 FINANCIAL REWARDS
With qualified Loan Processor training, you may become a salaried employee of a bank or mortgage company. The base pay for an entry level Loan Processor, which is typically referred to in the industry as a "Junior Processor," runs about $30,000–$40,000 per year Experienced Loan Processors typically have a base in the low-to-mid–$40s. Loan Processors who are able to process FHA and VA loans typically earn $3,000–$6,000 more per year.
Experienced Loan Processors also normally receive a bonus for each loan application that is approved and closed each month. This bonus varies widely, depending upon the base salary and market conditions. At this time an experienced Loan Processor with government experience will earn from $35,000–$65,000 per year.
As a Loan Processor, you need to be extremely detail-oriented and outgoing. Remember that part of your job is also serving as a liaison between your borrower, your Loan Officer, and the Realtor or builder. Good customer service skills are a must.
DUTIES & RESPONSIBILITIES
The position of a Loan Processor carries great responsibility, both ethically and legally. After receiving a loan application from a Loan Officer, it is the Loan Processor's responsibility to thoroughly check the application and ensure that the documentation is complete. The Loan Processor must certify legally that all loan documents are true and correct originals, and not fraudulent. The Loan Processor is in the first position to protect the mortgage company from fraud and misrepresentation by the borrower or Loan Officer.
Upon receiving the loan application, it is the Loan Processor's responsibility to enter this information into the mortgage processing software. Computer literacy is also a prerequisite for the Loan Processor. Most companies have training programs which will teach you how to use their particular mortgage processing software.
After the information has been entered into the computer, it is the Loan Processor's job to obtain a credit report on the borrower, verify the borrower's monthly income, employment history, and funds to close, as well as ordering an appraisal on the property being financed, along with a flood check to determine if the property is located in a flood plain. The Loan Processor is also responsible for ensuring that all required Federal and State disclosures are sent to the borrower in a timely manner.
Once the information is correctly verified by the Loan Processor, it is the Loan Processor's job to properly compile the documentation into a loan submission package, which will be forwarded to the Underwriter for loan approval or denial.
If the loan is approved, the Loan Processor will forward the required closing documentation on to the closing attorney or title company for loan closing. If the Underwriter accepts the loan under certain conditions, it is the Loan Processor's job to satisfy these conditions and resubmit the file for final approval.
If the loan is denied, it is the Loan Processor's duty to investigate why the loan was denied, and to see if there are ways to correct the reason for denial, such as finding other loan programs that would better suit the borrower's needs. If the loan is firmly denied, it is the Loan Processor's job to send out the proper credit denial notification to the borrower explaining the reasons for credit denial, and the borrower's options.
CAREER ADVANCEMENT
Successful Loan Processors have other opportunities for advancement and growth within the mortgage industry. Those who have shown professionalism and expertise may be promoted to the position of Processing Manager, overseeing a group of other processors.
Some Loan Processors advance into the position of Underwriter. Others may choose to move into the sales and marketing end of the business and become Loan Officers. Many of the best Loan Officers were once Loan Processors.
LIVE TRAINING CLASSES OFFERED:
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