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.
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.
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.
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.