Mortgage Loan Processor Jobs
Mortgage loan processors take customers’ mortgage loan application files and enter them into the bank’s loan processing system. They input all of the information and then go through each application package to make sure that all required documents are included and accurate. If the package is missing something, they note it.
At some banking institutions the processor may be required to communicate with the borrower or other provider to obtain the missing information. Other banks may require the loan originator to do all needed communication with the borrower.
Often mortgage loan processors provide additional administrative support to the underwriters, managers, and managers in the mortgage loan department.
The mortgage loan department can be a fast paced environment. Mortgage loan processors are required to process loans quickly so they can move on to the underwriters and a decision can be made whether to approve the application or not. Accurate, fast processing allows the mortgage loan application process to move quickly, and borrowers get the decision of whether their loan was approved faster. Mistakes or delays in processing can have detrimental effects on the borrower and the bank.
The mortgage loan processor can serve many customers, both external and internal. Internal customers can be originators, underwriters, and others in the mortgage loan department. External customers mortgage loan processors may be required to work with are borrowers.
If you enjoy a fast-paced environment, providing good customer service, working as part of a team, and work that can be very detail-oriented, this position may be a good choice for you.
The job outlook for mortgage loan processors is not as favorable as other positions in the banking industry, according to the US Bureau of Labor Statistics. The Bureau predicts a very modest increase in the number of jobs of only 4% of the current number by 2018, and there may be a lot of competition for them.
Mortgage loan processors are required to have a high school diploma or GED. Some banks may show preference to candidates who have completed some college coursework or possess an associate’s degree. Most banks and other financial institutions prefer to hire processors who have at least one or two years of processing experience under their belt. The goal is to hire a processor who already has a working knowledge of mortgage loan products and their requirements.
Certifications are not required to land a mortgage processing job, but they may give candidates a competitive edge. Currently, certifications are available through National Association of Mortgage Processors.
Knowledge, Skills, and Abilities
Banks do prefer processors who have acquired the basic knowledge of the types of mortgage loans and the required information and documentation needed to process them. In addition to this knowledge, most banks require processors to have excellent customer service skills and a desire to meet internal and external customer needs.
Loan processors should also have excellent word processing and data entry skills, computer and office equipment skills, good communication skills, and be detail-oriented and organized. Processors also need good phone and math skills.
The average annual wage for mortgage loan processers is approximately $32,470. This number can vary widely, depending on the bank and its location.
Potential Career Paths
Potential career paths depend on the size of the bank where the mortgage loan processor is employed. There may be limited opportunities for advancement at smaller companies. At larger banks and financial institutions, mortgage loan processors could advance to supervisory positions. The processor could also be promoted to office supervisor or manager. If he or she obtains a college degree and additional training, the processor could also be promoted to underwriter or loan originator.