Loan processors are employed by commercial banks, savings institutions, credit unions, and loan processing companies. Some work for credit bureaus and credit card companies. Opportunities are available throughout the country, but are strongest in large metropolitan areas.
The most common way to land a job as a loan processor is to contact potential employers directly regarding job opportunities. Additionally, a simple Internet search using the phrase “loan processing jobs” will generate a large number of job listings. Furthermore, the National Association of Mortgage Processors offers job listings at its Web site, http://www.loanprocessorjobs.org. Other ways to learn more about job opportunities include using the resources of one’s high school or college career center, attending banking/mortgage industry career fairs, and networking in-person and online at Web sites such as LinkedIn. Some loan processors land their first jobs after working as bank tellers or customer service representatives.
A highly-skilled and -experienced loan processor can advance to the position of senior loan processor, who supervises a team of processors, or loan collector, who contacts loan customers with delinquent accounts and, if necessary, initiates the appropriate collection action. Overall, it’s difficult to advance without completing additional education (especially for those with only a high school diploma) and becoming certified. Those who do so can become credit managers and loan officers.
Tips for Entry
Visit the following Web sites for job listings:
Become certified to improve your chances of being hired.
Be willing to relocate; it may increase your job opportunities.
Obtain experience as a bank teller to learn more about financial practices and develop your customer service skills.