Job Description for Mortgage Processor
Looking to buy that dream home, condo or income property? Perhaps you are looking to refinance property you already own? If so, you may want to consult a mortgage processor. A mortgage processor is a loan officer who specializes in mortgage loans.
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Basics of the Job
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As the name implies, mortgage processors process contracts and loan applications. They analyze the financial health of loan applicants, assessing creditworthiness and the likelihood that a loan applicant will be able to repay the debt. Based on these assessments, they make mortgage loan recommendations.
Educational Requirements
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According to the U.S. Bureau of Labor Statistics, educational requirements for loan officers, such as mortgage processors, vary. Some institutions that employ loan officers require only a high school education, while others look to hire those with at least a bachelor's degree. Those involved with commercial loans, or loans for business institutions, are usually required to have a degree in finance or a similar field, according to the U.S. Bureau of Labor Statistics. Previous experience can also play a role.
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Licensing Requirements
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Federal law requires certain types of mortgage loan officers to be licensed. To become licensed, candidates must pass a background check and have no felony convictions, according to the U.S. Bureau of Labor Statistics. Those applying for a license must also take courses and pass an exam. License holders must continually update their education and skill sets to maintain their licenses.
Work Environment
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According to the U.S. Bureau of Labor Statistics, most loan officers work for financial institutions such as banks and credit unions. Some mortgage processors work from home offices, according to the National Association of Mortgage Processors.
Computer Skills
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Most loan applications are processed using underwriting and financial software. It is therefore important for mortgage loan processors to be familiar with and comfortable working with computers.
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References
- Photo Credit Image by Flickr.com, courtesy of Jeff Turner
