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.
Mortgage Loan Processor Overview
Mortgage Loan Processor Careers
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.
What Does a Mortgage Loan Processor Do
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.
How To Become a Mortgage Loan Processor
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.
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Mortgage Loan Processor Career Paths
In addition to switching up your job search, it might prove helpful to look at a career path for your specific job. Now, what's a career path you ask? Well, it's practically a map that shows how you might advance from one job title to another. Our career paths are especially detailed with salary changes. So, for example, if you started out with the role of underwriter you might progress to a role such as senior underwriter eventually. Later on in your career, you could end up with the title underwriting manager.
What is the right job for my career path?
Tell us your goals and we'll match you with the rights job to get there.
Average Salary for a Mortgage Loan Processor
Best Paying Cities
Recently Added Salaries
Job TitleCompany  | Company | Start Date | Salary |
|---|---|---|---|
Cordia Mortgage Loan Processor 14096832 Mortgage Loan Processor 14096832 | Cordia Cordia | 03/31/2021 03/31/2021 | $60,00003/31/2021 $60,000 |
Cordia Mortgage Loan Processor 14096790 Mortgage Loan Processor 14096790 | Cordia Cordia | 03/30/2021 03/30/2021 | $60,00003/30/2021 $60,000 |
Aerotek Mortgage Loan Processor Mortgage Loan Processor | Aerotek Aerotek | 03/30/2021 03/30/2021 | $50,00003/30/2021 $50,000 |
Cordia Mortgage Loan Processor 14049966 Mortgage Loan Processor 14049966 | Cordia Cordia | 03/30/2021 03/30/2021 | $60,00003/30/2021 $60,000 |
Wells Fargo Mortgage Loan Processor 4 Mortgage Loan Processor 4 | Wells Fargo Wells Fargo | 03/29/2021 03/29/2021 | $45,60003/29/2021 $45,600 |
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Mortgage Loan Processor Resumes
Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Mortgage Loan Processor. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.
Learn How To Write a Mortgage Loan Processor Resume
At Zippia, we went through countless Mortgage Loan Processor resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.
View Detailed InformationTop Colleges for Mortgage Loan Processors
1. University of Pennsylvania
Philadelphia, PA • Private
2. Northwestern University
Evanston, IL • Private
3. University of Southern California
Los Angeles, CA • Private
4. SUNY at Binghamton
Vestal, NY • Public
5. Villanova University
Villanova, PA • Private
6. San Diego State University
San Diego, CA • Public
7. Bentley University
Waltham, MA • Private
8. Boston University
Boston, MA • Private
9. SUNY Stony Brook
Stony Brook, NY • Public
10. New York University
New York, NY • Private
Top Skills For a Mortgage Loan Processor
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, 19.4% of mortgage loan processors listed customer service on their resume, but soft skills such as communication skills and math skills are important as well.
- Customer Service, 19.4%
- Loan Portfolio, 19.3%
- Title Companies, 6.4%
- Va, 5.3%
- Appraisal Reports, 4.2%
- Other Skills, 45.4% See All Mortgage Loan Processor Skills
Best States For a Mortgage Loan Processor
Some places are better than others when it comes to starting a career as a mortgage loan processor. The best states for people in this position are West Virginia, California, Connecticut, and New Hampshire. Mortgage loan processors make the most in West Virginia with an average salary of $51,155. Whereas in California and Connecticut, they would average $48,377 and $47,704, respectively. While mortgage loan processors would only make an average of $46,577 in New Hampshire, 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.
1. North Dakota
$43,725
Avg. Salary
2. Colorado
$45,896
Avg. Salary
3. West Virginia
$51,155
Avg. Salary
How Do Mortgage Loan Processor Rate Their Jobs?
Top Mortgage Loan Processor Employers
We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ mortgage loan processors and discovered their number of mortgage loan processor opportunities and average salary. Through our research, we concluded that Wells Fargo was the best, especially with an average salary of $37,033. Bank of America follows up with an average salary of $37,012, and then comes JPMorgan Chase with an average of $37,626. 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 mortgage loan processor. The employers include Radian Group, Freedom Mortgage, and U.S. Bank
Mortgage Loan Processor Videos
