Q: 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.

Q: 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.

Q: Do mortgage loan processors make commission?

Yes, mortgage loan processors can make commissions. It is dependent on their employer. Some employers may offer the option of being paid per loan funded or offer a base salary plus a bonus for a certain number of loans funded per month.

Q: 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.

Q: Is a mortgage processor a hard job?

Yes, being a mortgage processor can be a hard job. As a mortgage processor, you are essentially checking applications to make sure everything is in order with all the necessary paperwork before sending it off to an underwriter.

Question 1

How to become a mortgage loan processor with no experience?

Accepted Answer

To become a mortgage loan processor with no experience,you need to first gain relevant knowledge through education in finance or a related field, and then acquire an entry-level job in the banking or mortgage industry to gain practical experience.

Question 2

Do you need a license to be a mortgage processor?

Accepted Answer

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.

Question 3

How much does the average loan processor make?

Accepted Answer

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.

Question 4

Is it hard to be a mortgage loan processor?

Accepted Answer

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.

Question 5

What does a processor do in a mortgage loan?

Accepted Answer

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.

Question 6

Do mortgage loan processors make commission?

Accepted Answer

Yes, mortgage loan processors can make commissions. It is dependent on their employer.

Some employers may offer the option of being paid per loan funded or offer a base salary plus a bonus for a certain number of loans funded per month.

Question 7

Are mortgage loan processors in demand?

Accepted Answer

Yes, mortgage loan processors are generally in demand due to the demand for other similar occupations in the field, such as loan officers and underwriters.

With low rates due to the pandemic, more borrowers are looking to refinance or buy homes. This has created a sharp demand for those working in occupations relating to the loan process, such as loan officers and underwriters.

Question 8

Do loan processors make good money?

Accepted Answer

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.

Question 9

How much do mortgage loan processors make?

Accepted Answer

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.

Question 10

Is a mortgage processor a hard job?

Accepted Answer

Yes, being a mortgage processor can be a hard job. As a mortgage processor, you are essentially checking applications to make sure everything is in order with all the necessary paperwork before sending it off to an underwriter.

Question 11

Is mortgage loan processor a good job?

Accepted Answer

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.

Question 12

Is a mortgage processor the same as a loan processor?

Accepted Answer

Yes, a mortgage processor is the same as a loan processor. A mortgage is a type of loan, and a mortgage processor specializes in processing mortgage loans.

A mortgage is a loan you get from a lender to finance a home purchase. It's essentially just an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you've borrowed. The home is used as collateral.

Question 13

What should I put on my resume for a loan processor job?

Accepted Answer

You should put skills and qualifications that highlight your financial documentation abilities and positive client interaction on your resume for a loan processor job. As a loan processor, you understand that the devil is in the details. Consider your resume to be no different.

Question 14

What is a consumer finance company?

Accepted Answer

A consumer finance company is a company that engages primarily in making personal loans to consumers. They are often used by people who are having difficulty securing a loan from a bank for a variety of reasons.

Question 15

What professional evaluates a mortgage loan?

Accepted Answer

The professional that evaluates a mortgage loan is called a mortgage underwriter. Mortgage underwriters collect, verify, and evaluate the financial information that clients provide on their loan applications. They also often utilize loan underwriting software to produce recommendations.

Frequently asked questions about mortgage loan processors

Questions about becoming a mortgage loan processor