This post presents in-depth information on the job description of a loan processor, to help you understand the key duties, tasks, and responsibilities they perform.
What Does a Loan Processor Do?
The loan processor is responsible for checking the credit history of prospective borrowers.
If any credit issues such as late payments, bankruptcies or problems with property are found, the loan processor would notify the applicant.
As a result, they have an ample opportunity to provide an explanation on the state of the credit issues, or dispute them in case they are incorrect.
Therefore, it is the responsibility of loan processors to make sure that all borrowers meet the required qualifications for the loan they may be applying for, and also to ensure that the borrower would be able to pay back the loan when due.
One of the major duties of a loan processor is to assist loan officers during the mortgage loan approval process.
It is his/her job to make sure that all of the details in the loan package is verified and correct, and the loan processor is often times the main point of contact for borrowers.
The first thing he/she does is to look at the potential borrower’s credit history so as to make sure that they are a good credit risk.
The next thing is to make sure that every detail in the loan package is correct.
Another important task loan processors perform is making sure all deadlines are met, as they are often responsible for how fast the entire loan process goes.
It is part of the loan processor’s job description to enter all of the borrower’s details into the system, but he/she must first make sure that it is all correct.
The processor needs to ensure that all of the documents required for the loan package are in proper order and present.
He/she also needs to double-check all numbers and cross check all loan documents to be sure that there are no accounting mistakes.
In most cases, the speed of the entire loan process depends a great deal on the loan processor.
This is simply because it is his responsibility to meet deadlines and making sure that the clients meets them as well.
If he can verify and acquire all of the necessary documents quickly, they can be keyed into the database and then forwarded to the appropriate party as quickly as possible.
Loan Processor Job Description Example/Sample/Template
Given below is an example of the loan processor job description, showing a list of major duties, tasks, and responsibilities that makes up the daily activities of holders of the position:
- Process and close loans to comply with rules and regulations.
- Mitigate risk and apply proper pricing.
- Demonstrate good working knowledge of loan processing guidelines and requirements.
- Review and understand current program guidelines and current Loan Rate Sheet(s).
- Make quality judgment and interpret loan documentation received in files.
- Accurately input data into system as needed.
- Meet timelines of necessary disclosures.
- Ensure compliance standards are met.
- Ensure all information on loan process is correct.
- Participate in the effectiveness, efficiency and workflow of the team.
Loan Processor Job Description for Resume
The sample job description above presents a good source of information for making the professional experience section and other parts of the resume for seeking loan processor job.
Loan Processor Requirements: Skills, Knowledge, and Abilities for Career Success
Loan processors are required to possess the following qualities, including skills, knowledge, and abilities, to function optimally on the job:
- Must possess a college Degree.
- Proficiency in closing procedures, loan processing and documentation.
- Proficiency in credit and approval processes.
- Strong analytical, organizational, and problem solving skills.
- Great interpersonal skills.
- Ability to work well under pressure.
- Time management skills.
- Ability to manage multiple projects/tasks, as well as meeting deadlines simultaneously.
- Excellent communication skills.
- Must be able to maintain enthusiasm and professionalism.
- Must be willing to constructively contribute to the department.
- Possess excellent computer skills.
- Professionalism and confidentiality
- See detailed loan processor skills to be best on the job.