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 is more than meets the eye when it comes to being a Senior Loan Processor. For example, did you know that they make an average of $25.81 an hour? That's $53,690 a year!
Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.
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.
Choosing the right major is always an important step when researching how to become a Senior Loan Processor. When we researched the most common majors for a Senior Loan Processor, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Senior Loan Processor resumes include High School Diploma degrees or Master's Degree degrees.
You may find that experience in other jobs will help you become a Senior Loan Processor. In fact, many Senior Loan Processor jobs require experience in a role such as Loan Processor. Meanwhile, many Senior Loan Processors also have previous career experience in roles such as Processor or Customer Service Representative.