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Loan Processor Job Description

loan processor job description

A Loan Processor, also known as a Mortgage Processor, gathers all the necessary paperwork and documentation required for individuals applying for loans. This involves meticulously reviewing mortgage applications to ensure completion of all essential fields, organizing additional application materials and ensuring timely submission.

Loan Processors also assess loan applicants’ eligibility, analyzing credit standings and finalizing loan contracts. A successful Loan Processor embodies three key attributes: meticulous attention to detail, effective communication skills and adaptability.

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Download or copy OysterLink’s Loan Processor Job Description Template today to effortlessly streamline your hiring process.

Loan Processor Job Overview

[Company Name] is actively seeking a reliable Loan Processor to assess and evaluate loan applications.

Responsibilities include conducting client assessments, researching credit records and meticulously preparing loan package documentation.

Your attention to detail and adherence to established guidelines are essential to ensuring accuracy and compliance throughout the loan processing workflow.

Join [Company Name] and become a valuable part of our team, where you can help individuals access the financing they need, all while upholding the trust and credibility of our institution.

Salary: $38,000–$94,000

Schedule: Full-time (40 hours per week), with the possibility of overtime beyond 40 hours per week

Loan Processor Duties & Responsibilities

  • Collect and compile necessary information for loan applications
  • Assess credit histories and conduct detailed interviews with applicants to evaluate eligibility for loans or mortgages
  • Research and correct any mistakes in loan applications, ensuring accuracy and completeness
  • Meet tight loan application deadlines and adhere to established regulations
  • Develop loan repayment plans based on financial and non-financial criteria
  • Finalize loan contracts, ensuring clients are informed of rules and obligations
  • Keep records up to date and renew them regularly
  • Identify customer needs, explore loan options and suggest different types of loans
  • Cultivate trustworthy referral networks and cross-sell products and services
  • Build and maintain long-term, trusting relationships with clients
  • Work within established regulations, law requirements and lending compliance guideline
  • Maintain positive working relationships among internal departments and external contacts

Loan Processor Experience Requirements & Skills

  • Proven work experience as a Loan Processor or in a similar role
  • Good knowledge of banking computer software and proficiency in MS Office
  • In-depth knowledge of closing procedures, loan processes and documentation
  • Thorough understanding of relevant rules and legal regulations
  • Strong verbal and written communication skills
  • Good interpersonal, customer service, effective time management and organizational abilities
  • Strong attention to detail
  • Excellent analytical and mathematical skills
  • Ability to work within strict deadlines
  • Ability to explain technical concepts in simple terms
  • Ability to work collaboratively with loan officers and underwriters
  • Adaptability to a fast-paced environment

Loan Processor Education & Qualifications

  • Bachelor’s degree in Finance, Economics or any related field
  • Having certifications such as Certified Mortgage Loan Processor (NAMP-CMLP) and Certified Loan Processor (CLP) is advantageous

Loan Processor Job Description Template – Free Download

Get our Loan Processor Job Description Template for free by entering your email and clicking Download.

Use our template to make a clear job post for a Loan Processor role. Replace [Company Name] with your organization’s name, adjust the details and you’re set to attract top-tier candidates.

Related: How To Write a Job Description

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