Loan Processor job description
A Loan Processor plays a crucial role in the lending process by reviewing, validating, and processing loan applications. They are responsible for ensuring all necessary documentation is completed accurately and in a timely manner. This role requires excellent attention to detail, strong organizational skills, and the ability to work in a fast-paced environment.
Responsibilities
- Review loan applications and supporting documents to ensure completeness and accuracy
- Verify borrower information, employment details, and financial statements
- Analyze loan documentation to determine eligibility and compliance with lending guidelines
- Order credit reports, appraisals, and other necessary reports
- Calculate income, debt, and credit ratios to determine loan viability
- Communicate with borrowers and loan officers to gather additional information as needed
- Prepare loan packages and submit them to underwriting for approval
- Ensure all required disclosures and legal documents are properly completed
- Collaborate with underwriters, loan officers, and other stakeholders to resolve any application issues or discrepancies
- Maintain accurate and up-to-date records of loan applications and their status
- Adhere to all regulatory guidelines and internal policies
- Provide excellent customer service to borrowers and internal teams
- Keep abreast of industry trends, changes in lending guidelines, and best practices
Minimum Requirements
- High school diploma or equivalent
- Proven work experience as a Loan Processor or similar role
- Strong knowledge of loan processing procedures and regulations
- Familiarity with various loan types, such as conventional, FHA, and VA
- Proficient in using loan origination software and other related tools
- Excellent mathematical and analytical skills
- Able to work with confidential information and maintain confidentiality
- Detail-oriented with exceptional organization and time management skills
- Ability to multitask and prioritize workload effectively
- Excellent written and verbal communication skills
- Proficient in MS Office Suite
- Strong problem-solving and decision-making abilities
Minimum Qualifications
- Proven experience as a Loan Processor or in a related field
- Knowledge of loan processing procedures and regulations
- Strong attention to detail and organizational skills
- Ability to work with confidential information
- Excellent written and verbal communication skills
- Strong mathematical and analytical skills
- Proficient in using loan origination software and MS Office Suite
- High school diploma or equivalent
Recommended Skill Set
- Prior experience with mortgage loan processing
- Knowledge of underwriting guidelines and requirements
- Understanding of credit analysis and risk assessment
- Awareness of current lending market and industry trends
- Ability to work in a team-oriented environment
- Strong problem-solving and decision-making abilities
- Customer service-oriented mindset
- Ability to adapt to changing technologies and software systems
- Attention to detail and commitment to accuracy
- Ability to handle a high volume of loan applications
