Work Environment
Loan processors work in typical office settings. They may have to work overtime during busy periods (e.g., such as spring and summer, when many mortgage loan applications are submitted). This job can be extremely stressful. In fact, 91 percent of loan processors with at least five to seven years of experience surveyed by PayScale.com said that their jobs were “fairly stressful” or “extremely stressful.” Job stressors include managing a large amount of information, frequent requests for updates from applicants and loan officers and underwriters, the pressure to “turn around” application files in a short period of time, and keeping up with new regulations (including those related to consumer protection).
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