Loan Processor Job Description

What is the job description of a Loan Processor? What are the duties and responsibilities of a Loan Processor? What does a Loan Processor do?

Job description of a Loan Processor

Loan Processors are in charge of preparing loan files and submitting them to banks or mortgage lenders for approval. It’s their responsibility to ensure that all documents and signatures are in order prior to submission.

This Loan Processor job description example includes the list of most important Loan Processor duties and responsibilities as shown below. It can be modified to fit the specific Loan Processor profile you're trying to fill as a recruiter or job seeker.

Loan Processor Duties and Responsibilities

Loan Processor job description should contain a variety of functions and roles including:

  • 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

Loan Processor Requirements / Skills / Qualifications

Loan Processor job description should include these common skills and qualifications:

  • BSc. degree in Finance, Economics, or a similar relevant field
  • Previous working experience as a Loan Processor for (x) year(s)
  • Hands on experience with banking computer software 
  • Oustanding communication and sales skills
  • Extremely reliable and trustworthy

As a hiring manager, recruiting an ideal Loan Processor starts with crafting a good job description. Use this Loan Processor job description template to save yourself time and help you attract the most qualified candidates. Feel free to revise it to meet your specific needs.

Job seekers interviewing for the role of a Loan Processor may also reference it in preparation for the interview.

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