Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
This question is about processor jobs.
What are the requirements to be a loan processor?
The requirement to become a loan processor is a high school diploma. In some cases, employers may require a college degree or completion of the National Mortgage Licensing Program, but that depends largely on what you specialize in.
While the minimum requirement is a high school diploma, a bachelor's or an associate degree is usually preferred for this role. In some cases, someone with just a high school diploma should consider completing a certification in loan processing.
For example, the National Mortgage Licensing Program (NMLS) offers three different levels of training in loan processing:
The first level of certification is a Certified Purple Processor. To earn a CPP, the loan processor must complete at least 6 hours of basic loan processing training along with 6 hours of advanced loan processing training.
The next level of certification is the Certified Master Loan Processor. To earn this certification, the loan processor must complete at least 24 hours of training broken down into four areas: 1) basic loan processing, 2) advanced loan processing, 3) underwriting basics and processing federal housing administration (FHA), and 4) veteran's affairs (VA) loans.
The highest level is the Certified Ambassador Loan Processor. To earn this certification, the loan processor must complete at least 42 hours of training that includes all four subjects of the CMLP exam plus the FHA's special rehab program, analysis of tax returns, and mortgage fraud awareness and prevention.
Upon completion of this program, the person becomes a certified and licensed loan processor. From here, loan processors can find work in their given field.
Choose from 10+ customizable resume templates
Zippia allows you to choose from different easy-to-use templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
