A real estate processor is responsible for obtaining and substantiating the paperwork in a real estate transaction pertaining to an individual's personal and financial data. Although a high school diploma is typically a sufficient educational background for this career, some employers might prefer to hire candidates who have some college credits.
Real estate processors are responsible for the loan and financial paperwork involved in a real estate transaction. At a minimum, they must have a high school education; good office and organizational skills are other desirable traits.
|Required Education||High school diploma or equivalent minimum requirement|
|Other Requirements||Ability to multi-task as well as strong organizational and customer service skills|
|Projected Job Growth (2018-2028)*||5% for all financial clerks (including real estate processors)|
|Median Salary (2018)*||$41,020 for all financial clerks (including real estate processors)|
Source: *U.S. Bureau of Labor Statistics
Real estate processors, also known as real estate loan processors, acquire and confirm financial and personal data by interviewing loan applicants. They also draft documents for the appraiser in preparation for the closing and review and analyze the document package. A real estate processor is also typically responsible for examining the conditions for a loan, ensuring that they are accurate and structured properly in accordance with the stipulations of the loan policy and the applicant's credit rating.
A real estate loan processor typically works with other real estate professionals, such as loan officers and realtors, as well as loan applicants; some may work in a law firm. His or her duties may include attending to issues that arise after a closing and obtaining flood certificates. Administrative duties, such as entering data into a computerized system, handling incoming mail, and answering the phone, may also be part of a real estate processor's job.
The minimum educational requirement for a real estate loan processor is a high school diploma; however, some employers prefer applicants to have some college credits. Real estate processors should also be able to write and communicate effectively. They should also be able to work well independently, understand how to prioritize and multi-task as required. According to multiple job listings, organizational skills, the ability to get along with others, and being a team player are other desirable traits. Prospective real estate processors also typically have excellent analytical and customer service skills.
Employers may prefer to hire real estate processors who are familiar with federal and state regulatory laws. Since real estate is a fast-paced environment, being able to handle pressure and change well are also useful traits. In order to handle the paperwork and administrative duties, a real estate processor should have computer skills, be acquainted with Microsoft Office and be able to handle all office equipment, such as phones, fax machine and copy machine. A prospective real estate loan processor should be able to learn quickly, as employers often provide additional on-the-job training.
Salary Info and Job Outlook
According to the Bureau of Labor Statistics (BLS), the employment of financial clerks, including real estate processors, is expected to grow by 5% between 2018 and 2028. The BLS also reported the median annual salary earned by such clerks as $41,020 in May 2018.
It's important for real estate processors to have strong oral and written communication skills. A knowledge of federal and state regulatory laws might be beneficial to aspiring real estate processors when seeking employment. Real estate processors must be organized and able to pay attention to detail, as job responsibilities include reviewing loan conditions, drafting closing documents, and interviewing loan applicants.