Job Role Description

Mortgage and Lending > Loan Processor

Salary National Average

Low Medium High
38970.0000 48030.0000 60660.0000

Change from Previous Year:

+8%

Supply and Demand

Candidate Supply: 41,928 Job Openings: 349,303

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Short Description:

Verify, compile, and review application information for loans. Ensure application data is complete and meets establishment standards. Contact or work with credit bureau and employer to verify accuracy of information. Record data on status of loans, including number of new applications and loans approved, canceled, or denied.

Duties / Responsibilities:

  • Verify and examine information and accuracy of loan application and closing documents.
  • Interview loan applicants in order to obtain personal and financial data, and to assist in completing applications.
  • Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
  • Answer questions and advise customers regarding loans and transactions.
  • Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
  • Record applications for loan and credit, loan information, and disbursements of funds, using computers.
  • Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
  • Present loan and repayment schedules to customers.
  • Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
  • Check value of customer collateral to be held as loan security.

Skills / Requirements / Qualifications

  • Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Speaking — Talking to others to convey information effectively.
  • Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
  • Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do.
  • Writing — Communicating effectively in writing as appropriate for the needs of the audience.
  • Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
  • Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Time Management — Managing one's own time and the time of others.

Job Zones

  • Title: Job Zone Three: Medium Preparation Needed
  • Education: Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.
  • Related Experience: Previous work-related skill, knowledge, or experience is required for these occupations. For example, an electrician must have completed three or four years of apprenticeship or several years of vocational training, and often must have passed a licensing exam, in order to perform the job.
  • Job Training: Employees in these occupations usually need one or two years of training involving both on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with these occupations.
  • Job Zone Examples: These occupations usually involve using communication and organizational skills to coordinate, supervise, manage, or train others to accomplish goals. Examples include food service managers, electricians, agricultural technicians, legal secretaries, interviewers, and insurance sales agents.
  • Specific Vocational Preparation in years: (6.0 to < 7.0)

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