Loan Processor Job Description

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Loan Processor Job Description

Job descriptions
Banking and Financial Services

Job summary 1

The Loan Processor is the key contact between the borrower and the Mortgage Loan Operation. The Loan Processor communicates with the Borrower(s) through verbal and written communication. They will review and request documents required for the underwriter to clear the file for closing and index new inbound documents, placing them in the correct file locations. The Loan Processor will determine when loans are ready to be returned for subsequent review. The Loan Processor is responsible for managing their pipeline of loans and communicating to the Sales personnel (Loan Officer) regarding loan status. In the role of Loan Processor, you will execute transactions as per prescribed guidelines and timelines, review and validates the inputs from the other team members, support your manager in training activities, and daily operations reviews, and help in escalation resolution to meet service level agreement targets for the specific process within the guidelines, policies, and norms.

Duties & Responsibilities 1

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Process files from opening through the closing of each loan. Take ownership of loan files once received from the mortgage loan officer. Be the primary contact for all parties involved in the process of the mortgage loan.
Assemble all loan documents necessary to meet the underwriting guidelines for the particular loan to meet Automated Underwriting System findings.
Conduct Welcome call and document notice of intent. Follow up with the borrower on the progress of the loan.
- Review all documents for accuracy and completeness and determine the documentation necessary to be included in the mortgage loan file.
- Perform data validation and update empower notes
- Other tasks assigned.

Requirements & Skills 1

Job summary 2

A Loan Processor acts as a liaison between the borrower, sales team, and underwriting department.

Duties & Responsibilities 2

Collect and record customer information promptly to ensure the timely processing of compliant loan files
Set up loan files, manually and on the computer, and order all exhibits
- Ensure the accuracy and completeness of each loan file processed before passing it to the closing department
- Follow up on submitted loans and/or pended loans
- Coordinate closing paperwork and tasks, as required

Requirements & Skills 2

Excellent customer service skills
Strong organization skills, attention to detail, and ability to multi-task
Strong oral and written communication skills
- At least 2 years of experience processing loans, preferred
- Working knowledge of real estate documentation, underwriting policies, compliance, and procedures, preferred
- Minimal travel required

Job summary 3

We are seeking an experienced Loan Processor to join our team.

Duties & Responsibilities 3

Requirements & Skills 3

1 to 3 years minimum experience as a Loan Processor
Working knowledge of Encompass software
High School Diploma

Job summary 4

We currently looking for a Loan Processor. The right candidate will process mortgage loans and provide a high level of customer service to our builders and home buyers.

Duties & Responsibilities 4

Requirements & Skills 4

One year certificate from college or technical school; or three to six months related experience and/or training; or equivalent combination of education and experience.
Individual must have a valid and current Mortgage Loan Originator License as required per state regulations.

Job summary 5

A well-established organization is currently seeking a Loan Processor. This is a great opportunity for someone with 2-3 years of experience in loan processing and excellent customer service skills.

Duties & Responsibilities 5

Reviewing and evaluating loan file documents, credit reports, appraisals, and income and asset documentation before it is shared with the underwriter
Determine any issues, work with the borrower for updates
- Work with the borrower on the follow-up to ensure all forms are completed before final loan decisions
- Work closely with the manager and loan agent regarding the status of the loans that are stagnant to allow timely follow up
- Verify and completes of all files

Requirements & Skills 5

2-3 years of experience in a similar role
- Experience in the mortgage loan industry is highly preferred
- Excellent communication skills both verbal and written
- Knowledge of loan processes and documents is ideal

Job summary 6

We are looking for Loan Processors to join our team.

Duties & Responsibilities 6

Communicate with borrowers in a manner that shows sensitivity, tact, and professionalism
Contact each borrower promptly to introduce yourself and go over the process and items needed
Maintain current knowledge about the industry, market trends, competitive position, etc.
- Strive to achieve and exceed productivity expectations and standards
- Read, interpret and apply applicable laws, rules, regulations and/or policies and procedures
- Accurately document all information about accounts

Requirements & Skills 6

Job summary 7

We have an opening for a Loan Processor.

Duties & Responsibilities 7

Requirements & Skills 7

Job summary 8

The Loan Processor will be responsible for processing from start to finish, all new loans and loan modifications.

Duties & Responsibilities 8

Responsible for the building of Loan Files (hard or electronic, as applicable) according to the Bank’s credit policies and procedures.
Prepare es Introduction Letter to the applicant with a detailed list of informational items necessary to process the loan.
Collect incoming informational items requested from applicant/borrower and review to ensure accuracy.
- Prepares insurance coverage letter of request required for collateral being taken for subject loan. Upon receipt of insurance coverage requested, responsible for reviewing per initial letter of request.
- Ensure outstanding invoices associated with loan requests are paid before or at closing.
- Ensure notes are input in communication software with all updates identifying the stage of the process.

Requirements & Skills 8

Minimum 1+years’ of experience in commercial loan processing

Job summary 9

We are hiring a Loan Processor.

Duties & Responsibilities 9

Compile and analyze financial information and documents for mortgage applications and confirm compliance with underwriting guidelines.
Provide mortgage application information requirements to the parties involved, including Loan Originators, realtors, sellers, and applicants.
Manage a pipeline of loan files in various stages of processing as designated by management and ensure customer service standards are met.
- Prepare and Issue forms required for regulatory compliance.
- Review financial information and documents for accuracy and completeness and calculate income and review assets and liabilities to ensure compliance with guidelines.
- Perform related responsibilities as required or assigned.

Requirements & Skills 9

Job summary 10

We are seeking a Loan Processor.

Duties & Responsibilities 10

Responsible for processing loans according to established regulations and procedures.
Review and verify all documents included in loan file; complete forms as required.
Prepare file for Underwriting: review/QC supporting loan documentation received from the customer (e.g. paystubs, bank statements) and image documentation into the loan imaging system.
- Input document information into the loan origination system.
- Maintain records for processing each loan.
- As needed, contact the customer to collect the necessary information.

Requirements & Skills 10

High school diploma/GED required; Bachelor's degree preferred
- Attention to detail a must
- Strong organizational skills and the ability to manage multiple tasks concurrently
- 2+ years of experience in loan processing environment preferred

Frequently asked questions

What are the duties of a loan processor?

A loan processor is responsible for processing loan applications for individuals and businesses. Some of the key duties of a loan processor may include:

Reviewing loan applications and verifying applicant information, such as employment and income details, credit history, and collateral.

Analyzing loan documentation and ensuring that all required documents are included in the loan application.

Communicating with loan applicants and answering their questions about the loan process.

Collaborating with loan officers and underwriters to assess loan applications and make decisions on loan approval or denial.

Preparing loan files for underwriting and ensuring that all required information is included.

Obtaining additional information or documentation from loan applicants as needed.

Maintaining accurate records and documentation related to loan applications and decisions.

Ensuring that all loan documentation complies with regulatory requirements and internal policies.

What skills do you need to be a loan processor?

Some of the key skills required for a loan processor may include:

Attention to detail: A loan processor should have excellent attention to detail to ensure that loan applications and documentation are accurate and complete.

Communication skills: A loan processor should have strong verbal and written communication skills to effectively communicate with loan applicants, loan officers, and underwriters.

Analytical skills: A loan processor should be able to analyze loan documentation and assess the creditworthiness of loan applicants.

Time management skills: A loan processor should be able to manage multiple tasks simultaneously and prioritize their workload to ensure that loan applications are processed promptly.

Technical proficiency: A loan processor should be familiar with computer software used for loan processing and document management.

Customer service skills: A loan processor should be able to provide excellent customer service to loan applicants and respond to their inquiries and concerns in a timely and professional manner.

Problem-solving skills: A loan processor should be able to identify and resolve issues related to loan applications and documentation.

Knowledge of regulatory requirements: A loan processor should be familiar with regulatory requirements related to loan processing and ensure that loan documentation complies with these requirements.

Olivia Powell
Recruiting expert

Last updated Sep 30

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Loan Processor Job Description

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Frequently asked questions

What are the duties of a loan processor?

What skills do you need to be a loan processor?

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