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Become A Mortgage Loan Processor

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Working As A Mortgage Loan Processor

  • Processing Information
  • Interacting With Computers
  • Communicating with Persons Outside Organization
  • Getting Information
  • Performing for or Working Directly with the Public
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Repetitive

  • Stressful

  • $53,000

    Average Salary

What Does A Mortgage Loan Processor Do

Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out financial transactions.

Duties

Financial clerks typically do the following:

  • Keep and update financial records
  • Compute bills and charges
  • Offer customer assistance
  • Carry out financial transactions

Financial clerks give administrative and clerical support in financial settings. Their specific job duties vary by specialty and by setting.

Billing and posting clerks calculate charges, develop bills, and prepare them to be mailed to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to compute fees or charges due. They also contact customers to get or give account information.

Gaming cage workers work in casinos and other gaming establishments. The “cage” in which they work is the central depository for money and gaming chips. Gaming cage workers sell gambling chips, tokens, or tickets to patrons. They count funds and reconcile daily summaries of transactions in order to balance books.

Payroll and timekeeping clerks compile and post employee time and payroll data. They verify and record attendance, hours worked, and pay adjustments. They ensure that employees are paid on time and that their paychecks are accurate.

Procurement clerks compile requests for materials, prepare purchase orders, keep track of purchases and supplies, and handle questions about orders. They respond to questions from customers and suppliers about the status of orders. They handle requests to change or cancel orders. They make sure that purchases arrive on schedule and that the items meet the purchaser’s specifications.

Brokerage clerks help with tasks associated with securities such as stocks, bonds, commodities, and other kinds of investments. Their duties include writing orders for stock purchases and sales, computing transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and keeping records of daily transactions and holdings.

Credit authorizers, checkers, and clerks review the credit history, and get the information needed to determine the creditworthiness, of individuals or businesses applying for credit. Credit authorizers evaluate customers’ computerized credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers call or write credit departments of business and service establishments to get information about applicants’ credit standing.

Loan interviewers, also called loan processors or loan clerks, interview applicants and others to get and verify personal and financial information needed to complete loan applications. They also prepare the documents that go to the appraiser and are issued at the closing of a loan.

New accounts clerks interview people who want to open accounts in financial institutions. They explain the account services available to prospective customers and help them fill out applications. They also investigate and correct errors in accounts.

Insurance claims and policy processing clerks process applications for insurance policies. They also handle customers’ requests to change or cancel their existing policies. Their duties include interviewing clients and reviewing insurance applications to ensure that all questions have been answered. They also notify insurance agents and accounting departments of policy cancellations or changes.

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How To Become A Mortgage Loan Processor

A high school diploma or equivalent is typically required for most financial clerk jobs. These workers usually learn their duties through on-the-job training.

Education

Financial clerks typically need a high school diploma or equivalent to enter the occupation. Employers of brokerage clerks may prefer candidates who have taken some college courses in business or economics and, in some cases, require a 2- or 4-year college degree.

Training

Most financial clerks learn how to do their job duties through on-the-job training. Some formal technical training also may be necessary; for example, gaming cage workers may need training in specific gaming regulations and procedures.

Advancement

Financial clerks can advance to related occupations in finance. For example, a loan interviewer or clerk can become a loan officer, and a brokerage clerk can become a securities, commodities, or financial services sales agent, after obtaining the required education and license.

Important Qualities

Communication skills. Financial clerks should have good communication skills so that they can explain policies and procedures to colleagues and customers.

Math skills. The job duties of financial clerks, including calculating charges and checking credit scores, require basic math skills.

Organizational skills. Strong organizational skills are important for financial clerks because they must be able to find files quickly and efficiently.

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Mortgage Loan Processor Jobs

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Mortgage Loan Processor Career Paths

Mortgage Loan Processor
Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Underwriter Account Manager Vice President
Vice President And Manager
10 Yearsyrs
Underwriter Account Manager
Client Services Manager
7 Yearsyrs
Loan Officer Account Executive Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Loan Officer Account Executive Office Manager
Office Manager Of Human Resources
6 Yearsyrs
Loan Officer Account Executive
Relationship Manager
6 Yearsyrs
Senior Loan Processor Office Manager
Accounts Payable Manager
7 Yearsyrs
Senior Loan Processor Office Manager Property Manager
Portfolio Manager
7 Yearsyrs
Senior Loan Processor Team Leader Property Manager
Asset Manager
7 Yearsyrs
Mortgage Underwriter Team Leader Customer Service Manager
Collections Manager
5 Yearsyrs
Mortgage Underwriter Team Leader Production Manager
Processing Manager
7 Yearsyrs
Mortgage Consultant Senior Loan Officer Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Credit Analyst Senior Credit Analyst
Credit Manager
5 Yearsyrs
Legal Assistant Executive Assistant Assistant Property Manager
Assistant Community Manager
5 Yearsyrs
Legal Assistant Claims Adjuster Claims Manager
Risk Manager
8 Yearsyrs
Mortgage Underwriter Branch Manager Operations Director
Assistant Vice President Operations
8 Yearsyrs
Credit Analyst Assistant Branch Manager Banking Center Manager
Client Manager
6 Yearsyrs
Credit Analyst Account Manager Realtor
Real Estate Management Specialist
7 Yearsyrs
Executive Assistant Property Manager Asset Manager
Vending Manager
7 Yearsyrs
Legal Assistant Bankruptcy Specialist
Property Preservation Specialist
5 Yearsyrs
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Do you work as a Mortgage Loan Processor?

Help others decide if this is a good career for them

Average Length of Employment
Loan Closer 3.2 years
Mortgage Processor 2.7 years
Loan Processor 2.7 years
Loan Coordinator 2.6 years
Loan Assistant 2.6 years
Loan Auditor 2.2 years
Mortgage Analyst 2.0 years
Mortgage Assistant 1.9 years
Loan Reviewer 1.9 years
Junior Processor 1.8 years
Top Careers Before Mortgage Loan Processor
Teller 5.2%
Processor 4.3%
Cashier 3.8%
Specialist 2.5%
Top Careers After Mortgage Loan Processor
Processor 4.0%
Specialist 2.8%
Cashier 2.7%

Do you work as a Mortgage Loan Processor?

Average Yearly Salary
$53,000
View Detailed Salary Report
$27,000
Min 10%
$53,000
Median 50%
$53,000
Median 50%
$53,000
Median 50%
$53,000
Median 50%
$53,000
Median 50%
$53,000
Median 50%
$53,000
Median 50%
$103,000
Max 90%
Best Paying Company
Premier Financial Bancorp, Inc.
Highest Paying City
Roseville, CA
Highest Paying State
Alaska
Avg Experience Level
3.0 years
How much does a Mortgage Loan Processor make at top companies?
The national average salary for a Mortgage Loan Processor in the United States is $53,342 per year or $26 per hour. Those in the bottom 10 percent make under $27,000 a year, and the top 10 percent make over $103,000.

How Would You Rate The Salary Of a Mortgage Loan Processor?

Have you worked as a Mortgage Loan Processor? Help other job seekers by rating your experience as a Mortgage Loan Processor.

Top Skills for A Mortgage Loan Processor

  1. Loan Portfolio
  2. Property Appraisals
  3. Loan Applications
You can check out examples of real life uses of top skills on resumes here:
  • Analyzed loan portfolios and ensured applicants met qualifying criteria.
  • Ordered and analyzed credit reports and property appraisals and reviewed income and asset documentation for loan qualification purposes.
  • Process mortgage loan applications to closing in accordance with conditions of automated underwriting findings and established policies and procedures.
  • Monitor loan policy exceptions and insure proper loan authority is obtained for loan approval according to bank policy and investor requirements.
  • Corresponded with borrowers, title companies/attorneys, appraisers, and various entities pertaining to the loan(s) in question.

Mortgage Loan Processor Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 12,769 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.

Learn How To Create A Top Notch Mortgage Loan Processor Resume

View Resume Examples

Mortgage Loan Processor Demographics

Gender

Female

71.6%

Male

19.6%

Unknown

8.9%
Ethnicity

White

62.6%

Hispanic or Latino

15.3%

Black or African American

12.0%

Asian

6.7%

Unknown

3.3%
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Foreign Languages Spoken

Spanish

57.6%

French

6.3%

Mandarin

5.6%

Portuguese

4.8%

Russian

3.0%

Chinese

3.0%

Cantonese

2.2%

German

2.2%

Urdu

2.2%

Hindi

1.9%

Italian

1.9%

Arabic

1.9%

Carrier

1.5%

Korean

1.1%

Amharic

1.1%

Swahili

0.7%

Ukrainian

0.7%

Vietnamese

0.7%

Bengali

0.7%

Greek

0.7%
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Mortgage Loan Processor Education

Schools

University of Phoenix

28.3%

Strayer University

7.9%

Ashford University

5.9%

Florida State College at Jacksonville

5.9%

Kaplan University

5.6%

Arizona State University

4.4%

Central Piedmont Community College

4.4%

American InterContinental University

3.6%

Eastern Michigan University

3.4%

University of North Florida

3.2%

University of Alabama

3.2%

Southern New Hampshire University

3.1%

University of North Texas

3.0%

Miami Dade College

2.7%

Ohio State University

2.7%

Northern Virginia Community College

2.6%

Grand Canyon University

2.6%

University of Cincinnati

2.5%

University of North Carolina at Charlotte

2.5%

Florida State University

2.5%
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Majors

Business

38.2%

Accounting

9.5%

Finance

8.7%

Psychology

3.8%

Management

3.5%

Real Estate

3.5%

Criminal Justice

3.3%

Marketing

3.2%

Legal Support Services

3.1%

Health Care Administration

3.1%

General Studies

2.9%

Communication

2.9%

Education

2.3%

Liberal Arts

2.3%

Human Resources Management

1.9%

Nursing

1.7%

General Education, Specific Areas

1.7%

Computer Science

1.6%

Political Science

1.6%

Medical Assisting Services

1.5%
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Degrees

Bachelors

37.4%

Other

31.7%

Associate

15.2%

Masters

7.9%

Certificate

4.7%

Diploma

1.8%

License

1.0%

Doctorate

0.4%
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Top Mortgage Loan Processor Employers

Jobs From Top Mortgage Loan Processor Employers

Mortgage Loan Processor Videos

day in the life of a loan processor

The Role of a Mortgage Loan Processesor

21-Days to Better Mortgage Loan Processing -Day 1

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