This article is based on a loan processor. It can also be called a mortgage processor. It is defined as a person responsible for processing your loan, either individual or company, and getting it across to the underwriter for final approval.
Without the processing, there is no guarantee that you will get the loan, and before you can get a mortgage requires a lot of paperwork. It’s the loan processor’s job to check all your personal information and financial documents very well.
According to the report GISTHUBCITY gathered, it revealed that loan processors’ careers are expected to grow 8% and produce about 24,300 job opportunities across the U.S between 2018 and 2028.
Also, a loan processor makes an average of $28.1 an hour; that’s $58,455 a year! Which is huge.
Since you know what loan processors mean, what they do, and the actual amount they are likely to make, maybe you are interested in becoming part.
You need to consider how much education you need, and 36.8% of loan processors have a bachelor’s degree. Also, we found that 9.9% of loan processors have master’s degrees in higher education levels.
Let’s shed more light on what loan processors do?
If you apply for a loan application, your information and application send to a loan processor. Then loan processor’s work is to process it and get everything to prepare for the underwriter.
Then they gather all the necessary documentation required to receive the loan, with employment verification, bank statements. Monthly bills and other income information.
After these, they organize the information in the customer’s file for the underwriter to locate the information on time. other duties include:
- Collecting, managing the required documentation, and place it in a file
- To ensure all conditions satisfied with the underwriter
- Making a flow Communication with the title company, county clerk, attorneys, and other professionals
- Making sure the document approval is within lending guidelines
Loan processor requirements
To become a loan processor, you need the below requirements:
As we have said earlier, you need a certificate, like a high school diploma or GED, but many employers do consider a bachelor’s degree in finance or accounting.
Training is part of the loan processor job, and another benefit is that you can while attending classes for your bachelor’s degree.
A certificate is essential to become a loan processor through the National Association of Mortgage processor.
As a loan processor, you must have essential skills to gather information about a client and organize it for the underwriter. Communication skill is part because you must have excellent verbal and written communication to deal with different customers and their paperwork all day.
While becoming a loan processor, there are some tips you need to follow to be unique from other mortgage and be superior.
5 Ways To Become A Better Loan Processor
Develop a plan and follow it
If you are the types that don’t plan, then this is the time to start because planning is vital to success, and excelling as a loan officer is no exception.
The best outcome in the mortgage loan origination field is to adhere to a specific plan and use that plan to measure its success.
Flexibility and adapt to the circumstances is another best way to be unique.
Make the credit report a top priority
Making a credit report is best; the odds are very excellent that you will get customers that will come with questionable or outright poor credit.
But you don’t have to look at that; what you need is to sit him or her down and make sure to review the full detail of their credit report.
Practice Complete Transparency Regarding Costs
Use Technology to Your Advantage
Follow Up and Stay Connected
All these are the tips regarding becoming a better loan processor/officer.