How much does a loan processor make

A loan processor goes by many names in the industry at the beginning of their professional career. A loan interviewer, clerk, or loan processor starts their journey in any company in different roles and after receiving the in-house training, they are promoted to a proper designation.

The duties and responsibilities of a loan processor are varied based on experience, qualification, skills, and license. Although other professions have shown great potential for employment in the digital era, the need for loan processors is gradually plummeting because of more Internet users.

Salary of a loan processor

A loan processor earns anywhere between $22,800 and $30,000 at entry level. The average salary or income of a mortgage loan manager in the United States ranges between $80,706 and $105,921. There is no straight answer to how much a loan processor makes because several things determine their salary mark.

Levels of certification for professionals

There are different designations for the job of a loan processor. The National Association of Mortgage Processors provides certification for three levels: Certified Purple Loan Processor, Certified Master Loan Processor, and Certified Ambassador Loan Processor.

The amount of experience is the main criteria for these certifications. Purple Loan Processor certification is for professionals who are just getting started with little or no experience. Master Loan Processor certification is for professionals who hold five years of experience in the mortgage industry. Ambassador Loan Processor certification is for professionals who have been working in the mortgage industry for 15 years.

However, loan processors can improve their skills and prepare themselves for the real world through various training from organizations such as the National Association of Mortgage Processors and the Loan Processor University. Undergoing training from a recognized institution strengthens your resume and with added experience, it increases your chances of securing a high ticket job.

Educational qualifications

To enter the field, a high school diploma is a minimum requirement. A good knowledge of office productivity courses as learned in school courses enhances your technical skills. Other courses such as calculus, algebra, statistics, geometry help lay the groundwork for accounting or financing required in loan or mortgage processing.

You can take a class on loan processing to improve your knowledge of the subject. Moreover, a bachelor’s degree or associate degree in business or accounting make things better when it comes to securing jobs.

Skills

The technical skills include working knowledge of office productivity and financing tools. Apart from that, they must be able to withstand continuous pressure at work. A loan processor’s job is not easy, at first, but prepares you for the real world and yields good income if you possess good communication skills, great organizational skills, and strong familiarity with the Internet and computer.

Duties and responsibilities

The job description of a loan processor includes many responsibilities but covers everything you need to become a top level mortgage loan professional.

Based on different levels, their duties are as follows:

A loan interviewer collects, analyzes, and compiles information for a loan process before submitting it for underwriting. They run credit checks, help complete the loan paperwork, check paperwork for accuracy, verify references for loan applicants, update the client regarding their loan status, and handle the complete paperwork after approval.

A mortgage loan originator takes, offers, handles, and negotiates for residential loan mortgages. A mortgage loan originator licence is required for the same. However, a mortgage loan processing manager has a load of duties and responsibilities that come with a high paycheck. He or she manages the subordinate staff on a daily basis, ensures processing and completion of mortgage loan packages, evaluates loans in compliance with governmental regulations, develops training operations, and reports to the head of the department.

Final thoughts

A loan processor can work in a gamut of industries, including brokerage firms, financial institutions, automobile dealerships, and mortgage companies. It is a fast paced job with a huge earning and growth potential from $12 per hour to $51 per hour.

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