Loan Processors
Overview
Introduction
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 loans terms; that is done by the ...
Quick Facts
Median Salary
Employment Prospects
Minimum Education Level
Experience
Skills
Personality Traits
Earnings
Consumer loan processors earned average salaries of $40,598 in December 2019, according to Glassdoor. Salaries ranged from $29,000 to $57,000 or more.
Mortgage loan processors earned average annual salaries of $36,587 in 2020, according to PayScale. The lowest paid 10 percent made $27,331 or less, while the highest paid 10 percent earned $49,379 or more.
Some loan processors recei...
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 st...
Outlook
The Great Recession had a negative impact on the real estate industry. Fewer people could afford to purchase homes and new cars, and the number of loan request declined, prompting a commensurate drop in employment for loan processors. In recent years, the economy has bounced back and requests for loans of all types have increased—prompting improved career opportunities for loan processors. Thos...