1. University of Pennsylvania
Philadelphia, PA • Private
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.
There are certain skills that many loan processors have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed communication skills, math skills and organizational skills.
If you're interested in becoming a loan processor, one of the first things to consider is how much education you need. We've determined that 46.4% of loan processors have a bachelor's degree. In terms of higher education levels, we found that 3.9% of loan processors have master's degrees. Even though most loan processors have a college degree, it's possible to become one with only a high school degree or GED.
As you move along in your career, you may start taking on more responsibilities or notice that you've taken on a leadership role. Using our career map, a loan processor can determine their career goals through the career progression. For example, they could start out with a role such as loan officer, progress to a title such as account executive and then eventually end up with the title business office manager.
What Am I Worth?
The role of a loan processor includes a wide range of responsibilities. These responsibilities can vary based on an individual's specific job, company, or industry.Here are some general loan processor responsibilities:
There are several types of loan processor, including:
Processing... Processing... Processing... Yep. You guessed it. As a processor, you'll have to do a lot of processing. Now, what you'll be processing will depend on what industry you're in. As an order entry processor, the main responsibility of your job will be making sure clients and customers are taken care of. That includes taking orders and making sure those orders are filled. But as a loan processor, your roles will be completely different. This just means you have plenty of room for job opportunities. Really the sky is the limit when it comes to a career as a processor.
For the most part, you'll only need a high school diploma to dip your toe in the processing pool of possibilities. Once you have the job, most employers will require you to go through on-the-job training. A big part of being a processor is being able to process the customers' emotions, as you always want them to keep coming back. That's just good business.
If you want to be in charge of whether people are issued loans or not, then becoming a loan officer is a great place to start. Most generally, your day will consist of evaluating, authorize and even recommending approval for people or businesses that have submitted a loan application.
While movies generally paint loan officers in a bad light, these people are just doing their jobs. The majority of the time, the people asking for a loan don't even qualify. For the most part, loan officers work in banks and other financial institutions. And it's recommended that you earn a bachelor's degree. But the majority of your education will come from learning on-the-job. You'll be turning loans down left and right after no time!
A mortgage loan processor collects and collates all information needed to approve a loan and makes informed decisions concerning an application, inputs that information into the lenders IT systems, verifies information through documents you supply, and makes third party checks with credit bureaus, employer, accountants, and so on. They order an appraisal of the home, obtain title insurance, ensure the compliance of your case with regulatory requirements and internal policies, order the final loan documents, ensure the loan stays on track to close on time, and schedule appointments for closing.
To fit into this role, you need to have an understanding of loan underwriting and processing procedures, knowledge of legislation and best practices, proficiency in mortgage loan computer software, outstanding communication and customer service skills, and well organized and able to handle pressure.
A bachelor's degree in business, accounting, or finance is required for this position. Their salary averages $41,241 a year, that's $19.83 an hour. However, they can earn anywhere between $33,000 and $50,000. The career will grow by 8% and create 72,100 new jobs between 2018 and 2028.
Mouse over a state to see the number of active loan processor jobs in each state. The darker areas on the map show where loan processors earn the highest salaries across all 50 states.
|Rank||State||Number of Jobs||Average Salary|
High School Diploma
Philadelphia, PA • Private
Evanston, IL • Private
Los Angeles, CA • Private
Vestal, NY • Private
Villanova, PA • Private
San Diego, CA • Private
Waltham, MA • Private
Boston, MA • Private
Stony Brook, NY • Private
New York, NY • Private
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 22.1% of loan processors listed loan applications on their resume, but soft skills such as communication skills and math skills are important as well.
Zippia allows you to choose from different easy-to-use Loan Processor templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Loan Processor resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
After extensive research and analysis, Zippia's data science team found that:
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Some places are better than others when it comes to starting a career as a loan processor. The best states for people in this position are West Virginia, California, New Jersey, and Maryland. Loan processors make the most in West Virginia with an average salary of $49,167. Whereas in California and New Jersey, they would average $45,801 and $44,973, respectively. While loan processors would only make an average of $44,665 in Maryland, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.
3. New Jersey
We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ loan processors and discovered their number of loan processor opportunities and average salary. Through our research, we concluded that Wells Fargo was the best, especially with an average salary of $39,230. Bank of America follows up with an average salary of $39,837, and then comes JPMorgan Chase & Co. with an average of $48,778. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a loan processor. The employers include Univ. Of Texas Cancer Ctr., Ultimate Staffing, and Consumers Credit Union
|Rank||Company||Average Salary||Hourly Rate||Job Openings|
|2||JPMorgan Chase & Co.||$48,778||$23.45||482|
|7||Bank of America||$39,837||$19.15||858|
|9||Urban Lending Solutions||$39,042||$18.77||73|
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.
Yes, loan processors make good money. A loan processor's average annual salary is $41,782 or $20.09 per hour.
On the lower end of the salary range, you may only make around $33,000, usually for entry-level positions. On the higher end, you can make around $52,000. Senior-level positions can earn you an average salary of $61,300 or more compared to mid-level positions of $45,000.
The average loan processor makes $18.64/hr ($44,742 a year). However, this can range from as low as $14.53/hr ($34,000 annually) to as high as $24.91/hr ($59,000 a year). Factors such as experience and location impact how much a loan processor can make.
Yes, being a loan processor is a good career. This career is a good fit for people who want to work in the finance and banking industries and make a reasonably good salary with room to advance in the role.
Yes, being a loan processor can be a stressful job. This job can be stressful due to the many variables influencing your decisions.
While the mortgage underwriter considers the layers of risk involved in the borrower's credit profile, the loan processor must verify all the information and documentation that the potential borrower submits. They ensure that everything submitted is accurate and all necessary appraisals and inspections have been completed.
No, it's not hard to be a loan processor. However, it can be a stressful job at times. Although you need to have specific skills to work as a loan processor, it does not require formal educational training.
A loan processor is a professional who reviews and processes loan applications, while a loan officer is someone who works for a bank or credit union and offers loans.
A loan processor works for a bank or other financial institution to review loan applications and submit them to underwriters for final review. They play a crucial role in guiding a client's loan to the closing table.