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

Average Years of Experience

0 - 1
23%
2 - 4
63%
5 - 7
3%
8+
11%

Common Skill Sets

Excellent Customer Service
Excellent Communication
Microsoft Office Suite
Written Communication
Attention To Detail
MS Office Applications
Microsoft Outlook
Time Management

Loan Processor Seniority Levels

L2
Loan Processor
$47,295/yr
L4
Underwriting Assistant
4% made the transition
Underwriter
28% made the transition
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Loan Processor Salaries

Average Base Pay

$47,295 /yr
Same as national average
Not including cash compensation
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$32K
Median: $47K
$70K
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Glassdoor Estimated Salary

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