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Become A Senior Loan Processor

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Working As A Senior Loan 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

  • $37,710

    Average Salary

What Does A Senior Loan 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 Senior Loan 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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Senior Loan Processor jobs

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Senior Loan Processor Career Paths

Senior Loan Processor
Loss Mitigation Specialist Loan Processor Accounts Payable Clerk
Account Payables Analyst
6 Yearsyrs
Branch Manager Account Manager Billing Specialist
Accounts Receivable Manager
6 Yearsyrs
Operations Manager Account Executive Office Manager
Administrative Manager
6 Yearsyrs
Processing Manager General Manager Property Manager
Asset Manager
7 Yearsyrs
Loss Mitigation Specialist Mortgage Loan Processor Loan Officer
Branch Manager/Loan Officer
5 Yearsyrs
Mortgage Consultant Service Specialist Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Service Specialist Personal Banker Office Manager
Business Office Manager
8 Yearsyrs
Underwriter Assistant Vice President Vice President
Chief Finance Officer
12 Yearsyrs
Auditor Service Representative Client Service Specialist
Client Relations Manager
6 Yearsyrs
Branch Manager Credit Analyst Credit Manager
Collections Manager
5 Yearsyrs
Junior Underwriter Underwriter Assistant Vice President
Credit Officer
5 Yearsyrs
Operations Manager Human Resources Coordinator Payroll Specialist
Payroll Manager
7 Yearsyrs
Senior Underwriter Account Executive Realtor
Property Management Specialist
6 Yearsyrs
Mortgage Consultant Loss Mitigation Specialist Foreclosure Specialist
Property Preservation Specialist
6 Yearsyrs
Service Specialist Operations Specialist Operations Manager
Regional Operation Manager
9 Yearsyrs
Senior Underwriter Assistant Vice President Human Resources Coordinator
Senior Manager
10 Yearsyrs
Processing Manager Operations Manager Equipment Operator
Service Supervisor
6 Yearsyrs
Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Analyst Human Resources Coordinator Senior Recruiter
Vending Manager
7 Yearsyrs
Mortgage Underwriter Senior Underwriter Assistant Vice President
Vice President Operation Manager
9 Yearsyrs
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Average Length of Employment
Senior Underwriter 4.4 years
Loan Supervisor 3.7 years
Underwriter 3.3 years
Loan Manager 3.1 years
Loan Closer 3.0 years
Loan Officer 3.0 years
Loan Processor 2.6 years
Loan Coordinator 2.5 years
Mortgage Processor 2.5 years
Loan Assistant 2.5 years
Loan Analyst 2.4 years
Loan Specialist 2.3 years
Loan Auditor 2.2 years
Junior Underwriter 2.2 years
Processor 2.0 years
Junior Processor 1.8 years
Top Employers Before
Processor 7.1%
Top Employers After
Underwriter 14.3%
Processor 4.5%

Senior Loan Processor Demographics

Gender

Female

73.5%

Male

24.6%

Unknown

1.8%
Ethnicity

White

76.3%

Hispanic or Latino

13.1%

Asian

8.3%

Unknown

1.8%

Black or African American

0.6%
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Languages Spoken

Spanish

60.9%

French

4.1%

Arabic

4.1%

Italian

3.6%

Russian

3.0%

Hindi

2.5%

Carrier

2.5%

Vietnamese

2.0%

Mandarin

2.0%

Chinese

2.0%

German

2.0%

Cantonese

2.0%

Korean

1.5%

Portuguese

1.5%

Romanian

1.0%

Tagalog

1.0%

Greek

1.0%

Japanese

1.0%

Urdu

1.0%

Polish

1.0%
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Senior Loan Processor Education

Schools

University of Phoenix

25.6%

Kaplan University

5.8%

Arizona State University

5.3%

Florida State College at Jacksonville

5.3%

Orange Coast College

4.6%

Columbus State Community College

4.3%

Southern New Hampshire University

4.3%

Strayer University

4.3%

University of North Texas

4.1%

Northern Virginia Community College

4.1%

Ohio State University

3.6%

Fullerton College

3.6%

Ashford University

3.4%

University of Houston

3.4%

American InterContinental University

3.1%

Cuyahoga Community College

3.1%

Cerritos College

3.1%

University of North Florida

2.9%

University of Washington

2.9%

Liberty University

2.9%
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Majors

Business

39.1%

Accounting

8.5%

Finance

7.7%

Management

4.0%

Real Estate

3.9%

Legal Support Services

3.3%

Health Care Administration

3.3%

Psychology

3.2%

Criminal Justice

3.0%

General Studies

2.7%

Education

2.7%

Marketing

2.5%

Liberal Arts

2.5%

Computer Science

2.4%

Communication

2.1%

English

2.1%

Human Resources Management

1.9%

Political Science

1.9%

Nursing

1.8%

Economics

1.5%
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Degrees

Other

34.1%

Bachelors

32.9%

Associate

13.2%

Masters

10.6%

Certificate

5.5%

Diploma

1.7%

Doctorate

1.2%

License

0.8%
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Top Skills for A Senior Loan Processor

LoanOfficersAppraisalsBorrowersFha/VaCalculateIncomePipelineEnsureComplianceLoanApplicationsCreditReportsMortgageLoansCustomerServiceLoanDocumentsTitleCompaniesLoanFilesEscrowAgentsProcessLoansLendersUnderwritingGuidelinesRealEstateAgentsDu/LP

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Top Senior Loan Processor Skills

  1. Loan Officers
  2. Appraisals
  3. Borrowers
You can check out examples of real life uses of top skills on resumes here:
  • Managed loan pipeline daily to prioritize tasks and provide loan updates to loan officers and customers.
  • Audit loan origination files, order necessary appraisals, title, and credit documents.
  • Worked closely with borrowers to ensure proper and accurate loan documentation was received for underwriting review.
  • Received designation to underwrite FHA/VA LP Accept loans.
  • Prepare and calculate income and assets thoroughly before submission to underwriting.

Top Senior Loan Processor Employers

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Senior Loan Processor Videos

21-Days to Better Loan Processing: Day 2

What does the mortgage loan processor do?

day in the life of a loan processor

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