Loan Processor Job Description

Think about your typical loan processor: busy, driven to meet objectives, and practical. As such, your loan processor job description should be brief, specific, and realistic. Introduce your company, then outline your expectations. Once you’ve painted a picture of the work environment, clearly spell out the qualifications, duties, and objectives. Go ahead and set the bar high, because you’re more likely to get high-quality candidates that way. A strong loan processor job description conveys the day-to-day and long-term impact of the position, and avoids long-winded detail or empty jargon.

Sample loan processor job description

We are seeking a qualified loan processor to collect information needed to make informed lending decisions. Throughout the loan application process, the loan processor will interview candidates to understand their financial needs and backgrounds, research credit histories, and ensure applications are complete and accurate. The loan processor will also collaborate with loan officers and underwriters to determine eligibility and draw up appropriate contracts. After awarding loans, the loan processor will provide successful loan recipients updates and payment reminders.

Objectives of this role

Guide clients through the loan application process, serving as a reliable point of contact throughout
Gather all necessary financial information from loan applicants, performing interviews and research when needed
Meticulously correct errors, ensuring that all information is accurate and complete
Adhere to tight deadlines, working quickly but carefully, following up both internally and externally when needed
Uphold company integrity and reputation by carefully reviewing all information and adhering to procedures and regulations
Create strong and lasting relationships with clients

Responsibilities

Interview loan applicants to get a sense of their financial backgrounds and collect necessary application data, such as employment status, salary, assets, and debt
Review loan applications, ensuring that all sections are complete and accurate, correcting any potential mistakes
Perform credit background checks and carefully evaluate applicants’ credit histories
Work with underwriters to perform research and determine applicants’ loan eligibilities
Update applicants throughout the application process
Keep an open line of contact with successful applicants to answer any questions that arise and remind them of payments and contract obligations

Skills and qualifications

Excellent communication skills, with a focus on providing impeccable customer service
Strong research capabilities
Thorough understanding of the loan application process and relevant rules and legal regulations
Strong time management skills with the ability to meet tight deadlines
Integrity and confidentiality when it comes to handling sensitive information
Ability to work collaboratively with loan officers and underwriters

Preferred qualifications

Background in finance
Working knowledge of loan origination software like nCino or FIS
Experience in a customer service role
Successful completion of a loan processor certification program

How to write a loan processor job description