Mortgage Loan Processor: Job Description, Duties and Career Information
Learn about the education and preparation needed to become a mortgage loan processor. Get a quick view of the requirements as well as details about the job description, job duties and licensing to find out if this is the career for you.
Mortgage loan processors work with clients to complete mortgage loan applications. This involves collecting 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.
A bachelor's degree is required for employment. A professional license also is required; qualifications vary by state, but typically include at least a class and an exam.
|Required Education||Bachelor's degree|
|Other Requirements||Mortgage Loan Originator (MLO) license|
|Projected Job Growth (2012-2022)||8% for loan officers*|
|Average Annual Salary (2013)||$71,800 for loan officers *|
Source: *U.S. Bureau of Labor Statistics
Mortgage loan processors can work under a number of job titles, including loan officer, loan interviewer and loan clerk. They work with individual applicants to complete loan applications. It's 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 might 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 completing loan applications, mortgage loan processors might develop 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 also might 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 might be promoted to advanced positions and earn higher salaries. According to salary information accessed at Salary.com in October 2014, the median annual salary of a mortgage loan processor I was $35,951, with most earning $27,447-$45,091. This same source reported that the median annual salary of a mortgage loan processor II was $40,010, with most earning $31,677-$51,151. A mortgage loan processor III earned a median annual salary of $44,999; most earned $37,529-$52,856.
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