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Loan Processors

Overview
Loan Processor—Career Q&A: Professional Advice and Insight

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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.

Salary Range

$25,000 to $50,000

Minimum Education Level

High School Diploma

Certification/License

Required

Outlook

About as Fast as the Average
Personality Traits

Conventional

Organized

Problem-Solving

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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