If your loans are opened or closed in a timely fashion, you should thank the mortgage processors. They receive all the paperwork after the rest of the mortgage team processes it. All the mortgage processes are run efficiently and smoothly due to their hard work and dedication.
They are an essential part of the mortgage team. Their main goal is to gather crucial documents and verify them before forwarding the application. Evaluation and compilation of application details for mortgage loans fall under their responsibilities. Moreover, once loan officers recommend the loan application for acceptance in the context of workflow, they take over the process.
A high school diploma will do the job for you, but a bachelor's degree in business or finance is preferred. By working at mortgage companies, banks, financial institutions, brokerage firms, or realty companies, you earn around $18.49 per hour. They work Monday to Friday during regular business hours.
There is more than meets the eye when it comes to being a mortgage processor. For example, did you know that they make an average of $19.32 an hour? That's $40,193 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 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.
When it comes to the most important skills required to be a mortgage processor, we found that a lot of resumes listed 23.8% of mortgage processors included loan portfolio, while 18.3% of resumes included customer service, and 7.3% of resumes included underwriting guidelines. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the mortgage processor job title. But what industry to start with? Most mortgage processors actually find jobs in the finance and professional industries.
If you're interested in becoming a mortgage processor, one of the first things to consider is how much education you need. We've determined that 39.3% of mortgage processors have a bachelor's degree. In terms of higher education levels, we found that 6.6% of mortgage processors have master's degrees. Even though some mortgage 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 processor. When we researched the most common majors for a mortgage processor, we found that they most commonly earn bachelor's degree degrees or high school diploma degrees. Other degrees that we often see on mortgage processor resumes include associate degree degrees or master's degree degrees.
You may find that experience in other jobs will help you become a mortgage processor. In fact, many mortgage processor jobs require experience in a role such as customer service representative. Meanwhile, many mortgage processors also have previous career experience in roles such as loan processor or administrative assistant.