Loan Processor
Quick Facts
Median Salary$44,605
Most Common EducationHigh school or GED
Projected 10-Year Growth-23.30%
Assessment MatchTake the Assessment
What They Do
A Loan Processor processes applications for bank loans including mortgage or commercial loans. Assists customers with the application process, organizes and reviews credit information or business financial reports, and puts together materials needed for loan underwriters to evaluate an application.
Core Tasks:
- Verify and examine information and accuracy of loan application and closing documents.
- Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
- Record applications for loan and credit, loan information, and disbursements of funds, using computers.
- Submit loan applications with recommendation for underwriting approval.
- Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
- Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
- File and maintain loan records.
- Interview loan applicants to obtain personal and financial data and to assist in completing applications.
- Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Check value of customer collateral to be held as loan security.
- Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
- Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
- Answer questions and advise customers regarding loans and transactions.
- Present loan and repayment schedules to customers.
What to expect as a Loan Processor
1Earn a High school or GED Diploma
53% of people achieve this level of education.
2Gain skills and experience
See Loan Processor related courses on Tallo
3Land a job
1763 openings for Loan Processors
Career Progression
in United States (Nation)
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