Salary Range
$25,000 to $75,000Overview
Loan processors review applications for loans for big-ticket items (such as homes, vehicles, or home appliances), verify financial information, contact loan applicants if application information is missing or needs to be verified, and coordinate external activities with the title company, insurance agents, and appraisers and surveyors (when processing mortgage loans). In short, they manage the customer relationship from pre-approval to close status. Loan processors do not negotiate mortgage rates or loan terms; that is done by the loan officer. Some processors review and approve or decline credit card applications. Loan processors are also known as loan clerks and loan interviewers. Approximately 206,100 loan processors are employed in the United States.
Minimum Education Level
High School DiplomaCertification/License
RequiredOutlook
DeclinePersonality Traits
Conventional
Organized
Problem-Solving
Career Ladder
Credit Manager or Loan Officer
Loan Underwriter
Senior Loan Processor or Loan Collector
Loan Processor
Bank Teller or Customer Service Representative
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