Mortgage Loan Processor How to Hire, Salary Data, and Job Descriptions
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.
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
Bachelor’s degree or equivalent
Previous experience with mortgage loan processing preferred
Knowledge of FHA, VA, Conventional, and USDA loans
Sample job description #2
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.
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
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.
High school diploma or equivalent
Minimum one year of related 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.
Los Angeles, California
New York City, New York
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?
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