Loan Processor
Review mortgage applications and ensure that applicants provide accurate and complete information for a loan.
Job opportunities
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Jobs in Jobstreet right now
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In the last year
Salary
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Typical monthly salary
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Job opportunities
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Jobs in Jobstreet right now
Salary
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Typical monthly salary
Job growth
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In the last year
Job satisfaction
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What's it like to be a Loan Processor?
Loan Processors act as liaisons between mortgage applicants and financial institutions. They need analytical skills in order to assess individual and business loans. Loan Processors collaborate with mortgage underwriters and collate all the necessary documentation required for a loan. This can include proof of employment, bank statements, bills and income statements.
Tasks and duties
- Coordinating with clients to gather required documents and guide them through the process.
- Reviewing an applicant’s current financial situation.
- Managing documents and identifying missing information.
- Ensuring that all information provided is accurate.
- Keeping updated on lender products, policy changes and options.
- Following up with lenders to ensure that transactions are being processed smoothly.
- Organizing conference calls to attend to client queries and concerns.
How to become a Loan Processor
While a secondary school certificate is usually enough to become a Loan Processor, a more formal education paired with adequate experience will boost your prospects of employment.
- Complete your secondary school education under the ABM strand (Accountancy, Business and Management). This will introduce you to basic financial principles and banking practices.
- Consider completing an associate or bachelor degree in business administration, finance or a related field to build more skills employers are looking for.
- Gain industry experience. Loan Processors typically start off in banks, realty companies, mortgage companies and financial institutions. You will most likely receive on-the-job training when you get employed.
Compare your salary
Find out how your salary compares with the average salary for Loan Processors.
Latest Loan Processor jobs on Jobstreet
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Skills and experience employers are looking for
Having the right skills and experience can make you an in-demand applicant. Loan Processor employers on Jobstreet are looking for job seekers with expertise in the following areas.
Source: Jobstreet job ads and Jobstreet Profile data
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