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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

  • $37,710

    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
Office Manager Accounts Payable Clerk
Account Payables Analyst
6 Yearsyrs
Loan Officer Office Manager Accounts Payable Clerk
Accounts Payable Manager
7 Yearsyrs
Loan Officer Account Executive Office Manager
Administrative Manager
6 Yearsyrs
Mortgage Consultant Sales Consultant Property Manager
Asset Manager
7 Yearsyrs
Account Executive Personal Banker Loan Officer
Branch Manager/Loan Officer
5 Yearsyrs
Mortgage Processor Service Specialist Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Office Manager Accountant Controller
Chief Finance Officer
12 Yearsyrs
Mortgage Consultant Mortgage Processor Senior Loan Processor
Client Relations Manager
6 Yearsyrs
Account Manager Billing Specialist Collector
Collections Manager
5 Yearsyrs
Senior Loan Processor Operations Manager Purchasing Manager
Contracts Manager
9 Yearsyrs
Mortgage Processor Underwriter Assistant Vice President
Credit Officer
5 Yearsyrs
Specialist Accountant Staff Accountant
Payroll Manager
7 Yearsyrs
Legal Assistant Paralegal Foreclosure Specialist
Property Preservation Specialist
6 Yearsyrs
Underwriter Quality Control Operations Manager
Regional Operation Manager
9 Yearsyrs
Accounts Payable Clerk Legal Assistant Executive Assistant
Senior Executive Assistant
7 Yearsyrs
Account Manager District Manager Loan Officer
Senior Loan Processor
6 Yearsyrs
Specialist Material Handler Equipment Operator
Service Supervisor
6 Yearsyrs
Senior Loan Processor Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Mortgage Specialist Branch Manager Senior Recruiter
Vending Manager
7 Yearsyrs
Underwriter Assistant Vice President
Vice President Operation Manager
9 Yearsyrs
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Average Length of Employment
Loan Officer 3.0 years
Loan Closer 3.0 years
Loan Originator 2.8 years
Loan Processor 2.6 years
Loan Coordinator 2.5 years
Loan Assistant 2.5 years
Mortgage Processor 2.5 years
Loan Analyst 2.4 years
Title Processor 2.4 years
Post Closer 2.3 years
Loan Specialist 2.3 years
Loan Auditor 2.2 years
Junior Underwriter 2.2 years
Processor 2.0 years
Mortgage Analyst 1.9 years
Junior Processor 1.8 years
Mortgage Assistant 1.8 years
Top Employers Before
Teller 5.4%
Processor 3.9%
Top Employers After
Processor 3.5%
Specialist 3.1%

Mortgage Loan Processor Demographics

Gender

Female

77.7%

Male

20.4%

Unknown

1.9%
Ethnicity

White

80.5%

Hispanic or Latino

10.8%

Asian

6.4%

Unknown

1.7%

Black or African American

0.6%
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Languages Spoken

Spanish

53.5%

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%

Vietnamese

1.0%

Ukrainian

1.0%

Bengali

1.0%

Hebrew

1.0%

Swahili

0.5%

Samoan

0.5%
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Mortgage Loan Processor Education

Schools

University of Phoenix

25.1%

Strayer University

7.4%

Ashford University

6.3%

Central Piedmont Community College

5.6%

Florida State College at Jacksonville

4.6%

University of North Florida

4.4%

Kaplan University

4.4%

Southern New Hampshire University

4.2%

Eastern Michigan University

3.9%

Liberty University

3.9%

Grand Canyon University

3.7%

University of Alabama

3.5%

American InterContinental University

3.5%

Arizona State University

3.2%

Northern Virginia Community College

3.0%

University of North Texas

2.8%

Florida State University

2.8%

Glendale Community College

2.6%

College of Southern Nevada

2.6%

Saint Petersburg College

2.6%
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Majors

Business

37.3%

Finance

9.2%

Accounting

8.4%

Psychology

4.0%

Management

3.7%

Criminal Justice

3.7%

Real Estate

3.6%

Marketing

3.3%

Communication

3.1%

Legal Support Services

3.0%

Health Care Administration

2.9%

General Studies

2.9%

Liberal Arts

2.8%

Education

2.2%

Human Resources Management

2.1%

General Education, Specific Areas

2.0%

Political Science

1.8%

Economics

1.5%

English

1.4%

Sociology

1.3%
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Degrees

Bachelors

36.5%

Other

33.4%

Associate

14.6%

Masters

8.4%

Certificate

4.3%

Diploma

1.4%

License

1.1%

Doctorate

0.5%
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Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills for A Mortgage Loan Processor

PropertyAppraisalsFha/VaCreditReportsLoanOfficersLoanDocumentsTitleCompaniesLoanProcessMortgageLoanFilesCustomerServiceUnderwritingGuidelinesFannieMAERealEstateAgentsTitleInsuranceInformationFreddieMacDUCompanyPoliciesNecessaryDocumentsLoanApprovalLoanPackagesUsda

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Top Mortgage Loan Processor Skills

  1. Property Appraisals
  2. Fha/Va
  3. Credit Reports
You can check out examples of real life uses of top skills on resumes here:
  • Ordered and analyzed credit reports and property appraisals and reviewed income and asset documentation for loan qualification purposes.
  • Processed Conventional/FHA/VA loans; ordered and reviewed title appraisal and flood certification.
  • Set up of files and order all necessary exhibits for appraisals, credit reports, credit supplements, etc.
  • Noted discrepancies in borrower documentation and communicated problems and issues to Community Bank Loan Officers and Processors as well as Underwriter.
  • Processed loan documents based upon loan approval conditions Appraisal and title orders Member service, loan products and pricing Resume

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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