Mortgage loan processors work with financial institutions to help close home loans with clients. They spend most of their time working with clients, interviewing them and verifying details from their mortgage application. They also finalize all the documentation for the closing process.
In an effective mortgage loan processor job description, it’s essential to state the key requirements of the job. People in this position are required to have a high school diploma to be considered. There are companies that prefer to hire those with some college coursework in finance or business.
Training can be completed once a candidate is hired, but companies usually look for people with strong skills in math and excellent communication abilities. You can see more details about what kind of things to include in this type of job posting by reviewing the mortgage loan processor job description template in the space below.
Mortgage Loan Processor Job Summary
Do you want to be a part of an exciting and fast-paced field where there is opportunity for advancement? Our bank is seeking mortgage loan processors to help us in the booming real estate market. Your job would be to help our customers through the process of qualifying for a home loan by discussing terms with them, interviewing them about their finances and verifying their account details. Mortgage loan processors also provide an essential role in pushing loan packages through to the closing process. If you have a desire to start a career on the financial side of real estate, we can help you get there with our comprehensive job training.
- Review customer details from loan applications and crosscheck information to ensure it’s accurate and complete
- Ask potential borrowers questions about their financial past and habits and review their background as well as their personal information during the initial interview session
- Organize all loan documentation materials for each mortgage application, such as tax forms, bank statements, paycheck stubs and other information
- Ready all loan documentation for the mortgage closing process by writing letters, legal forms, agreements and finalization documents for the borrower
- Analyze a consumer’s past credit history by running credit checks, reviewing income, listing current financial obligations and checking employment details
- Discuss the status of a loan application with clients and indicate when more documentation is needed by contacting customers by phone or email
- Inform customers about the terms of an accepted loan and notify them about the interest rate, repayment options and closing costs
- Maintain an organized computerized filing system for loan customers and update client information about addresses and employers as it changes
Job Skills & Qualifications
- Completion of a high school diploma or GED program
- Top skills in mathematics and calculations
- Strong written and oral communication skills
- Dedication to delivering excellent service to customers
- College degree or coursework in business, finance or management
- Experience working in the lending industry
Mortgage Loan Processor Job Responsibilities
The job responsibilities should be the most in-depth section of a job description. Creating a thorough list is essential when writing a mortgage loan processor job description. A detailed overview of responsibilities helps potential employees to understand what your company expects of the person who fills the position. There are several ways you can ensure the right candidates find your description.
As you write the list of responsibilities, consider which tasks are most important to the job and list them first. It is also important to use keywords when possible. For example, if the employee will use a specific type of software, use the name of the software as a keyword and put it near the beginning of your bulleted list. You should also use strong action verbs when describing each responsibility. This makes it easier for applicants to imagine themselves in the position and performing relevant tasks. You may also consider using links to video, audio or written content that further describes the position outlined in the mortgage loan processor job description.
This list of mortgage loan processor job responsibilities will help you begin writing your own:
- Process loan applications and decide whether to approve them based on analysis of credit, property evaluations and overall financial status
- Meet with applicants to explain each type of mortgage loan and the terms for qualifying for them
- Review loan agreements to ensure they are accurate and complete in accordance with company policy
- Assist on special projects as needed
Mortgage Loan Processor Job Specifications
Although the skills and qualifications typically make up the shortest part of a mortgage loan processor job description, this section is more important than it may seem. The specifications provide an overview of the minimum qualifications expected of applicants as well as preferable ones. By creating a thorough list, readers more easily determine if they have the qualifications to perform the tasks. This prevents you from getting dozens of resumes from people who aren’t right for the job.
If you aren’t already well-versed in what the company expects of the position, it may help to talk to other people in the loan department before writing the mortgage loan processor job description. They can help you come up with a list of specifications and separate them into those required and those preferred. If your company has a team that reviews job descriptions, allow them to approve your list before you post it to job boards.
Consider these common mortgage loan processor job specifications as you write your own list:
- Minimum of a high school diploma or GED required
- Applicant must have at least one year of relevant course study
- Strong decision-making skills a must
- Excellent communication skills necessary
- Must have at least one year of loan processing experience
- Previous experience in an administrative position helpful