What does a Loan Processor do?
A loan processor is responsible for evaluating, authorizing approval or deny applications for people or businesses. Loan processors act as a liaison between customers and financial institutions who assist qualified applicants acquire loans in a timely manner. Additionally, loan processors meet with customers to determine their needs and recommend the best loan products to help meet their financial goals. For those clients undergoing financial hardship, loan processors help with determining ratios and metrics to set up debt payment plans. Loan processors can work with consumers, businesses, or home ownership.
Most loan processors have a Bachelor's degree in finance with 3 years of experience in the consumer loan industry. A Current registration under the National Mortgage Licensing System and Registry is also required. Successful loan processors possess excellent communication and customer service skills with a strong attention to detail and numbers.
- Evaluate credit worthiness by processing loan applications and documentation within specified limits
- Determine all applicable ratios and metrics and set up debt payment plans
- Interview applicants to determine financial eligibility and feasibility of granting loans
- Review active loan files each day to determine if any documents are missing or what can be done to help the process along
- Identify and recommend products that meets the customer's needs and the organization's lending guidelines
- Communicate with clients either to request or to provide information
- Utilize professional judgement to determine which potential borrowers represent good risk opportunities for the organization
- _perate in compliance with laws and regulations and adhere to lending compliance guidelines
- Exceptional communication and customer service skills
- 3+ years' experience in the consumer loan industry
- Current registration under the National Mortgage Licensing System and Registry
- Strong attention to detail
- Familiarity with computers and banking applications/software
- Ability to work in a goal oriented environment
- Demonstrable customer satisfaction orientation and sales competencies record
- Deep knowledge of direct/indirect lending products and practices
- Excellent analytical and mathematical skills
Loan Processor Salaries near Canada
Average Base Pay
Loan Processor Career Path
Learn how to become a Loan Processor, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Loan Processor Insights
Silverton Mortgage“No work environment is perfect and I feel they listen to what we have to say.”
Guaranteed Rate“it was a blast to work with such a great team and enjoyed every minute of it....”
“People were nice and friendly but you don't know what you don't know.”
“I enjoyed learning and growing throughout my time working at the company and can not suggest it enough to others: Great Boss and Supervisors”
Title Forward“Managers are actually invested in growing your career and I feel very supported and appreciated.”
loanDepot“I work with a great Team and am a 100% remote worker now since April 2020.”
Americas Mortgage Professionals“Pay is great and you get to work closely with the President & Vice President.”
Emapta Versatile Services“One of the best reasons to work at Emapta is their emphasis on professional development and growth opportunities.”
Frequently asked questions about the role and responsibilities of a Loan Processor
When working as a Loan Processor, the most common skills you will need to perform your job and for career success are Excellent Customer Service, Excellent Communication, Microsoft Office Suite, Written Communication and Attention To Detail.
- Underwriting Consultant
- Underwriter
- Accounts Receivable Specialist
- Credit Analyst
The most common qualifications to become a Loan Processor is a minimum of a Bachelor's Degree and an average of 0 - 1 of experience not including years spent in education and/or training.