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Become A Mortgage Processor

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Working As A Mortgage 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 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 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 Processor?

Mortgage Processor Jobs

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Mortgage Processor Career Paths

Mortgage Processor
Service Specialist Account Manager Property Manager
Asset Manager
7 Yearsyrs
Operations Manager Sales Consultant Leasing Consultant
Assistant Community Manager
5 Yearsyrs
Operations Specialist Operation Supervisor Team Manager
Assistant Vice President Operations
8 Yearsyrs
Mortgage Loan Processor Underwriter Auditor
Audit Manager
6 Yearsyrs
Senior Loan Processor Service Specialist Personal Banker
Banking Center Manager
5 Yearsyrs
Service Specialist Personal Banker Branch Manager
Branch Sales Manager
6 Yearsyrs
Credit Analyst Mortgage Loan Processor Senior Loan Processor
Client Relations Manager
6 Yearsyrs
Loan Closer Office Manager Property Manager
Commercial Property Manager
7 Yearsyrs
Loan Closer Underwriter Senior Credit Analyst
Credit Manager
5 Yearsyrs
Mortgage Loan Processor Loan Officer Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Closing Coordinator Closer Closing Manager
Mutual Fund Manager
6 Yearsyrs
Senior Loan Processor Office Manager Payroll Specialist
Payroll Manager
8 Yearsyrs
Operations Manager Human Resources Manager Production Manager
Processing Manager
7 Yearsyrs
Credit Analyst Property Manager Real Estate Broker
Real Estate Management Specialist
7 Yearsyrs
Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Underwriter Assistant Vice President
Vice President And Manager
10 Yearsyrs
Mortgage Underwriter Senior Underwriter Assistant Vice President
Vice President Operation Manager
10 Yearsyrs
Operations Specialist Loan Specialist Loan Servicing Specialist
Work Director
5 Yearsyrs
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Do you work as a Mortgage Processor?

Help others decide if this is a good career for them

Average Length of Employment
Mortgage Processor 3.0 years
Loan Closer 3.0 years
Loan Coordinator 2.5 years
Loan Processor 2.5 years
Title Processor 2.4 years
Mortgage Counselor 2.3 years
Junior Underwriter 2.2 years
Processor 2.0 years
Mortgage Assistant 1.8 years
Junior Processor 1.8 years
Top Employers Before
Teller 6.6%
Processor 5.4%
Specialist 2.4%
Top Employers After
Underwriter 12.0%
Processor 5.9%
Specialist 2.5%

Do you work as a Mortgage Processor?

Mortgage Processor Demographics

Gender

Female

74.2%

Male

24.2%

Unknown

1.6%
Ethnicity

White

62.7%

Hispanic or Latino

15.8%

Black or African American

11.5%

Asian

6.5%

Unknown

3.5%
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Languages Spoken

Spanish

61.2%

French

6.9%

Russian

3.4%

Portuguese

3.4%

German

3.4%

Hindi

2.6%

Italian

2.6%

Korean

1.7%

Bulgarian

1.7%

Carrier

1.7%

Chinese

1.7%

Polish

1.7%

Arabic

1.7%

Vietnamese

0.9%

Marathi

0.9%

Mandarin

0.9%

Tamil

0.9%

Kurdish

0.9%

Filipino

0.9%

Dakota

0.9%
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Mortgage Processor Education

Schools

University of Phoenix

24.1%

Ashford University

5.4%

Southern New Hampshire University

5.4%

Kaplan University

5.1%

University of Texas at San Antonio

4.3%

Northern Virginia Community College

4.3%

Central Piedmont Community College

3.9%

University of Maryland - University College

3.9%

State University of New York Buffalo

3.9%

Nassau Community College

3.9%

West Virginia University

3.9%

Liberty University

3.9%

Strayer University

3.9%

Community College of Allegheny County

3.9%

Mesa Community College - Boswell

3.5%

State University of New York College at Buffalo

3.5%

Virginia Commonwealth University

3.5%

University of West Florida

3.5%

Arizona State University

3.1%

Temple University

3.1%
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Majors

Business

36.5%

Accounting

9.4%

Finance

7.8%

Legal Support Services

4.2%

Psychology

4.1%

Marketing

3.6%

Management

3.5%

Criminal Justice

3.3%

Real Estate

3.2%

Health Care Administration

3.1%

Communication

3.0%

General Studies

2.9%

Education

2.2%

Liberal Arts

2.2%

Human Resources Management

2.2%

Political Science

2.0%

Computer Science

1.7%

Nursing

1.7%

History

1.7%

Economics

1.6%
Show More
Degrees

Bachelors

38.6%

Other

31.8%

Associate

13.3%

Masters

7.9%

Certificate

4.7%

Diploma

2.0%

License

1.0%

Doctorate

0.7%
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How Would You Rate The Salary Of a Mortgage Processor?

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Top Skills for A Mortgage 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:
  • Reviewed residential loan applications for accuracy and conformity to organizational and governmental underwriting guidelines.
  • Ordered and reviewed title and appraisals; provided administrative and clerical support to mortgage servicing, underwriting and management.
  • Processed conventional, FHA, and VA loans Reviewing and analyzing customer information from 1003 to assure it is accurate.
  • Access, retrieve and examine foreclosed, refinanced mortgage documentation for underwriting, compliance approval purposes
  • Evaluated loan documentation, calculated income, reviewed assets, analyzed liabilities and cleared conditions per delegated authority.

How Would You Rate Working As a Mortgage Processor?

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

Top Mortgage Processor Employers

Jobs From Top Mortgage Processor Employers

Mortgage Processor Videos

21-Days to Better Loan Processing: Day 2

Day In The Life- Mortgage Processor- National

day in the life of a loan processor

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