What does an application processor do?
Application processor responsibilities
Here are examples of responsibilities from real application processor resumes:
- Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
- Execute the origination process, including ordering credit reports, appraisals and preliminary title reports.
- Work in mailroom sorting mail by zip codes.
- Maintain A/P, A/R, and report payroll.
- Participate in specialty functions of all aspects of the mailroom.
- Utilize PeopleSoft and OnBase programs to classify and index data.
- Apply cash, complete corrections process A/R refunds, and respond to information requests.
- Submit business bank and trades info as well as personal guaranty information by submitting customer Experian and Equifax reports.
- Enter loan information into the loan origination system and update the estimated closing dates and file status dates as received.
- Audit Medicaid applications for completeness.
- Process applications for Medicare eligible applicants.
- Submit Medicaid application on a daily basis.
- Input and update student inquiries into PeopleSoft database.
- Track incomplete applications and run a monthly incomplete application reports.
- Maintain communication between Medicare field sales representatives and Medicare enrollment department.
Application processor skills and personality traits
We calculated that 32% of Application Processors are proficient in Data Entry, Loan Applications, and Application Processing. They’re also known for soft skills such as Math skills, Communication skills, and Organizational skills.
We break down the percentage of Application Processors that have these skills listed on their resume here:
- Data Entry, 32%
Worked in applications processing doing data entry of new business applications and processing suitability cases.
- Loan Applications, 9%
Reviewed validity of student loan application supporting documents and cross checked information provided on loan application.
- Application Processing, 8%
Meet application processing deadlines in a fast-paced and demanding work environment.
- Medicaid, 6%
Provided administrative support to Medicaid and Medicare Eligibility.
- Customer Accounts, 5%
Research customer accounts to determine proper customer and invoice application.
- Origination, 4%
Entered loan information into the loan origination system and updated the estimated closing dates and filed status dates as received.
Common skills that an application processor uses to do their job include "data entry," "loan applications," and "application processing." You can find details on the most important application processor responsibilities below.
Math skills. One of the key soft skills for an application processor to have is math skills. You can see how this relates to what application processors do because "the job duties of financial clerks includes calculating charges and updating financial records." Additionally, an application processor resume shows how application processors use math skills: "performed data entry accurately, trained and monitored employees to ensure essential work duties are performed, ability to calculate mathematics. "
Communication skills. Another essential skill to perform application processor duties is communication skills. Application processors responsibilities require that "financial clerks should be able to explain policies and procedures to colleagues and customers." Application processors also use communication skills in their role according to a real resume snippet: "identify gaps in application processing and initiated corrective actions, excellent oral and written communication, and excellent project management skill. "
Organizational skills. application processors are also known for organizational skills, which are critical to their duties. You can see how this skill relates to application processor responsibilities, because "financial clerks must be able to arrange files so they can find them quickly and efficiently." An application processor resume example shows how organizational skills is used in the workplace: "processed payroll and organizational changes in sap and managed divisional benefits open enrollment. "
The three companies that hire the most application processors are:
- 84 Lumber3 application processors jobs
- Zions Ban
2 application processors jobs
- ConcordRENTS2 application processors jobs
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Compare different application processors
Application processor vs. Mortgage service specialist
A Mortgage Service Specialist is an expert in mortgage administrative aspects. They review and verify loan application information, file borrower information, and process paperwork with the lending bank. They also authorize and recommend personal and commercial loans for approval. Math skills are necessary for this job for accuracy in calculating both the principal and interest amounts. They should also develop skills in handling transactions, foreclosing loans, communication, attention to detail, and customer service.
While similarities exist, there are also some differences between application processors and mortgage service specialist. For instance, application processor responsibilities require skills such as "data entry," "loan applications," "application processing," and "medicaid." Whereas a mortgage service specialist is skilled in "mortgage loans," "customer service," "escrow analysis," and "foreclosure process." This is part of what separates the two careers.
Mortgage service specialists tend to make the most money working in the finance industry, where they earn an average salary of $37,778. In contrast, application processors make the biggest average salary, $36,099, in the manufacturing industry.On average, mortgage service specialists reach similar levels of education than application processors. Mortgage service specialists are 0.5% more likely to earn a Master's Degree and 0.2% less likely to graduate with a Doctoral Degree.Application processor vs. Loan servicing specialist
A loan servicing specialist is an individual who reviews, authorizes, and recommends commercial and personal loans for approval. It is the loan officer who meets with their applicants to identify their creditworthiness. Typically, they work at credit unions, commercial banks, mortgage companies, and financial institutions. They ensure operational risk controls, regulatory policies and standards, and compliance. Among the skills necessary for the job include customer service and relations, leadership, analytical skills, and communication skills.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that application processor responsibilities requires skills like "data entry," "application processing," "medicaid," and "origination." But a loan servicing specialist might use other skills in their typical duties, such as, "loan modifications," "customer service," "foreclosure process," and "real estate."
Loan servicing specialists earn a higher average salary than application processors. But loan servicing specialists earn the highest pay in the finance industry, with an average salary of $59,466. Additionally, application processors earn the highest salaries in the manufacturing with average pay of $36,099 annually.Average education levels between the two professions vary. Loan servicing specialists tend to reach similar levels of education than application processors. In fact, they're 0.5% more likely to graduate with a Master's Degree and 0.2% less likely to earn a Doctoral Degree.Application processor vs. Mortgage loan specialist
Also called a loan officer, a mortgage loan specialist assists clients in finding the appropriate financial aid for homes and other properties. Mortgage loan specialists look for new applicants, secure the right loans, assist with the documentation, and supervise the financing process. They collect and review the financial information of their clients for loan grant eligibility. It is important that they develop skills in financial processes, customer service, time management, and communication.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, an application processor is likely to be skilled in "data entry," "loan applications," "application processing," and "medicaid," while a typical mortgage loan specialist is skilled in "customer service," "fha," "escrow accounts," and "underwriting approval."
Mortgage loan specialists earn the best pay in the finance industry, where they command an average salary of $41,530. Application processors earn the highest pay from the manufacturing industry, with an average salary of $36,099.mortgage loan specialists typically earn similar educational levels compared to application processors. Specifically, they're 0.7% more likely to graduate with a Master's Degree, and 0.1% more likely to earn a Doctoral Degree.Application processor vs. Mortgage specialist
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
Even though a few skill sets overlap between application processors and mortgage specialists, there are some differences that are important to note. For one, an application processor might have more use for skills like "data entry," "application processing," "medicaid," and "customer accounts." Meanwhile, some responsibilities of mortgage specialists require skills like "customer service," "residential mortgage loans," "fha," and "va."
In general, mortgage specialists earn the most working in the finance industry, with an average salary of $41,888. The highest-paying industry for an application processor is the manufacturing industry.mortgage specialists reach similar levels of education compared to application processors, in general. The difference is that they're 1.8% more likely to earn a Master's Degree, and 0.1% less likely to graduate with a Doctoral Degree.Types of application processor
Updated January 8, 2025
