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.
How to Become a Mortgage Loan Processor
What is a Mortgage Loan Processor
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 $19.79 an hour? That's $41,167 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.
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 50.4% of Mortgage Loan Processors have a bachelor's degree. In terms of higher education levels, we found that 4.0% of Mortgage Loan Processors have master's degrees. Even though most 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.
What is the right job for my career path?
Tell us your goals and we'll match you with the right jobs to get there.
And if you’re looking for a job, here are the five top employers hiring now:
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.
Mortgage Loan Processor Jobs You Might Like
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
Calculate your salary
Use Zippia's Salary Calculator to see how your pay matches up.
12 Mortgage Loan Processor Resume Examples
Build a professional mortgage loan processor resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 12+ resume templates to create your mortgage loan processor resume.
Ashley Sanchez Mortgage Loan Processor |
Ralph Weaver Mortgage Loan Processor Experience Mortgage Loan Processor2011 - Present Bank of America•New York, NY
Loan Specialist2010 - 2011 TD Bank NA•Bronxville, NY
Mortgage Analyst2009 - 2010 Chubb•Bronxville, NY
Skills Underwriting GuidelinesBorrowersLoan ApplicationsFlood CertificationsTitle CompaniesEnsure ComplianceFederal RegulationsCorporate Financial StatementsFannie MAENmls Education Bachelor's Degree Business2001 - 2004 Monroe College•Bronxville, NY |
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 to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.
View Mortgage Loan Processor Resume Examples And TemplatesAnd if you’re looking for a job, here are the five top employers hiring now:
Choose From 10+ Customizable Mortgage Loan Processor Resume templates
Zippia allows you to choose from different easy-to-use Mortgage Loan Processor templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Mortgage Loan Processor resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
Mortgage Loan Processor Demographics
Mortgage Loan Processor Gender Distribution
After extensive research and analysis, Zippia's data science team found that:
- Among Mortgage Loan Processors, 78.3% of them are women, while 21.7% are men.
- The most common race/ethnicity among Mortgage Loan Processors is White, which makes up 68.2% of all Mortgage Loan Processors.
- The most common foreign language among Mortgage Loan Processors is Spanish at 57.6%.
Find the best Mortgage Loan Processor job for you
Mortgage Loan Processor Jobs You Might Like
- High Paying Mortgage Loan Processor Jobs - $52K and Up
- Work From Home Mortgage Loan Processor Jobs
- Entry Level Mortgage Loan Processor Jobs
- Part Time Mortgage Loan Processor Jobs
- Actively Hiring
- No Degree Mortgage Loan Processor Jobs
Top 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 • Private
5. Villanova University
Villanova, PA • Private
6. San Diego State University
San Diego, CA • Private
7. Bentley University
Waltham, MA • Private
8. Boston University
Boston, MA • Private
9. SUNY Stony Brook
Stony Brook, NY • Private
10. New York University
New York, NY • Private
Find the best Mortgage Loan Processor job for you
Mortgage Loan Processor Jobs You Might Like
- High Paying Mortgage Loan Processor Jobs - $52K and Up
- Work From Home Mortgage Loan Processor Jobs
- Entry Level Mortgage Loan Processor Jobs
- Part Time Mortgage Loan Processor Jobs
- Actively Hiring
- No Degree Mortgage Loan Processor Jobs
Online Courses For Mortgage Loan Processor That You May Like
Finibi Mortgage CEO, Joe Correa, teaches you how to become a mortgage loan processor...
Finibi Mortgage CEO, Joe Correa, teaches you how to take your mortgage loan processor career to the next level...
Learn from the president and CEO of Finibi Mortgage, Joe Correa, how the entire mortgage process works...
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.
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, Connecticut, California, and Delaware. Mortgage Loan Processors make the most in West Virginia with an average salary of $51,442. Whereas in Connecticut and California, they would average $48,490 and $47,798, respectively. While Mortgage Loan Processors would only make an average of $47,672 in Delaware, 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. Rhode Island
$45,575
Avg. Salary
2. Delaware
$47,672
Avg. Salary
3. Arizona
$43,709
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 $42,964. Bank of America follows up with an average salary of $43,006, and then comes JPMorgan Chase & Co. with an average of $44,466. 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 HSBC North America Holdings, USAA, and U.S. Bank
Mortgage Loan Processor Videos
Becoming a Mortgage Loan Processor FAQs
Do loan processors make good money?
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.
Do you need a license to be a mortgage processor?
Yes, you need a license to be a mortgage processor. Most employers require it, although it varies on which one they may ask you to complete.
For example, there is the Certified Master Loan Processor (CMLP) through the National Association of Mortgage Processors (NAMP). On the website, it states that this certification is best for entry-level processors who want to advance their careers. It has seven online training classes and an exam, costing $1,495.
How much do mortgage loan processors make?
Mortgage loan processors make $41,782 in average yearly salary 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 an average salary of $61,300 or more compared to mid-level positions of $45,000.
How much does the average loan processor make?
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.
Is it hard to be a mortgage loan processor?
Yes, it can be hard to be a mortgage loan processor. You are a critical part of the loan approval process. You are essentially checking applications to make sure everything is in order with all the necessary paperwork before sending it off to an underwriter who will approve or deny the loan.
Is mortgage loan processor a good job?
Yes, being a mortgage loan processor is a good job. It has steady employment growth and a generally good salary.
Mortgage loan processors make $41,782 in average yearly salary 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.
What does a processor do in a mortgage loan?
A processor in a mortgage loan prepares an application and ensures proper paperwork and information before giving it to the loan underwriter. A processor is considered a liaison between the borrower and the underwriter.