What does a Loan Processor do?

A loan processor is responsible for evaluating, authorizing approval or deny applications for people or businesses. Loan processors act as a liaison between customers and financial institutions who assist qualified applicants acquire loans in a timely manner. Additionally, loan processors meet with customers to determine their needs and recommend the best loan products to help meet their financial goals. For those clients undergoing financial hardship, loan processors help with determining ratios and metrics to set up debt payment plans. Loan processors can work with consumers, businesses, or home ownership.

Most loan processors have a Bachelor's degree in finance with 3 years of experience in the consumer loan industry. A Current registration under the National Mortgage Licensing System and Registry is also required. Successful loan processors possess excellent communication and customer service skills with a strong attention to detail and numbers.

What responsibilities are common for Loan Processor jobs?
  • Evaluate credit worthiness by processing loan applications and documentation within specified limits
  • Determine all applicable ratios and metrics and set up debt payment plans
  • Interview applicants to determine financial eligibility and feasibility of granting loans
  • Review active loan files each day to determine if any documents are missing or what can be done to help the process along
  • Identify and recommend products that meets the customer's needs and the organization's lending guidelines
  • Communicate with clients either to request or to provide information
  • Utilize professional judgement to determine which potential borrowers represent good risk opportunities for the organization
  • _perate in compliance with laws and regulations and adhere to lending compliance guidelines
What are the typical qualifications for Loan Processor jobs?
  • Exceptional communication and customer service skills
  • 3+ years' experience in the consumer loan industry
  • Current registration under the National Mortgage Licensing System and Registry
  • Strong attention to detail
  • Familiarity with computers and banking applications/software
  • Ability to work in a goal oriented environment
  • Demonstrable customer satisfaction orientation and sales competencies record
  • Deep knowledge of direct/indirect lending products and practices
  • Excellent analytical and mathematical skills
EducationBachelor's Degree
Work/Life Balance
3.4 ★
Salary Range--
Career Opportunity
3.3 ★
Avg. Experience2-4 years

Loan Processor Salaries

Glassdoor Estimated Salary

Loan Processor Career Path

Learn how to become a Loan Processor, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.

L2
Loan Processor
₹2,66,711/yr
L3
Senior Loan Processor
₹3,91,833/yr
L4
Loan Processor IV
No Salary Reports
L2

Average Years of Experience

0 - 1
23%
2 - 4
63%
5 - 7
3%
8+
11%
Not including years spent in education and/or training
See Career Path

Loan Processor Insights

Read what Loan Processor professionals have to say about their job experiences and view top companies for this career.
Silverton MortgageSilverton Mortgage
Loan Processor
15 Aug 2021

“No work environment is perfect and I feel they listen to what we have to say.”

Global ResourcesGlobal Resources
SBA
6 Apr 2020

“I take pride in my ability to help my clients grow their business in an efficient and strategic manner.”

Law Office of Seth I. Ben-Ezra
Closing Coordinator
12 Jan 2022

“I enjoyed learning and growing throughout my time working at the company and can not suggest it enough to others: Great Boss and Supervisors”

Navy Federal Credit UnionNavy Federal Credit Union
Mortgage Loan Processor
18 Jun 2020

“No matter how much I improved it was not good enough and I never received any additional training.”

Secure One CapitalSecure One Capital
MOrtgage Loan Originator
26 Mar 2021

“If you’re looking for serious career development and personal growth this is a great place to work.”

Americas Mortgage ProfessionalsAmericas Mortgage Professionals
Mortgage Loan Processor
6 Aug 2021

“Pay is great and you get to work closely with the President & Vice President.”

Title ForwardTitle Forward
Closing Coordinator
12 Apr 2022

“Managers are actually invested in growing your career and I feel very supported and appreciated.”

Guaranteed RateGuaranteed Rate
Post-Closing Assistant
31 Aug 2021

“Some workers have been there close to a year and didn't and won't receive increase in pay.”

See More

Loan Processor Interviews

Frequently asked questions about the role and responsibilities of a Loan Processor

When working as a Loan Processor, the most common skills you will need to perform your job and for career success are Excellent Customer Service, Excellent Communication, Microsoft Office Suite, Written Communication and Attention To Detail.

The most similar professions to Loan Processor are:
  • Underwriting Consultant
  • Underwriter
  • Accounts Receivable Specialist
  • Credit Analyst

The most common qualifications to become a Loan Processor is a minimum of a Bachelor's Degree and an average of 0 - 1 of experience not including years spent in education and/or training.

Related Careers

Underwriting Consultant
25% skills overlap
Underwriter
₹5,89,388
38% skills overlap
Accounts Receivable Specialist
₹4,74,680
63% skills overlap
Credit Analyst
₹7,48,507
50% skills overlap

Loan Processor jobs