Loan processors are the ones who decide if a client is fit for a loan or not. They link customers and financial institutions and facilitate the evaluation of clients' assets and repayment capacities and the approval or decline of their loan requests.
Loan processors work hand in hand with mortgage brokers and loan officers. They manage the paperwork of the candidate and help to submit the documents.
The median yearly salary of a loan processor is $49,352, which is an amount that probably does not accurately reflect the level of stress they have to deal with every day. Keeping up with new regulations, pressing closing dates, constant status update requests are just a few of the things that make this profession challenging.