1. University of Pennsylvania
Philadelphia, PA • Private
Senior loan processors work in financial institutions. Their job is to solicit, negotiate and coordinate consumer and commercial loans. Their duties include verifying documents, boarding various loan types, supervising billings, ensuring loan maintenance, and collecting insurance information. You must ensure that all required documentation for loans is complete and accurate. You might be required to underwrite requirements for FNMA, FHLMC, FHA, local bonding programs, and private investors. You must also monitor and ensure compliance with regulatory and secondary market guidelines with FNMA, FHLMC, VA, FHA investors, and PMI loans. You must be able to relate with people from diverse backgrounds as you will have the privilege of meeting a wide array of people.
You need skills like loan portfolio, customer service, loan application, VA, as well as great interpersonal and detail-oriented skills. Senior loan processors commonly study business, accounting, or finance. They make an average salary of $29.69 per hour and $61,754 annually.
There are certain skills that many senior loan 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 detail oriented, initiative and interpersonal skills.
If you're interested in becoming a senior loan processor, one of the first things to consider is how much education you need. We've determined that 50.3% of senior loan processors have a bachelor's degree. In terms of higher education levels, we found that 4.1% of senior loan processors have master's degrees. Even though most senior loan processors have a college degree, it's possible to become one with only a high school degree or GED.
As you move along in your career, you may start taking on more responsibilities or notice that you've taken on a leadership role. Using our career map, a senior loan processor can determine their career goals through the career progression. For example, they could start out with a role such as senior underwriter, progress to a title such as underwriting manager and then eventually end up with the title underwriting manager.
What Am I Worth?
The role of a senior loan processor includes a wide range of responsibilities. These responsibilities can vary based on an individual's specific job, company, or industry.Here are some general senior loan processor responsibilities:
There are several types of senior loan processor, including:
An underwriter decides who gets insurance cover. Your role will be studying insurance proposals, studying the background information of the clients, and deciding how much should be paid out. You will be liaising with professionals and those specialized to help judge the risk assessment. By doing so, you will write policies and add specific conditions when required. Similarly, you will be involved in negotiating terms with the clients. In addition, you will select the appropriate and competitive premiums based on information and judgment and deciding whether the risk should be shared.
Employers will always look out for graduates, most especially in the field of accounting, finance, business, and management. You must be able to use your initiative, have good negotiating skills, and be a great communicator. Skills required also include good judgment and a great decision-maker, especially when under pressure. Knowledge of technical information is also an added advantage. You will earn an average of $68,217 yearly or $32.8 hourly.
Ever applied for a bank loan for a house, or are you planning to do so? Get well prepared to meet the concerned mortgage underwriter. If you fail to impress this guy, no mortgage for you. And if you succeed to prove to this guy that you can repay their loan, well done! As you are now officially approved to enter the process of getting a home loan.
Having a bachelor's degree and experience in finance or real estate will help you land this job. This is a demanding job, and you have to work hard to achieve your job goals. So you will be paid accordingly, which could be around $37.17 per hour.
Of course, it is not as easy as it looks because a Mortgage Underwriter calculates all credit risks before letting you into the loan cycle. Mortgage Underwriters have an office desk job where they must work 9-5, or sometimes late hours to meet job requirements. And you can also expect occasional site visits.
Loan managers work for banks or financial institutions and are responsible for evaluating loan applications. Their main duty is to determine whether the applicant has the required financial background to be considered eligible for a loan. They review financial statements and other documents necessary for completing loan applications, update records, and approve loans as they see fit.
Working in this position, your job will be to mediate between the applicants and the financial institution you work for. You will meet with clients and prepare proposals, create payment installment plans, and keep updating the status of ongoing loans. You will finalize loan contracts and make sure clients are familiar with the policies and regulations that apply to them.
A bachelor's degree in a finance-related field is typically required of candidates for this position. You will need to have previous experience working in a similar role and have a clear understanding of state and federal regulations regarding loan transactions. Your communication and customer service skills will be just as important as your subject matter expertise, earning you yearly salaries around $70,000 on average.
Mouse over a state to see the number of active senior loan processor jobs in each state. The darker areas on the map show where senior loan processors earn the highest salaries across all 50 states.
|Rank||State||Number of Jobs||Average Salary|
High School Diploma
Philadelphia, PA • Private
Evanston, IL • Private
Los Angeles, CA • Private
Vestal, NY • Private
Villanova, PA • Private
San Diego, CA • Private
Waltham, MA • Private
Boston, MA • Private
Stony Brook, NY • Private
New York, NY • Private
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 13.9% of senior loan processors listed customer service on their resume, but soft skills such as detail oriented and initiative are important as well.
Zippia allows you to choose from different easy-to-use Senior Loan Processor templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Senior Loan Processor resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
After extensive research and analysis, Zippia's data science team found that:
1. FPGA Softcore Processors and IP Acquisition
This course will introduce you to all aspects of development of Soft Processors and Intellectual Property (IP) in FPGA design. You will learn the extent of Soft Processor types and capabilities, how to make your own Soft Processor in and FPGA, including how to design the hardware and the software for a Soft Processor. You will learn how to add IP blocks and custom instructions to your Soft Processor. After the Soft Processor is made, you learn how to verify the design using simulation and an...
2. Advanced Mortgage Loan Processor: Essential Skills Training
Finibi Mortgage CEO, Joe Correa, teaches you how to take your mortgage loan processor career to the next level...
3. Become a Mortgage Loan Processor
Finibi Mortgage CEO, Joe Correa, teaches you how to become a mortgage loan processor...
Some places are better than others when it comes to starting a career as a senior loan processor. The best states for people in this position are Hawaii, Maryland, New York, and New Mexico. Senior loan processors make the most in Hawaii with an average salary of $66,904. Whereas in Maryland and New York, they would average $66,866 and $62,945, respectively. While senior loan processors would only make an average of $62,745 in New Mexico, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.
3. South Dakota
|Rank||Company||Average Salary||Hourly Rate||Job Openings|
|3||JPMorgan Chase & Co.||$65,639||$31.56||633|
|8||Bank of America||$51,436||$24.73||299|