Copyright

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.

View 9 Popular Schools »

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.

Show me popular schools

Related to Loan Processor

  • Related
  • Recently Updated
  • Popular
Loan Processor Certification and Certificate Program Overviews

Get the facts about loan processor certificate programs. Read about admissions requirements and common courses, and take a look...

Loan Processor: Job Outlook and Career Profile

Loan processing involves determining whether potential borrowers are qualified to receive loans from banks. Loan Processors...

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...

Overview of Mortgage Broker, Loan Processor & Loan Officer Professions

Mortgage brokers, loan processors, and loan officers work with clients to establish financing for the purchase of real estate....

Loan Origination Schools and Colleges: How to Choose

Popular Schools

Other Schools:

  • School locations:
    • Massachusetts (1 campus)
    Areas of study you may find at Boston University include:
      • Graduate: Doctorate, First Professional Degree, Master
      • Post Degree Certificate: First Professional Certificate, Post Master's Certificate, Postbaccalaureate Certificate
      • Undergraduate: Associate, Bachelor
    • Business
      • Accounting and Bookkeeping
      • Business Economics
      • Business Finance
        • Banking Related Services
        • Financial Planning Services
      • Business Management and Operations
      • Business Marketing
      • Business Support and Administrative Services
      • Hospitality Management
      • Human Resource Management
      • Information System Management
      • Specialized Sales

Popular Schools

Avg. Wages For Related Jobs

Source: Bureau of Labor Statistics