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Become A Loan Processor

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Working As A Loan Processor

  • Processing Information
  • Interacting With Computers
  • Communicating with Persons Outside Organization
  • Getting Information
  • Performing for or Working Directly with the Public
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Repetitive

  • Stressful

  • $40,530

    Average Salary

What Does A Loan Processor Do

A Loan Processor performs an initial evaluation of potential borrowers through examining their applications. They collect and verify applicants’ personal information and financial records for the loans.

How To Become A Loan Processor

A high school diploma or equivalent is typically required for most financial clerk jobs. These workers usually learn their duties through on-the-job training.

Education

Financial clerks typically need a high school diploma or equivalent to enter the occupation. Employers of brokerage clerks may prefer candidates who have taken some college courses in business or economics and, in some cases, require a 2- or 4-year college degree.

Training

Most financial clerks learn how to do their job duties through on-the-job training. Some formal technical training also may be necessary; for example, gaming cage workers may need training in specific gaming regulations and procedures.

Advancement

Financial clerks can advance to related occupations in finance. For example, a loan interviewer or clerk can become a loan officer, and a brokerage clerk can become a securities, commodities, or financial services sales agent, after obtaining the required education and license.

Important Qualities

Communication skills. Financial clerks should have good communication skills so that they can explain policies and procedures to colleagues and customers.

Math skills. The job duties of financial clerks, including calculating charges and checking credit scores, require basic math skills.

Organizational skills. Strong organizational skills are important for financial clerks because they must be able to find files quickly and efficiently.

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Loan Processor jobs

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Real Loan Processor Salaries

Job Title Company Location Start Date Salary
Loan Processor Metroreal Inc. Saratoga, CA Oct 01, 2012 $46,634
Loan Processor Best Loan Choice, Inc. Columbia, MD Nov 01, 2014 $42,000
Loan Processor Circle Square Group, Inc. Columbia, MD Sep 14, 2013 $42,000
Loan Processor Ivy Mortgage Inc. Bellevue, WA Sep 21, 2013 $42,000
Loan Processor Ivy Mortgage Inc. Fulton, MD Sep 24, 2013 $42,000
Loan Processor Circle Square Group, Inc. Columbia, MD Sep 26, 2013 $42,000
Loan Processor Industrial and Commercial Bank of China (USA) N.A. New York, NY Apr 30, 2016 $40,000
Loan Processor TPI Mortgage Herndon, VA Aug 15, 2008 $38,255
Loan Processor Prysma Lending Group LLC Danbury, CT Sep 24, 2009 $26,004
Loan Processor ACPE Federal Credit Union Laramie, WY Jul 11, 2012 $22,880
Loan Processor ACPE Federal Credit Union Laramie, WY Oct 01, 2012 $22,880
Loan Processor First Capital Group Inc. Miami, FL Dec 07, 2009 $20,870 -
$15
Loan Processor Allegany Co Teachers FCU La Vale, MD Mar 23, 2012 $18,720
Loan Processor Allegany Co Teachers FCU La Vale, MD Mar 28, 2012 $18,720
Loan Processor Allegany Co Teachers FCU La Vale, MD Oct 01, 2012 $18,720

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Top Skills for A Loan Processor

LoanApplicationsPropertyAppraisalsLoanDocumentsCreditReportsMortgageLoansCustomerServiceLoanOfficersFha/VaFinancialStatementsProcessLoansLoanFilesTitleCompaniesLendersRealEstateAgentsEscrowUnderwritingGuidelinesDataEntryLoanPackagesFannieMAELoanApproval

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Top Loan Processor Skills

  1. Loan Applications
  2. Property Appraisals
  3. Loan Documents
You can check out examples of real life uses of top skills on resumes here:
  • Requested and processed proper paperwork needed to approve loan applications.
  • Requested credit reports, property appraisals, background checks, and other pertinent information to loan applicant's evaluation.
  • Assisted in escrow signing loan documents and funding.
  • Prepared residential loan applications for clients and obtained and reviewed credit reports, tax returns, W-2s and 1099s.
  • Receive, analyze, setup, monitor and track to release, government residential mortgage loans.

Top Loan Processor Employers

Loan Processor Videos

Ask the Mortgage Trainer: What Does a Loan Processor Do?

Ask the Mortgage Trainer: How to Train a Loan Processor

Loan Information : Job Descriptions for Loan Processors

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