Loan Processors

No experience is needed to work as a loan processor, but those with prior work experience in customer service, banking, or finance will increase their chances of landing a job, getting promoted, and possibly earning higher pay.

Loan processors must be extremely organized and detail oriented because if they make mistakes or fail to account for all of the necessary loan documents, the loan application will be delayed—and it takes a lot of effort to fix issues after the file has gone to the underwriter. They also need strong time-management skills because application materials must be promptly processed and turned over to the underwriter in order to keep the loan application process moving. Failure to meet a real estate closing date can result in lost business and withdrawn offers. Loan processors also need excellent communication and interpersonal skills because they frequently interact with loan applicants (and must be able to explain sometimes complex documents to customers), title and escrow companies, loan originators, and loan underwriters. Other important traits include the ability to work effectively under pressure, strong ethics, and good problem-solving ability. Finally, loan processors need detailed knowledge of loan processing, underwriting, and closing procedures; proficiency in Outlook, Excel, Word (Microsoft) or similar software; and expertise in the use of loan processing and management software such as Encompass (Intercontinental Exchange), OnBase (Hyland Software), and Point (Calyx Technology).