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.
There is more than meets the eye when it comes to being a mortgage loan processor. For example, did you know that they make an average of $20.09 an hour? That's $41,782 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 mortgage 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 mortgage loan processor, we found that a lot of resumes listed 19.4% of mortgage loan processors included customer service, while 19.3% of resumes included loan portfolio, and 6.4% of resumes included title companies. 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 mortgage loan processor job title. But what industry to start with? Most mortgage loan processors actually find jobs in the finance and professional industries.
If you're interested in becoming a mortgage loan processor, one of the first things to consider is how much education you need. We've determined that 40.7% of mortgage loan processors have a bachelor's degree. In terms of higher education levels, we found that 3.1% of mortgage loan processors have master's degrees. Even though some mortgage 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 mortgage loan processor. When we researched the most common majors for a mortgage loan processor, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on mortgage loan processor resumes include high school diploma degrees or master's degree degrees.
You may find that experience in other jobs will help you become a mortgage loan processor. In fact, many mortgage loan processor jobs require experience in a role such as loan processor. Meanwhile, many mortgage loan processors also have previous career experience in roles such as customer service representative or loan officer.