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Working As a Senior Loan Processor

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $69,000

    Average Salary

What Does A Senior Loan Processor Do

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. 

Duties

Loan officers typically do the following:

  • Contact companies or people to ask if they need a loan
  • Meet with loan applicants to gather personal information and answer questions
  • Explain different types of loans and the terms of each one to applicants
  • Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level
  • Review loan agreements to ensure that they comply with federal and state regulations
  • Approve loan applications or refer them to management for a decision

Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. 

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

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How To Become A Senior Loan Processor

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Senior Loan Processor Career Paths

Senior Loan Processor
Senior Underwriter
Underwriting Manager
8 Yearsyrs
Office Manager General Manager Operations Vice President
Senior Vice President-Operations
14 Yearsyrs
Office Manager Finance Manager Sales Manager
Branch Sales Manager
6 Yearsyrs
Office Manager Operations Manager Assistant Vice President
Commercial Lending Vice President
11 Yearsyrs
Senior Underwriter Assistant Vice President Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
Senior Underwriter Assistant Vice President Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Team Leader Store Manager Branch Manager
Business Development Officer
7 Yearsyrs
Team Leader Assistant Store Manager Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Team Leader Production Supervisor Processing Supervisor
Processing Manager
7 Yearsyrs
Processing Manager Operations Manager Regional Sales Manager
Vice President & Sales Manager
9 Yearsyrs
Assistant Manager Assistant Branch Manager
Banking Center Manager
5 Yearsyrs
Account Manager Territory Sales Manager Unit Manager
Collections Manager
5 Yearsyrs
Processing Manager Operations Manager Operations Director
Assistant Vice President Operations
8 Yearsyrs
Assistant Manager Assistant Branch Manager Credit Manager
Credit And Collection Manager
7 Yearsyrs
Account Manager Vice President Finance Vice President
Administration Vice President
6 Yearsyrs
Processing Manager Project Manager Realtor
Real Estate Management Specialist
7 Yearsyrs
Underwriting Manager
Lending Services Manager
8 Yearsyrs
Account Manager Relationship Manager Client Relationship Manager
Client Relations Manager
6 Yearsyrs
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Average Length of Employment
Senior Underwriter 4.7 years
Loan Supervisor 3.9 years
Loan Manager 3.3 years
Loan Processor 2.7 years
Mortgage Processor 2.7 years
Loan Coordinator 2.6 years
Loan Analyst 2.4 years
Loan Auditor 2.2 years
Loan Reviewer 1.9 years
Top Careers Before Senior Loan Processor
Processor 7.2%
Top Careers After Senior Loan Processor
Underwriter 14.2%
Processor 4.7%
Cashier 2.4%

Do you work as a Senior Loan Processor?

Average Yearly Salary
$69,000
Show Salaries
$48,000
Min 10%
$69,000
Median 50%
$69,000
Median 50%
$69,000
Median 50%
$69,000
Median 50%
$69,000
Median 50%
$69,000
Median 50%
$69,000
Median 50%
$100,000
Max 90%
Best Paying Company
BNP Paribas
Highest Paying City
Bellevue, WA
Highest Paying State
Oregon
Avg Experience Level
4.0 years
How much does a Senior Loan Processor make at top companies?
The national average salary for a Senior Loan Processor in the United States is $69,699 per year or $34 per hour. Those in the bottom 10 percent make under $48,000 a year, and the top 10 percent make over $100,000.

Real Senior Loan Processor Salaries

Job Title Company Location Start Date Salary
Senior Processor Architect Soft MacHines, Inc. Santa Clara, CA Sep 07, 2015 $125,000 -
$145,000
Senior Process Engiener Richard Design Services, Inc. Baton Rouge, LA May 19, 2014 $115,128 -
$117,000
Senior Staff--Business Process Transformation Charles Schwab & Co., Inc. Lone Tree, CO May 08, 2016 $115,000
Senior Processor Architect Nvidia Corporation Santa Clara, CA Jan 12, 2015 $111,935 -
$154,965
Process & Methodology Senior MSX Americas Inc. Dearborn, MI Oct 31, 2016 $102,555 -
$125,220
Process & Methodology Senior MSX Americas Inc. Dearborn, MI Aug 25, 2016 $87,988 -
$101,366
Senior Business Process Design Sabre GLBL Inc. Southlake, TX Sep 13, 2016 $77,501 -
$115,900
Senior Business Process Design Sabre Inc. Southlake, TX Sep 21, 2011 $75,000
Senior Business Process Design Sabre GLBL Inc. Southlake, TX Jun 20, 2014 $72,842 -
$112,800
Senior Business Process Design Sabre Inc. Southlake, TX Oct 01, 2010 $72,000
FSO Senior-Process and Controls Ernst & Young LLP New York, NY Oct 25, 2010 $71,302 -
$143,000

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Top Skills for A Senior Loan Processor

  1. Loan Portfolio
  2. Loan Applications
  3. Property Appraisals
You can check out examples of real life uses of top skills on resumes here:
  • Perform all duties related to servicing Citibank's loan portfolio while supporting operations department's goals and objectives.
  • Informed clients and effectively communicated final decisions on loan, and discussed approval or rejection of loan applications.
  • Meet funding requirements by ordering property appraisals, corrections and final inspections.
  • Prioritized customer satisfaction and retention rates; highlighted sensitive and/or complex customer issues and escalated them to relevant departmental partners.
  • Calculated income documentation, credit and other necessary conditions to ensure file completion to investor guidelines.

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Average Salary:

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Top 10 Best States for Senior Loan Processors

  1. Michigan
  2. Tennessee
  3. Arkansas
  4. Florida
  5. Oregon
  6. Pennsylvania
  7. Texas
  8. New York
  9. Minnesota
  10. Delaware
  • (108 jobs)
  • (69 jobs)
  • (39 jobs)
  • (214 jobs)
  • (50 jobs)
  • (166 jobs)
  • (286 jobs)
  • (179 jobs)
  • (98 jobs)
  • (13 jobs)

Senior Loan Processor Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 11,992 Senior Loan Processor resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Senior Loan Processor Resume

View Resume Examples

Senior Loan Processor Demographics

Gender

Female

69.3%

Male

20.7%

Unknown

10.0%
Ethnicity

White

58.7%

Hispanic or Latino

19.0%

Black or African American

11.0%

Asian

7.5%

Unknown

3.7%
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Foreign Languages Spoken

Spanish

66.1%

Italian

3.7%

Arabic

3.3%

Russian

2.9%

Mandarin

2.4%

French

2.4%

Chinese

2.4%

Cantonese

2.4%

German

2.0%

Vietnamese

1.6%

Korean

1.6%

Carrier

1.6%

Tagalog

1.2%

Polish

1.2%

Romanian

0.8%

Hindi

0.8%

Urdu

0.8%

Portuguese

0.8%

Greek

0.8%

Dakota

0.8%
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Senior Loan Processor Education

Schools

University of Phoenix

31.8%

Ohio State University

6.7%

Florida State College at Jacksonville

5.5%

Kaplan University

5.3%

Arizona State University

4.6%

Strayer University

4.1%

Ashford University

4.0%

University of North Texas

3.7%

University of Houston

3.5%

Columbus State Community College

3.5%

Orange Coast College

3.4%

Miami Dade College

2.9%

Northern Virginia Community College

2.9%

Houston Community College

2.8%

University of Washington

2.8%

California State University - Fullerton

2.6%

University of North Florida

2.5%

Cuyahoga Community College

2.5%

Fullerton College

2.4%

Southern New Hampshire University

2.2%
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Majors

Business

38.4%

Accounting

9.4%

Finance

7.7%

Real Estate

4.0%

Psychology

3.9%

Management

3.9%

Health Care Administration

3.3%

Legal Support Services

3.1%

Criminal Justice

2.9%

Education

2.7%

Liberal Arts

2.6%

Marketing

2.5%

Communication

2.4%

General Studies

2.2%

Computer Science

2.2%

Human Resources Management

2.1%

Nursing

1.8%

Political Science

1.7%

Economics

1.6%

English

1.6%
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Degrees

Bachelors

35.2%

Other

33.2%

Associate

14.3%

Masters

7.9%

Certificate

5.9%

Diploma

1.8%

License

1.0%

Doctorate

0.7%
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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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Updated May 19, 2020