Loan Processor Duties & Responsibilities

The role and function of a Loan Processor includes the following duties and responsibilities:

Examine received applications
Conduct background research on applicants
Conduct detailed interview with applicants in order to examine if their eligibility for a loan
Examine different financial and non-financial criteria
Prepare loan repayment plans
Communicate regularly with customers and ensure they receive exceptional customer service throughout the process
Identify the needs of customers, explore possible options and suggest different types of loans
Build referral networks and suggest alternative channels to cross-sell products and services
Build long-term, trusting relationship with customers
Ensure customer satisfaction at highest possible level
Οperate in compliance with laws and regulations and lending compliance guidelines
Maintain a positive working relationship with internal departments and external contacts.
Build long-term trustworthy relationship with clients
Give the “green light” to eligible candidates and argument their decision in reports
Finalize loan contracts
Introduce clients with relevant loan repayment the rules and their obligations
Maintain an active knowledge base of all of the organization’s loan products and an understanding of the qualifications required of each applicant
Update records regularly

Note that this is not an exhaustive list of Loan Processor duties and responsibilities. Job functions for specific Loan Processor roles may vary, depending on the industry and type of employer.

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