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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

  • $69,036

    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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Do you work as a Mortgage Loan Processor?

Mortgage Loan Processor Jobs

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Mortgage Loan Processor Career Paths

Mortgage Loan Processor
Senior Loan Processor Office Manager Property Manager
Asset Manager
7 Yearsyrs
Account Manager Sales Consultant Leasing Consultant
Assistant Community Manager
5 Yearsyrs
Underwriter Team Manager
Assistant Vice President Operations
8 Yearsyrs
Mortgage Consultant Sales Consultant Personal Banker
Banking Center Manager
5 Yearsyrs
Office Manager Operations Manager Branch Manager
Branch Sales Manager
6 Yearsyrs
Mortgage Consultant Mortgage Processor Senior Loan Processor
Client Relations Manager
6 Yearsyrs
Legal Assistant Account Manager Client Services Manager
Client Relationship Manager
7 Yearsyrs
Specialist Operations Manager Property Manager
Commercial Property Manager
7 Yearsyrs
Account Manager Bookkeeper Credit Analyst
Credit Manager
5 Yearsyrs
Loan Officer Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Escrow Assistant Closer Closing Manager
Mutual Fund Manager
6 Yearsyrs
Office Manager Payroll Specialist
Payroll Manager
8 Yearsyrs
Specialist Operation Supervisor Production Manager
Processing Manager
7 Yearsyrs
Account Executive Real Estate Agent Real Estate Broker
Real Estate Management Specialist
7 Yearsyrs
Senior Loan Processor Underwriter
Underwriting Manager
8 Yearsyrs
Loan Officer Office Manager Branch Manager
Vice President And Manager
10 Yearsyrs
Underwriter Assistant Vice President Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
Mortgage Loan Specialist Loan Processor Loan Servicing Specialist
Work Director
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 3.0 years
Loan Assistant 2.6 years
Loan Coordinator 2.5 years
Loan Processor 2.5 years
Mortgage Processor 2.5 years
Title Processor 2.4 years
Loan Analyst 2.4 years
Post Closer 2.3 years
Loan Auditor 2.2 years
Junior Processor 1.8 years
Mortgage Assistant 1.8 years
Top Employers Before
Teller 7.0%
Processor 4.4%
Specialist 2.5%
Top Employers After
Processor 4.4%
Specialist 3.0%
Teller 2.5%

Do you work as a Mortgage Loan Processor?

Mortgage Loan Processor Demographics

Gender

Female

77.4%

Male

20.7%

Unknown

1.9%
Ethnicity

White

62.7%

Hispanic or Latino

15.3%

Black or African American

11.8%

Asian

6.7%

Unknown

3.6%
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Foreign Languages Spoken

Spanish

54.0%

French

7.6%

Mandarin

5.1%

Portuguese

4.0%

Russian

3.5%

Chinese

3.5%

Hindi

3.0%

Urdu

3.0%

Italian

2.5%

Korean

2.0%

Carrier

2.0%

Arabic

2.0%

German

1.5%

Amharic

1.5%

Ukrainian

1.0%

Bengali

1.0%

Hebrew

1.0%

Swahili

0.5%

Vietnamese

0.5%

Samoan

0.5%
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Mortgage Loan Processor Education

Schools

University of Phoenix

26.0%

Strayer University

7.3%

Central Piedmont Community College

6.4%

Ashford University

5.9%

University of North Florida

4.6%

Florida State College at Jacksonville

4.6%

Southern New Hampshire University

4.3%

Eastern Michigan University

3.9%

Kaplan University

3.9%

University of Alabama

3.6%

Grand Canyon University

3.6%

Liberty University

3.4%

Arizona State University

3.2%

American InterContinental University

3.2%

Florida State University

3.0%

Northern Virginia Community College

3.0%

University of North Texas

2.7%

Glendale Community College

2.5%

College of Southern Nevada

2.5%

Saint Petersburg College

2.5%
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Majors

Business

37.3%

Finance

9.2%

Accounting

8.4%

Psychology

4.0%

Real Estate

3.7%

Management

3.7%

Criminal Justice

3.5%

Marketing

3.2%

Communication

3.1%

Legal Support Services

3.1%

General Studies

2.9%

Health Care Administration

2.9%

Liberal Arts

2.9%

Education

2.2%

Human Resources Management

2.0%

General Education, Specific Areas

1.9%

Political Science

1.8%

Economics

1.5%

English

1.4%

Computer Science

1.4%
Show More
Degrees

Bachelors

36.3%

Other

33.3%

Associate

14.8%

Masters

8.3%

Certificate

4.4%

Diploma

1.4%

License

1.1%

Doctorate

0.5%
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How Would You Rate The Salary Of a Mortgage Loan Processor?

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Top Skills for A Mortgage Loan Processor

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  1. Loan Applications
  2. Appraisals
  3. FHA
You can check out examples of real life uses of top skills on resumes here:
  • Processed mortgage loan applications and ensured the accuracy of all consumer loan documentation necessary for loan approval and closing.
  • Order appraisals and review property reports for completeness and compliance with the minimum organizational appraisal standards.
  • Prepared and processed mortgage loan records, files and correspondence from application through approval; conventional, FHA and VA loans.
  • Utilize all available tools and technology to document customer files within established procedures.
  • Corresponded with borrowers, title companies/attorneys, appraisers, and various entities pertaining to the loan(s) in question.

How Would You Rate Working As a Mortgage Loan Processor?

Are you working as a Mortgage Loan Processor? Help us rate Mortgage Loan Processor as a Career.

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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