Loan Processor Job Descriptions, Average Salary, Interview Questions

The loan processor is responsible for routing mortgage loan files through internal processing systems accurately and efficiently. This includes, but is not limited to, document prep, processing, closing, accounting, reporting, and customer service. This position is vital to the sales staff at [Your Company Name] to promote efficient and correct workflow to meet sales and budget goals. As an ideal candidate, you have proven knowledge of relevant rules and regulations, strong attention to detail, and possess excellent communication and interpersonal skills.

Typical duties and responsibilities

• Gather and prepare all necessary documentation for the loan package
• Research and evaluate applicant credit status and current financial position to assess client eligibility for loans or mortgages
• Order property and loan documentation, such as appraisals, inspections, title searches, site surveys, contracts, and property tax records to help process mortgage loan files
• Prepare and maintain all paperwork for existing and new loans and loan disclosures
• Create repayment plans
• Interview potential clients and assist them in finding suitable loans for their needs
• Complete loan applications and inform clients of the rules and requirements
• Submit files to the underwriter for approval or denial
• Comply with established regulatory guidelines and policies
• Act as a liaison between applicants, mortgage brokers and loan officers, and mortgage lending underwriters to help further loan approval

Education and experience

• Bachelor’s degree in finance or relevant field
• At least two years of experience in banking or finance

Required skills and qualifications

• Hands-on experience with banking computer software
• Good comprehension of lending procedures
• In-depth understanding of loan and mortgage rules and regulations
• Excellent communication and sales skills
• Great attention to detail
• Excellent organizational skills
• Exceptional customer service skills

Preferred qualifications

• Experience preparing loan documentation
• Experience with MS Office 
• Experience with accounting or business administration
• Good at multitasking

ABC Company is currently looking for a Loan Processor in the Branch Department. The right candidate will process mortgage loans and provide a high level of customer service to our builders as well as our home buyers.

Essential duties and responsibilities

• Oversee the receipt of a file from a Loan Officer through Final Approval
• Review the file for correct stacking order, AU findings for initial determination, and appropriate documentation. Input any changes into the computer systems and re-run for a correct AU determination. Provide the status of a file to all parties
• Submit all files to an ABC Company Underwriter at your Regional Underwriting Center, and review conditions when received from underwriting. When all conditions are received, make any changes necessary to the computer system and resubmit to the AU system
• Read updates and comply with all Quality Control policies, attending QC meetings as scheduled. Review all files for ABC Company Mortgage required checklists, and respond to all QC write-ups within 10 calendar days
• Review Loan Processor, Project to Close, and Timeline Exception reports daily. The Loans in Process Report should be reviewed on a weekly basis
• Review the Loan Officer’s “needs list”
• Maintain an accurate communication log
• Attend weekly processor meetings as directed by the Branch Manager
• Reconcile the Fee Summary Sheet
• Review the Loan Officer’s “needs list”
• Maintain an accurate communication log
• Attend weekly processor meetings as directed by the Branch Manager
• Reconcile the Fee Summary Sheet
• Additional duties as assigned
• Conduct all business in a professional and ethical manner to serve customers and increase the goodwill and profit of the company

Education or experience

• One-year certificate from college or technical school
• Three to six months of related experience and/or training
• Ability to apply common sense understanding to carry out instructions furnished in written oral form or via DRH applications
• Proficiency with MS Office and email

Preferred qualifications

• Strong written communication skills and attention to detail
• Ability to accurately and efficiently process and record large amounts of data

Job overview:

The Mortgage Loan Processor will be part of the National Mortgage Banking team. This position will be responsible for processing mortgage loans that are generated from internal lines of business within the bank, as well as outside leads generated by our internal sales team in accordance with the banks policies and procedures.

Responsibilities:

• Our Loan Processors work closely with the borrower, from contract to close, with providing prompt, efficient, and friendly service to customers and sales staff
• Review new loan submissions from the Loan Officer within 48 hours of receipt
• Request any additional items needed from Borrower, Realtors, or Attorneys to complete the documentation required for underwriting
• Submit the Loan to our Underwriting Department for initial review, obtain a Conditional Commitment, and continue to gather the documentation to satisfy each condition, and then resubmit the loan back to Underwriting to obtain the Final Clear to Close
• Once the loan is conditionally approved, you will be responsible for requesting the CD from our CD Desk
• Once the Loan is CTC, you will be responsible for completion of our Pre Fund Audit prior to hand off to the Closing Department
• Enjoy working in a fast paced environment and being a team player

Qualifications:

• High School Diploma or equivalent
• Prefer a minimum of 5 years of experience in mortgage lending strong verbal and written communication skills
• Knowledge of FHA/VA, FNMA, FHLMC Guidelines
• Knowledge of reading tax returns and calculating income for self-employed borrowers
• Ability to pre-underwrite and prepare the loan for Underwriting
• Ability to work in a paperless environment
• Knowledge of Encompass Banker Edition – is a plus, but not required
• Familiar with working in a Multi Lender Environment, a plus
• Creative problem solver with a positive attitude
• Ability to prioritize and multi-task in order to meet deadlines
• Strong sense of urgency and responsiveness along with the ability to demonstrate professionalism

Summary

The Loan Processor is responsible for processing contracts and loan applications. This position is responsible for analyzing the loan applications, assessing creditworthiness and the likelihood that a loan applicant will be able to repay the debt. Based on these assessments, the Loan Processor makes mortgage loan recommendations.

Essential job functions

• Verifies, compiles, and types application information for mortgage loans: Reviews residential loan application file to verify that application data is complete and meets establishment standards, including type and amount of mortgage, borrower assets, liabilities, and length of employment
• Recommends that loan not meeting standards be denied
• Calls specified companies to obtain property abstract, survey, and appraisal
• Informs supervisor of discrepancies in title or survey
• Submits mortgage loan application file for underwriting approval
• Types and mails approval and denial letters to applicants
• Submits approved mortgage loan file to the Mortgage Loan Closer for settlement
• Records data on status of loans, including number of new applications and loans approved, canceled, or denied, using computer

Education or experience

• High School diploma or equivalent required
• Associate’s degree (A. A.) or equivalent from two-year College or Technical school preferred; and a minimum of three (3) years experience processing mortgage loans
• Must have experience processing full doc purchase transactions, strong Conventional, FHA, VA, Housing, and government loan mortgage processing experience; knowledge of how to read DU findings
• Able to work in a fast paced team environment, be detailed oriented and MS Office proficient

Language skills

• Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations.
• Ability to write reports, business correspondence, and procedure manuals
• Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public
• Requires excellent verbal and written communication skills

Mathematical skills

• Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume
• Ability to apply concepts of basic algebra and geometry

Reasoning ability

• Ability to apply common sense understanding to carry out detailed but uninvolved written or oral instructions
• Ability to deal with problems involving a few concrete variables in standardized situations