What does a processor do?
Processors are employees who deal with clients and ensure that the clients' requests are provided. Processors usually handle loans or any other related claims. They are in charge of managing the submission of the clients' rights. They communicate the requirements to clients, schedule appointments, receive requirements submitted by clients, validate the requirements, and endorse further processing and approval requirements. Processors act as the bridge between clients and other institutions. They also communicate the request's status to clients and assist should it be needed after approval.
Processor responsibilities
Here are examples of responsibilities from real processor resumes:
- Manage the project schedule and design the PowerPoint presentation.
- Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
- Coach fellow team members to help attain higher QA and assist with CANDE questions to ensure efficiency.
- Manage the ordering of homeowner's association estoppel letters for payoffs; as well as surveys and clear lien searches.
- Obtain title policies and process title claims to expedite REO closings and obtain clear title to properties in numerous states.
- Mail clerk, stamp, open, count mail and match checks with EOB 's
- Develop job manual for Jr.
- Assist with preparation of evictions.
- Order and update title and HOI.
- Spin and separate blood components by centrifugation.
- Prepare files to be submit to Sr.
- Provide data entry support to hr staff.
- Maintain A/R accounts and ORSOS scheduling system.
- Review EOB'S to ensure proper payment.
- Serve at the point of contact between Sr.
Processor skills and personality traits
We calculated that 19% of Processors are proficient in Data Entry, Customer Service, and Patients. They’re also known for soft skills such as Communication skills, Organizational skills, and Math skills.
We break down the percentage of Processors that have these skills listed on their resume here:
- Data Entry, 19%
Completed accurate data entry into the laboratory database, controlling all specimen requests, customer information and insurance information.
- Customer Service, 18%
Organized stockroom and sales floor -Directed team of employees during merchandise deliveries -Processed incoming merchandise -Provided customer service -Worked closely with management
- Patients, 11%
Process collected specimens complete all requisition forms accurately, to maintain and monitor medication levels of all pain management patients.
- Standard Operating Procedure, 6%
Monitor standard operating procedures to ensure compliance with all standards and regulations staff using corporate-adopted training policies and procedures.
- Strong Customer Service, 5%
Provided strong customer service to ensure compliant and smooth transactions.
- Bank Deposits, 5%
Count and verify contents of individual customer location daily bank deposits into a consolidated deposit.
"data entry," "customer service," and "patients" are among the most common skills that processors use at work. You can find even more processor responsibilities below, including:
Communication skills. One of the key soft skills for a processor to have is communication skills. You can see how this relates to what processors do because "financial clerks should be able to explain policies and procedures to colleagues and customers." Additionally, a processor resume shows how processors use communication skills: "assisted mortgage loan officer with member communication from initial application through closing to ensure a smooth mortgage process. "
Organizational skills. Many processor duties rely on organizational skills. "financial clerks must be able to arrange files so they can find them quickly and efficiently.," so a processor will need this skill often in their role. This resume example is just one of many ways processor responsibilities rely on organizational skills: "use microsoft office, company software, and customer information for data entry, quality control and organizational purposes. "
Math skills. Another skill that relates to the job responsibilities of processors is math skills. This skill is critical to many everyday processor duties, as "the job duties of financial clerks includes calculating charges and updating financial records." This example from a resume shows how this skill is used: "maintained fda logs for monthly statistics and updated internal databases. "
The three companies that hire the most processors are:
- Brink's453 processors jobs
- Biomat Usa, Inc.167 processors jobs
- Grifols109 processors jobs
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Compare different processors
Processor vs. Loan servicing specialist
A loan servicing specialist is an individual who reviews, authorizes, and recommends commercial and personal loans for approval. It is the loan officer who meets with their applicants to identify their creditworthiness. Typically, they work at credit unions, commercial banks, mortgage companies, and financial institutions. They ensure operational risk controls, regulatory policies and standards, and compliance. Among the skills necessary for the job include customer service and relations, leadership, analytical skills, and communication skills.
While similarities exist, there are also some differences between processors and loan servicing specialist. For instance, processor responsibilities require skills such as "data entry," "patients," "standard operating procedure," and "strong customer service." Whereas a loan servicing specialist is skilled in "loan modifications," "foreclosure process," "real estate," and "loss mitigation." This is part of what separates the two careers.
Loan servicing specialists earn the highest salaries when working in the finance industry, with an average yearly salary of $59,466. On the other hand, processors are paid more in the finance industry with an average salary of $35,573.On average, loan servicing specialists reach similar levels of education than processors. Loan servicing specialists are 1.1% more likely to earn a Master's Degree and 0.0% more likely to graduate with a Doctoral Degree.Processor vs. Loan specialist
A loan specialist is in charge of processing loans to make transactions easier for the clients. They usually work in banks, lending firms, and other financial institutions. One of their primary responsibilities is to guide clients to understand what program works best for them, assist in filling out forms, gathering requirements, and verifying authenticity. There are also instances where a loan specialist must discern whether a client can uphold financial obligations using the information collected. Furthermore, it is also their responsibility to produce and submit reports to creditors or lenders.
In addition to the difference in salary, there are some other key differences worth noting. For example, processor responsibilities are more likely to require skills like "data entry," "patients," "standard operating procedure," and "strong customer service." Meanwhile, a loan specialist has duties that require skills in areas such as "financial statements," "escrow," "loan payments," and "loan modifications." These differences highlight just how different the day-to-day in each role looks.
Loan specialists earn a higher average salary than processors. But loan specialists earn the highest pay in the finance industry, with an average salary of $48,154. Additionally, processors earn the highest salaries in the finance with average pay of $35,573 annually.loan specialists earn similar levels of education than processors in general. They're 2.0% more likely to graduate with a Master's Degree and 0.0% more likely to earn a Doctoral Degree.Processor vs. Closing coordinator
In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from processor resumes include skills like "data entry," "patients," "standard operating procedure," and "strong customer service," whereas a closing coordinator is more likely to list skills in "escrow," "hoa," "lender approval," and "open communication. "
Closing coordinators make a very good living in the finance industry with an average annual salary of $45,518. On the other hand, processors are paid the highest salary in the finance industry, with average annual pay of $35,573.When it comes to education, closing coordinators tend to earn similar degree levels compared to processors. In fact, they're 0.3% more likely to earn a Master's Degree, and 0.5% more likely to graduate with a Doctoral Degree.Processor vs. Loan officer/loan processor
A loan processor is a person who does all the processing as well as submitting all the required documents for a loan application. They play an important role in ensuring that the personal information and documents of a client are orderly complied. Also, a loan processor's other tasks include being the bridge or channel between the loan applicant and the loan assessor.
Types of processor
Updated January 8, 2025
