The term loan processor has various meanings which depend on the kind of institution you are working as well as the size of the particular company. The bigger the institution you belong, the more specialized the job will be.
What is a loan processor?
A loan processor is a professional who checks, sorts and compiles relevant data to various loan applications. Loan processors play a crucial role regarding the estimation of assets and liabilities that are important in the processing of customer’s loan applications. They provide reviews on their applicant’s credit report, collateral and income.
Duties of a loan processor
- Loan processors are responsible in the preparation of loan reports as well as typing loan applications and contracts. They are the one in charge in processing loan applications including loan closings.
- Loan processors should also possess good interpersonal communication skills as they are the one responsible in interviewing loan customers and assist applicants with some loan inquiries.
- A loan processor also carries out lots of researches on histories and present loans.
- Loan processors oversee their client’ application and are tasked in pulling credit reports.
Condition of Work
- Most loan processors work in the office spending much of their time on computer related works. The particular job involves sitting in long periods and occasionally carry loan documents. Loan processors work with long hours depending greatly on the specific state of the economy.
- Most loan processors work in urban setting and suburban areas.
Educational Requirements
In order to become a loan processor, you must first hold a GED or high school diploma and obtain an on the job training as an entry level. This involves a sponsored formal training by the loan company including an informal training. Candidates should also be proficient in computer skills as the particular job involves compiling data and encoding it on the computer.
Occupation and Progress
- A bachelor’s degree in finance or college graduates especially with knowledge on banking and finance as well as a prior work experience in lending and sales will certainly attain the best job prospects in the field.
- According to US Bureau of Labor and Statistics, loan processors can get an estimated work salary of $29,349 up to $40,989 per annum. They may also get a bonus wage at about $497.58 up to $1,962 per annum and a profit-sharing at about $983 up to $1,487 per annum.