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 is more than meets the eye when it comes to being a loan processor. For example, did you know that they make an average of $19.41 an hour? That's $40,379 a year!
Between 2018 and 2028, the career is expected to grow 5% and produce 72,100 job opportunities across the U.S.
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.
When it comes to the most important skills required to be a loan processor, we found that a lot of resumes listed 23.0% of loan processors included loan portfolio, while 18.6% of resumes included loan applications, and 14.2% of resumes included customer service. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the loan processor job title. But what industry to start with? Most loan processors actually find jobs in the finance and professional industries.
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 34.8% of loan processors have a bachelor's degree. In terms of higher education levels, we found that 6.2% of loan processors have master's degrees. Even though some loan processors have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a loan processor. When we researched the most common majors for a loan processor, we found that they most commonly earn bachelor's degree degrees or high school diploma degrees. Other degrees that we often see on loan processor resumes include associate degree degrees or master's degree degrees.
You may find that experience in other jobs will help you become a loan processor. In fact, many loan processor jobs require experience in a role such as customer service representative. Meanwhile, many loan processors also have previous career experience in roles such as administrative assistant or cashier.