy and potential problems.
Title Companies -- Maintain effective and timely communication between brokers, borrowers, underwriters and title companies
Common Certifications For A Loan Processor
The Residential Certified Loan Officer (CLO) certification is most common among Loan Processors. This certification is awarded by the Mortgage Bankers Association of America. To become a certified Loan Processor with Residential Certified Loan Officer (CLO), You need to pass the exam. Lucky you - certification doesn't require more than two years of work experience. No renewal for certification, if you earn it once it is valid all time.
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