The loan processor is the person who is responsible to evaluate, authorize or reject the loan application for a company or person. Their work also includes interviewing assess or researching loan applicants.

Loan Processor Job Description

The job description of the loan processor informs about the work of the particular job profile which includes the tasks of loan processing criteria. The candidate will be responsible to act as a liaison between the clients and the financial organization, evaluate the clients, research the credit records, and preparing the loan package documents. The main aim of the work is to increase the profit for the organization by making various strategies and plans. Candidate should be able to communicate with confidence with clients.

Roles and responsibilities

• The responsibility and duties of a loan processor include the work of gathering all the necessary information and documents of the loan applicants.
• Prepare and complete all the paperwork for approving existing loans along with the loan disclosures.
• Research and investigate the credit status as well as the financial position of the loan applicants.
• Make several plans for the repayment of the loan.
• Maintain all the loan processes according to legal policies, rules, and regulations.
• Make a cordial relationship with clients to know about their needs and requirement.
• Assist the other personnel of the same department to make various strategies for making a profit for the company.
• Take a loan applicant’s interview to check whether they are eligible for the approved loans or not.
• Prepare and submit the files to the underwriters.
• Inform the clients about all the processes, rules, and policies of taking loans.

Loan Processor Key skills required

• In-depth knowledge of the work including loan processes, documentation, or closing procedures is needed.
• Good communication skills, both verbal and written are required
• Proficiency in work in computer applications.
• Ability to multitask.
• Good management skills.

Education, training, and Certifications

• Bachelor’s Degree in finance, business, or other relevant field is required from a recognized university.
• At least 2 years of Experience of work as a loan processor or similar jib profile is required.