What does a Loan Processor do?
Loan Processors analyze and compile loan applications before they’re submitted to a financial institution, where they will be examined by an Underwriter. Loan Processors spend most of their time gathering and organizing information to ensure that loan applications meet all the requirements set by financial institutions. These requirements include employment verification, bills, bank statements, income information, and more. After gathering all the necessary information, a Loan Processor organizes it in a file, making it easy for the Underwriter to access everything they need.
Loan Processor skills and qualifications
To perform their duties effectively, Loan Processors need to possess a particular set of skills, including:
- Written and verbal communication skills with a knowledge of underwriting terminology
- Knowledge of loan processes, documentation, and general closing procedures
- Computer literacy including proficiency with loan origination software and the Microsoft Office suite
- Effective time management and prioritization skills
- Analytical thinking and research skills
- Customer service and active listening skills
Loan Processor experience requirements
Look for candidates with at least two years of experience dealing with loans directly in the consumer loan industry. Keep in mind that applicants don’t need to have specific Loan Processor experience to have garnered the required experience. However, for larger financial institutions you may prefer candidates with this exact title in the past. A Loan Processor is not an entry-level position, so formal education isn’t a substitute for experience.
Loan Processor education and training requirements
Education requirements for a Loan Processor can vary but, generally, a bachelor’s degree in finance, accounting or another related field prepares candidates well for the job. However, this education requirement could be replaced with extensive experience in the same industry. What matters most is the candidate’s familiarity with the financial loan process, and that doesn’t have to come from their formal schooling. If you provide on-the-job training for candidates with an extensive, in-depth understanding of finances and loans, a candidate should be able to learn quickly.
Loan Processor salary expectations
According to Indeed Salaries, the average salary for a Loan Processor in Canada is $42,734 per year. Actual salaries can vary based on experience, education, the company, and the location of the job.
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