Job Description of a Mortgage Loan Processor
Mortgage loan processors are professionals who gather and organize documents related to loans needed to purchase real estate, according to DegreeDirectory.org. Processors make sure mortgage loan applications are complete for the sake of both lenders and buyers of properties. Mortgage loan processors must have a strong knowledge of federal and state guidelines related to this complex industry.
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Duties
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Mortgage loan processors are responsible for completing and verifying financial information on loan applications, reports DegreeDirectory.org. They must look over the application files and contact verification sources such as credit bureaus, sellers and buyers’ employers to make sure the information is thorough, accurate and meets individual loan specifications. The data they must confirm concern the type of mortgage, terms of the loan and a buyer’s assets and income, according to CareerPlanner.com. Mortgage loan processors have to correct data errors and obtain missing information when necessary as well, reports Allegis Group Inc. in Colorado.
Other Tasks
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Collecting information such as a property’s appraisal or a land survey also is a chief responsibility of mortgage loan processors. Processors then recommend loan application denials as necessary and draft approval and denial letters to mail out to potential buyers. The application for an approved buyer must proceed to the underwriting process, and mortgage loan processors finally must get in touch with a mortgage loan closer.
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Skills
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Strong written, verbal and interpersonal communication skills are critical for mortgage loan processors. These individuals also must be analytical, detail-oriented and organized. They must be professional, customer-service oriented, good at managing time and self-directed. In addition, mortgage loan processors should be able to work well under pressure and keep buyers’ information confidential, according to Mountain First Bank and Trust. These professionals must have strong word processing and spreadsheet skills as well.
Education
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A high school diploma or GED is the minimum education requirement for mortgage loan processors. However, employers often look for individuals who have previous experience in the field or who have a two-year associate degree or four-year bachelor’s degree in fields such as business administration or accounting. Single courses in loan processing or certificate programs that last a few months are also also available in this field. In formal training programs, students learn fraud detection, loan processing terminology and real estate basics.
Outlook
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The demand for mortgage loan processors is expected to slow in coming years, according to Education-Portal.com. This can be attributed to the fact that the administrative duties of the position have become quicker and easier due to technology improvements, requiring fewer professionals in the field. In addition, many buyers are applying for mortgages online, which also eliminates the need for processors. Total pay for mortgage loan processors in 2010 ranged from $28,208 and $40,144, according to Payscale.com.
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