What Does a Loan Processor Do?
Mortgage processors are critical to the process of a home loan. They interview loan applicants, conduct background checks, manage loan pipelines and verify references. Processors review loan documents and transactional information between borrowers, sellers and the lender. They also prepare, review and double-check mortgage applications and other paperwork for delivery to mortgage underwriters. Because of these tasks, attention to detail is one of the most important skills required of a mortgage loan processor, as is having a robust loan origination software such as CaptaFi to hold all the customer data.
How much do Loan Processors earn?
The salary of a mortgage processor will depend on a number of factors, including:
- Geographic location
- The company employing the processor
- The amount of experience possessed by the professional
- Industry certifications
- The typical salary for a mortgage loan processor will fall between $45,000 and $55,000 per year
Those promoted to a Loan Processor Level 2 position, which typically requires one to three years of experience, can earn a median annual income of $50,000 - $60,000.
What does the future look like for a Loan Processor?
According to the latest Fannie Mae Home Purchase Sentiment Index, there is a greater share of consumers who believe it’s a good time to buy and/or sell a home. This is potentially good news for mortgage processors and mortgage lenders as there is higher optimism about the near-term housing market
How can I become a Loan Processor?
The National Association of Mortgage Processors offers a variety of cost-effective "professional development" residential & commercial mortgage processing certification programs for aspiring loan processors nationwide. Learn how to become a certified loan processor, and you'll discover how a loan processor certification program can help to advance your career in mortgage loan processing.