Loan processor is known as the financial manager, responsible for preparing loan documentation. Your duty will be to scrutinize the personal and financial information of the loan applicants. You also have to measure the validity and accuracy of the details provided by the applicant, before sanctioning the loan. Another responsibility would be guiding the assistants filling up the loan forms. You should also advice the applicants regarding the present interest rates, types of loan, eligibility, monthly payment scheme and the foreclosure costs. As the debt management scenario has become more crucial, you have to check the credit record of the applicants before disbursing the loan amount. Finally, you have to advise customers regarding the options and maintenance of the loan applications, along with keeping the disbursed loan amount records.
How to be a Successful Loan Processor
Feeling knowledge gap? Want to get a job as loan processor?
To become a loan processor, you have to acquire right education and associated degree in the financial sector. This banking degree will be helpful in increasing your knowledge regarding financial management, lending practices and the allied banking laws. Some certification courses can also offer you clean job skills related to the underwriting principles, basic appraisal and credit counseling processes.
The financial calculation, computer skill and data analysis software package can help you becoming a perfect resource to serve higher level financial institution. You can also improve your interpersonal skills through on-the-job training process. Book keeping and customer service knowledge can provide you added advantage in getting an attractive job role as a loan processor in the leading banking and financial institutions.
Thinking about future prospects?
As a certified loan processor, you can achieve higher career advancement. As you know the American bankers Association and the Mortgage Bankers Association provide adequate certification courses. Thus, acquiring proper license as a loan officer has become a mandatory rule today. The successful completion of the banking course and a satisfactory credit report can help you becoming a recognized loan processor and you can earn higher benefit as well
Do you want to know the pay scale of a loan officer?
Due to the extreme application of the automated loan processing unit and the business stability of the employer, the pay scale of the loan processor varies significantly. Some employers offer a fixed salary to the loan processors, while a few non-banking financial organizations pay commission to the loan processors. We should also inform you that bigger financial institutions pay a basic salary along with the bonus and incentive schemes.
You will be happy to know that the Bureau of Labor Statistics has reinforced mandate payment of minimum $32,600 per year and the medium annual salary has been reinforced as $59,820. We hope now you will become more interested doing a job of loan processor. Then why to delay? Just start up the training session, join a reputed bank as a loan processor and make your career prosperous.