A senior loan processor is a professional that works with financial organizations to process loans. He is in charge of the processes that involve obtaining and repaying loans. A senior loan officer is responsible for interviewing clients to judge if they are qualified to obtain loans or not. He also makes sure the client can repay the loan by researching their current financial position and history. While working on the needs of clients, the senior loan processor may recommend or suggest the most suitable loan type for the client. He vets loan documents and makes sure that they are complete and genuine. The senior loan processor makes sure the client understands the loan requirements and repayment plans.
You must have a bachelor's degree in finance or other related fields with years of experience to work as a senior loan processor. Having a comprehensive knowledge about loan processes and banking software is necessary. You should also have great interpersonal and communications skills. A Senior loan processor earns $61,500 yearly on average and may earn up to $101, 000 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 $29.69 an hour? That's $61,754 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.
When it comes to the most important skills required to be a senior loan processor, we found that a lot of resumes listed 22.9% of senior loan processors included loan portfolio, while 9.4% of resumes included customer service, and 7.1% of resumes included loan applications. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the senior loan processor job title. But what industry to start with? Most senior loan processors actually find jobs in the finance and insurance industries.
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 38.2% of senior loan processors have a bachelor's degree. In terms of higher education levels, we found that 6.8% of senior loan processors have master's degrees. Even though some 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 high school diploma degrees. Other degrees that we often see on senior loan processor resumes include associate degree 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.