Loan Processor Job Description
As the title suggests, a loan processor is someone who helps clients obtain a loan from a financial organization. Loan processors work with mortgage companies, banks, and independent lending organizations.
Typically, they are required to possess a background in finance so that they can understand the logistics of lending money and payback procedures.
Loan processors handle many administrative tasks as well. That may include preparing loan agreements and commitment letters and processing clients’ documents.
As far as loan processing work is concerned, loan processors interview clients to determine their needs, ask questions regarding financial status, and provide feedback on the type of loan that will best suit their needs.
Since loan processors are in constant contact with clients, they need to be good conversationalists.
They also need to possess exceptional analytic skills and the ability to gauge if a client will be able to pay back the loan he is applying for. Knowledge of fundamental accounting procedures and record management skills are an absolute must if you want a career in loan processing.
Sample Job Duties for Loan Processor Resume
- Serve as an initial point of contact for all new clients.
- Interview clients to determine their specific loan and mortgage needs.
- Observe clients closely to figure out if they may have a motive other than obtaining funds.
- Ask questions to determine clients’ financial backgrounds and make quick notes for reference.
- Provide clients with information about suitable lending programs and payback conditions.
- Assist clients in understanding the terms of loan agreements and clarify any small print questions.
- Help in filling out loan application forms and check completed forms to ensure accuracy.
- Inform clients of the several documents that they will need to provide to complete the loan application.
- Check documents for accuracy and ensure that they are properly attested.
- Perform background verification to determine clients’ financial history and ability to pay back.
- Provide clients with a timeline for loan processing.
- Develop new business opportunities through marketing efforts – set up meetings and provide prospective clients with information on loan products.
- Act as a bridge between clients and loan originator.
- Provide clients with information on loan processing status and any limitations.
- Compile all documents and file clients’ loan applications in electronic form.