Loan Processors

Loan Processors Works with Clients

Loan processors review applications for loans for big-ticket items (such as homes, vehicles, or home appliances), verify financial information, contact loan applicants if application information is missing or needs to be verified, and coordinate external activities with the title company, insurance agents, and appraisers and surveyors (when processing mortgage loans). In short, they manage the customer relationship from pre-approval to close status. Loan processors do not negotiate mortgage rates or loans terms; that is done by the loan officer. Some processors review and approve or decline credit card applications. Loan processors are also known as loan clerks and loan interviewers.

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Quick Facts
Alternate Title(s) Loan Clerks, Loan Interviewers
Duties Review loan applications to ensure that they are complete and accurate; coordinate loan closings; ensure loans are in compliance with laws and regulations
Salary Range $25,000 to $50,000
Work Environment Primarily Indoors
Best Geographical Location(s) Opportunities are available throughout the country, but are best in large, metropolitan areas
Minimum Education Level
  • High School Diploma
School Subjects
  • Business
  • Mathematics
  • Speech
Experience One to two years as bank teller; on-the-job training
Personality Traits
  • Conventional
  • Organized
  • Problem-Solving
Skills
  • Financial
  • Information Management
  • Math
Certification or Licensing Required
Special Requirements Must undergo a criminal background check and a credit check
Employment Prospects Good
Advancement Prospects Fair
Outlook About as Fast as the Average
Career Ladder
  • Credit Manager or Loan Officer
  • Loan Underwriter
  • Senior Loan Processor or Loan Collector
  • Loan Processor
  • Bank Teller or Customer Service Representative

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