Loan Processor Education Requirements and Career Information

Loan processers collect the necessary information to complete a loan, ensuring the collected documents and information are accurate. Although some post-secondary coursework in accounting or finance is helpful, loan processors are typically only required to hold a high school diploma.

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Loan Processor Education Requirements

All that is needed for a career as a loan processor is a high school diploma. Nevertheless, some employers pursue loan processors who hold an associate's or bachelor's degree in a business-related area, such as accounting or business administration. Specific loan processing training programs are available as either certificate programs or single courses. Such programs may cover topics such as credit and underwriting principles, approval processes, credit counseling, processor duties, basic appraisal principles, fraud detection, disbursing disclosures and loan processing terminology.

Additional areas of study may include fraud detection, real estate fundamentals and credit policies. Training programs also prepare graduates to process loans from beginning to end and conduct loan interviews. Aspiring loan processors need to be meticulous, and they must have strong communication skills, solid organizational ethics and basic computer smarts.

Career Information

Loan processors are also called loan clerks or loan interviewers. They assist in the loan application process by interviewing applicants to collect and verify financial and personal information. Examples of information and documents they have to collect and verify include credit reports, lease summaries, employer information, debt-to-income ratios, available collateral, title reports, references, financial statements and the loan applicant's income. Loan processors may also assemble loan programs that better fit an individual customer's needs.

Loan processors sometimes act as go-betweens for underwriters and loan officers. They maintain payment records on a loan, register loans and resolve potential discrepancies. Loan processors work in such settings as mortgage banks, brokerages, banks and credit unions. The U.S. Bureau of Labor Statistics (BLS) reports employment for loan processors is expected to only grow by 4% between 2008 and 2018, due in large part to the increase in online applications. The BLS also reports loan processors had median annual earnings of $32,470 in 2008.

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