Mortgage Loan Processor: Job Description, Duties and Career Information
Mortgage loan processors are highly involved with their clients, working to complete mortgage loan applications. This involves collecting of employment and financial data, including an applicant's assets, current debts and monthly expenses. Mortgage loan processors must verify all data given to them by clients.
Mortgage loan processors may work under a number of different job titles including loan officer, loan interviewer and loan clerk. They work with individual applicants to complete loan applications. It is the mortgage loan processor's job to ensure that the application is complete and accurate, a task that can require time and attention to detail.
According to the U.S. Department of Labor's online occupation database, mortgage loan processors must contact applicants in a variety of ways including by telephone, e-mail or in-person meetings (online.onetcenter.org). They are tasked with answering client questions and assisting the client in choosing the mortgage type and mortgage terms appropriate to the financial information gathered. Financial information gathered includes employment situation, salary, assets, financial status, current debts and current expenses. In addition to loan application completion, mortgage loan processor may be responsible for developing new business through marketing efforts.
Data that mortgage loan processors need to verify includes employment length, financial statement accuracy and collateral asset values. Many lengthy steps are involved in processing a loan, and mortgage loan processors must be good at multitasking and time management. These professionals may also be responsible for closing the loan which involves setting interest rates and repayment terms. Long or irregular working hours are common in this field.
As mortgage loan processors prove their competency and gain experience, they may be promoted to advanced positions and earn higher salaries. According to Salary.com, a tier-one mortgage loan processor may have no experience and only a high school diploma (swz.salary.com). The middle 50% of workers at this rank earned $29,658-$38,436. Comparatively, mortgage loan processors with 2-3 years of experience made $32,681-$41,211, and those with three or more years of experience earned $38,960-$47,236.
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