Mortgage Loan ProcessorSample Job Descriptions, Salaries, and Interview Questions

Employees working as mortgage loan processors are essential in the process of buying a new home or property. They work closely with a loan officer and an underwriter. Processors act as the middleman between those two. They are there to help the borrower or client to make sure they meet the loan requirements and will spend time making sure all the clients’ paperwork is in order, including pay stubs, W-2 forms, credit reports, and bank statements. 

The ideal candidate for this role will have good time management skills and be a team player. Mortgage loan processors need to be organized and be detail-oriented as they need to make sure all the paperwork and signatures are correct for the underwriter to do their job correctly. 

Sample job description #1

This candidate will be responsible for the entire end-to-end mortgage loan process. They will gather and process all loan documentation and ensure compliance with policy, regulatory, and loan terms.

Responsibilities

  • Review each loan file to verify that documents are present, accurate, and complete before underwriting
  • Manage loan process through mortgage software system
  • Ensure that loan rules, obligations, and deadlines are met
  • Audit and prepare quality files that meet closing objectives
  • Obtain mortgage loan documentation for clients

Qualifications

  • Bachelor’s degree or equivalent
  • Previous experience with mortgage loan processing preferred
  • Knowledge of FHA, VA, Conventional, and USDA loans

Sample job description #2

Job summary

Responsible for routing mortgage loan files through internal processing systems and obtain information needed to assist in completing a file for approval and closing; Complies with all regulations which apply within the scope of the position, including Bank Secrecy Act.

Responsibilities

  • Communicate with borrowers, underwriters and loan officers to assemble file for underwriting;
  • Ensure that all of the documentation necessary to obtain loan approval has been received, reviewed and updated;
  • Review all files for completeness and accuracy prior to loan submission;
  • Review items needed on conditional approval;
  • Obtain and verify all underwriting and funding conditions;
  • Submit loan for final approval to underwriting;
  • Maintain a pipeline of loans and is responsible for the timely and compliant flow of loans until closing;
  • Perform other duties as assigned.

Qualifications

  • Education: High school diploma or equivalent; AA degree preferred
  • Experience: Minimum 2 years of current mortgage loan processing experience
  • Skills/Abilities: Computer literate; effective verbal and written communication skills; excellent time management and organizational skills; knowledge of FNMA, FHLMC, VA and FHA guidelines; bilingual (English/Mandarin) preferred

Sample job description #3

Prepares and processes mortgage loan records, files and correspondence from application through approval. Assures compliance with bank, regulatory and investor guidelines and customer service standards. Communicates with customers, internal staff, brokers, counsel, title companies, etc. to respond to inquiries, resolve problems and obtain all necessary documentation required for the file.

Basic qualifications

  • High school diploma or equivalent
  • Minimum one year of related experience

Preferred skills/experience

  • Ability to manage multiple tasks/projects and deadlines simultaneously
  • Ability to identify and resolve/escalate problems with guidance
  • Effective verbal and written communication skills

Average salary and compensation

The average salary for a mortgage loan processor is $50,500, plus the opportunity for a monthly, quarterly, or annual bonus. Salary will vary by geographic location, market conditions, company size, and experience level.

LocationSalary LowSalary High
Phoenix, Arizona$50,200$67,950
Los Angeles, California$56,650$76,650
Denver, Colorado$47,200$63,900
Washington, DC$57,500$77,800
Miami, Florida$47,000$63,600
Orlando, Florida$43,350$58,650
Tampa, Florida$43,800$59,250
Atlanta, Georgia$45,950$62,150
Chicago, Illinois$52,800$71,450
Boston, Massachusetts$57,100$77,250
Minneapolis-St.Paul, Minnesota$45,500$61,550
New York City, New York$60,100$81,300
Philadelphia, Pennsylvania$48,950$66,200
Dallas, Texas$47,650$64,450
Houston, Texas$47,450$64,150
Seattle, Washington$54,950$74,350
National Average$42,900$58,000

Sample interview questions

  • Can you tell us about a time when you made a mistake in your borrower’s paperwork? How did you handle the situation?
  • What made you want to become a mortgage loan processor?
  • What is more important, to meet your sales goals or to make your customers happy?
  • Do you have any good success stories you want to share with us?
  • What would you say are the most important skills needed for a mortgage loan officer?
  • What are your sales goals, and how do you plan to achieve them?
  • Can you list the different types of financial information needed from an applicant?
  • What was your most rewarding experience working with a client as a loan processor?
  • What skill required for this job do you struggle with the most?
  • What goals do you wish to achieve in the next 5 years?
  • Can you give us a rough estimate of the loans you last submitted in a month?
  • What are your best closing techniques?
  • How many years of experience do you have?

Mortgage Loan Processor Jobs in Ashburn

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