How Much Does a Loan Processor Make?
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Check out this blog post to find out how much loan processors make. You’ll also learn about the job outlook for this career, and what education and training you need to become a loan processor.
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Job Description of a Loan Processor
A loan processor is responsible forReviewing and verifying loan applications,Pre-qualifying loan applicants,Ordering and securing all necessary documentation, andCollecting and analyzing all required information.
What Does a Loan Processor Do?
A loan processor is a financial professional who completes the verification and compilation of loan application documents before submitting them to underwriting for approval. The loan processor position is often an entry-level one within the mortgage industry, with career growth potential into other related positions such as loan servicing or originating.
The primary responsibility of a loan processor is to ensure that all documentation submitted by the borrower is complete and accurate. This includes verifying employment history, incomes, debts, assets, and credit scores. Loan processors also calculate income using tax documents, pay stubs, and bank statements. Once all required documentation has been collected and verified, the loan processor will submit it to underwriting for approval.
Loan processors must have strong attention to detail and excellent organizational skills. They must also be proficient in math and have knowledge of software programs commonly used in the mortgage industry, such as Encompass and Mortgagebot. Some loan processors may be required to obtain certification from the Mortgage Bankers Association (MBA).
The Skills You Need to Succeed
Loan processors need to have excellent communication, strong math skills and the ability to work with people from all walks of life.
But those are just the basic skills that every loan processor needs. To really succeed in this role, you’ll need to have:
-An understanding of the different types of loans available and the documentation required for each
-The ability to calculate income, assets and liabilities
-A strong attention to detail
-The ability to work under pressure and meet deadlines
-Excellent customer service skills
If you have these skills, you’ll be well on your way to a successful career as a loan processor.
How Much Does a Loan Processor Make?
Loan processors typically work in the financial industry and help customers acquire loans. They might work in banks, credit unions, or other financial institutions. The duties of a loan processor include collecting and reviewing customer financial documents, such as tax returns and pay stubs. They also contact references, verify employment, and calculate income. In addition, loan processors verify that the loan meets the lender’s guidelines. So, how much does a loan processor make?
Salary
The national average salary for a Loan Processor is $39,735 in United States. Filter by location to see Loan Processor salaries in your area. Salary estimates are based on 4,660 salaries submitted anonymously to Glassdoor by Loan Processor employees.
Bonuses and Incentives
In addition to an annual salary, loan processors may also receive bonuses or commissions for their work. Bonuses are often based on the number of loans processed or the amount of money processed, and may be paid out monthly, quarterly, or annually. Incentives may also be offered for meeting certain targets, such as processing a certain number of loans within a certain time frame.
Other Benefits
In addition to a salary, loan processors may also receive benefits from their employers. These can include bonuses, 401(k) plans, and health insurance. Some employers may also offer tuition reimbursement for employees who wish to further their education or loan processing training.
How to Become a Loan Processor
A loan processor is a professional who works in the mortgage industry to collect and prepare loan documents for banks and other lending institutions. Loan processors typically have a background in the mortgage industry and are familiar with the loan process. Becoming a loan processor is a great way to get started in the mortgage industry.
Education and Training
Most loan processors have at least a high school diploma, although some jobs may require postsecondary education, and many processors undergo on-the-job training. Some workers may start out as loan clerks or administrative assistants and then receive promoted to loan processor positions.
Most loan processors need to complete a brief period of on-the-job training. During this time, they learn about the organization’s specific procedures and software. They also might shadow more experienced workers to see how they handle various tasks.
Certification
Processors can become certified through the National Association of Mortgage Processors, which offers the Certified Mortgage Processor designation. There are no formal education requirements for becoming a certified mortgage processor, but processors must have at least two years of experience in the mortgage industry and pass an exam. The certification is valid for two years and must be renewed through continued education or retesting.
