Top 16 Loan Processor Skills to be the best on the Job
If you are a loan processor looking for how to be best in your industry, this post gives the skills and qualities you need to develop.
But first, let’s see what a loan processor does:
Who is a Loan Processor?
Loan processors check the credit history of prospective borrowers and notify applicants when there are credit issues of bankruptcies, late payments, or problems with property.
Various tasks performed by loan processors include processing and closing loans to comply with rules and regulations, reducing risk, applying proper prices, making sound judgment and interpreting loan documentation, accurately inputting data into system as required, and ensuring accuracy in loan processing. See detailed loan processor job description.
Loan processors work in various environments such as banks, credit unions, mortgage companies, car dealerships and real estate agencies, rendering loan processing services.
Now, here are top 16 loan processor skills to help you become good at your job and attain great professional heights:
1. Understanding Mortgage Loan Operations: Loan processors must understand the in and out of mortgage loan operations, policies, guidelines, underwriting and procedures in multiple departments.
2. Proper Time Management: The ability to manage time efficiently is part of the loan processor’s duty. Loan processors should be able to manage their time and that of other people for effective outcome.
3. Technical Skills: Loan processors need this skill to be able to use Word, Excel, PowerPoint, Word Access, Word Office, Microsoft Outlook, Encompass, Internet Explorer, and Calyx effectively.
4. Math Skills: Loan processors with good knowledge of mathematics know their way around arithmetic, algebra, statistics, geometry, calculus, and their applications. These are necessary for solving certain problems, such as calculating credit scores.
5. Writing Skills: Writing is one of the various means of communication and should be possessed by any loan processor who wants to meet the needs of his or her audience. Sometimes, this is more effective than oral communication.
6. Decision Making: Loan processors should be able to make right decisions at the right time. They need to consider relative costs and benefits of all the actions coming to their mind so as to choose the most appropriate one.
7. Critical Thinking: Critical thinking skill is most needed in making decisions. How loan processors approach and tackle problems matters a lot in this profession. They need to analyze issues properly before making a decision.
8. Speaking Skills: Loan processors talk to many people before the end of the day. They need skills to be able to convey information effectively, and to avoid a situation of careless and wrong use of words.
9. Reading Skills: Before loan processors can understand written statements and documents, they need reading skills. They need to use accuracy when they read, and not repeating one word several times.
10. Goal Setting Skills: Loan processors should be able to set goals for the company they work for and endeavor to achieve set goals without compromising ethical obligations to the customer or client involved.
11. Leadership Skills: Loan processors should be willing to lead or take charge of certain situations. There are circumstances that may require their opinions and direction. With skills in leadership, they can easily know how to correct or inspire their team of workers.
12. Organizational Skills: Loan processors collect data from various sources and handle more than one loan application at once. With great organizational skills, they will be able to locate a datum without disorganizing the rest.
13. Problem Solving Skills: There are some problems that require immediate evaluation and development. Loan processors should be able to point out complicated issues and review related information for implementation of possible solutions.
14. Negotiation Skills: This skill helps loan processors to bring people together and reconcile their differences. This is a very effective means of interacting well with people around them.
15. English Language Skills: Loan processors should know the structure and content of English language, including the meaning and spelling of words, grammar and rules of composition.
16. Attention to Detail: Loan processors should give full attention to their job, being absolutely careful about detail. They need to thoroughly complete work tasks, so as to avoid confusing circumstances by the end of the day.
The skills and qualities provided in this post can help you to give your best possible service as a loan processor and excel in your career.
Also, employers who are seeking to hire good loan processors cam include the above qualities in the job requirements, to use in picking the best candidates for the job.
Did you find the above loan processor skills and qualities helpful in excelling in your career? Please share your views about this post in the comment box below. You may also highlight other skills you have found useful in becoming a good loan processor.