Loan processors are an important part of the lending process. Responsibilities include gathering and verifying information used to make critical lending decisions. A high school diploma or equivalent and the ability to pay close attention to detail are generally required.
Loan processors, often called loan interviewers or clerks, collect the information necessary to complete a loan, including income and financial statements. They verify data and pass their findings on to loan officers and underwriters. They must be detail-oriented and thorough in their work. Although some postsecondary courses in accounting or finance are helpful, loan processors are typically required to hold only a high school diploma.
|Required Education||High school diploma or equivalent|
|Projected Job Growth (2018-2028)*||9% for loan interviewers and clerks|
|Median Salary (2018)*||$39,890 for loan interviewers and clerks|
Sources: *U.S. Bureau of Labor Statistics (BLS)
Loan Processor Education Requirements
All that is needed for a career as a loan processor is a high school diploma. Nevertheless, some employers pursue loan processors who hold an associate's or bachelor's degree in a business-related area, such as accounting or business administration. Specific loan processing training programs are available as either certificate programs or single courses. Such programs may cover topics such as credit and underwriting principles, approval processes, credit counseling, processor duties, basic appraisal principles, fraud detection, disbursing disclosures and loan processing terminology.
Additional areas of study may include fraud detection, real estate fundamentals and credit policies. Training programs also prepare graduates to process loans from beginning to end and conduct loan interviews. Aspiring loan processors need to be meticulous, and they must have strong communication skills, solid organizational ethics and basic computer smarts.
Loan processors assist in the loan application process by interviewing applicants to collect and verify financial and personal information. Examples of information and documents they have to collect and verify include credit reports, lease summaries, employer information, debt-to-income ratios, available collateral, title reports, references, financial statements and the loan applicant's income. Loan processors may also assemble loan programs that better fit an individual customer's needs.
Loan processors sometimes act as go-betweens for underwriters and loan officers. They maintain payment records on a loan, register loans and resolve potential discrepancies. Loan processors work in such settings as mortgage banks, brokerages, banks and credit unions. The U.S. Bureau of Labor Statistics (BLS) reports employment for loan interviewers and clerks is expected to grow by 9% between 2018 and 2028. The BLS also reports loan interviewers and clerks had median annual earnings of $39,890 in 2018.
Loan processors perform tasks such as investigating applications, verifying references, and requesting required documentation. Loan processors are usually required to possess a high school diploma or equivalent.