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Loan Processor Job Description: Top Duties and Qualifications

Your job description is the first contact between your company and your new recruit. With millions of people searching for jobs on Indeed each month, a great job description can help you attract the most qualified candidates to your open position. To get you started, here are some tips for creating an effective job description.

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Loan Processor job title

An effective job title wiil typically include a general term, the level of experience and any special requirements. The general term will optimize your job title to show up in a general search for jobs of the same nature. The level of experience will help you attract the most qualified applicants by outlining the amount of responsibility and prior knowledge required. And if your position is specialized, consider including the specialization in the job title as well. But avoid using internal titles, abbreviations or acronyms to make sure people understand what your job posting is before clicking.

  • Loan Processor
  • Junior Loan Processor
  • Mortgage Loan Processor
  • Loan Processor (Part-Time)
  • Loan Officer
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Loan Processor Job Description Examples:

Example 1

Job description

Job profile for Loan Processor / Sr.Loan Processor

This is a critical role since as a Loan Processor OR Sr Loan Processor , you will be responsible for full process of completion of loan application process as per overseas bank standards, from initial document collection to loan application preparation and verification through to loan disbursement by the bank.

You will report to the Management based in India and communicate with Australia office / Nfinity Financials on daily basis as part of the virtual office arrangements for all training and work related discussions.

Your key responsibilities will include:
  • Loan Processing- based on the financials shared by clients, assess which banks and which products are suitable for them. This needs a deep-dive learning of credit policies of various banks and understanding of credit-assessment calculations. You may also be required to assist our brokers to research and develop loan strategies by comparing the policies suitable for a client scenario
  • Client communication- interact with clients (email, phone calls) to take inputs regarding their financial data, corresponding documents, make suggestions regarding products and policies.

  • Compliance and audit- ensure that all compliance norms are adhered to, do daily and periodic audits. Make and evolve processes for best efficiency and performance of the team.
  • Analysis and reporting- daily discussion and work update to the team in Australia. Analysis of client portfolio and make recommendations.

    Qualifications and experience needed:

    Strong analytical skills and understanding of financial / KYC documents, with preferable 1 year of experience for Credit analyst profile and higher experience and vastly higher understanding and ability for Sr Credit Analyst profile.

    1. Graduation in Commerce / Finance / Engineering / MBA / CA

    2. Accuracy and strong attention to detail

    3. Critical thinking and problem solving

    4. Strong communication and customer service skills

    5. Good command on spoken and written English is preferred

    6. Excellent time management skills

    7. Lending related experience would be highly regarded, but not essential

    8. A good working knowledge in banking environment will be preferred.

    This will be early morning shift starting at 6:00 am (or earlier) to overlap Australia time.

    If you are as passionate about finance and providing great customer experiences as we are then please don't delay and apply now.

    Job Types: Full-time, Regular / Permanent, Fresher

    Salary: ₹300,000.00 - ₹500,000.00 per year

    Schedule:
  • Morning shift

    Experience:
  • total work: 1 year (Preferred)

    • Example 2

    Prism Aus Pty Ltd. T/A Prism Finance ([website]) is looking to employ on an ongoing basis, a reliable Finance Admin / Loan Processor, preferably with at least 1-2 years of experience in the mortgage industry, mainly residential & preferably in commercial lending as well
    Being a home based remote work, physically challenged candidates are most welcome to apply for the job

    Key Responsibilities
  • Analysis, appraisal and evaluation of loan applicants

    **No marketing or cold calling or interviewing clients involved**

    Skills and Attributes
  • Comprehension of direct/indirect lending procedures
  • Balance between customer satisfaction orientation and a results-driven approach
  • Preferable prior working experience in a loan processor role
  • Good knowledge of banking computer software and MS Office
  • Previous experience with Salestrekker Business CRM tool would be ideal
  • Ability to work both under instruction as well as independently

    Detailed Task Overview
  • Once provided with the info/docs received from my clients, naming the received files as per mutually agreeable naming convention.

  • Creating a list of any o/s info/docs to be sourced from clients for application to be lodged.

  • Creating a property profile for their existing property to generate the basis of projecting their current estimated market value for requested equity release.

  • Working out serviceability calculator for various lenders.

  • Entering data in Salestrekker and migrating it to ApplyOnline to be lodged.

  • Completing compliance docs in Salestrekker & taking out the pdf versions of the same in the clients’ folder.

  • Keeping a track of the Status of the file & keeping the team leader in the loop with respect to that.

  • Responding to elementary exceptions raised by the respective assessor while reverting to team leader only for involved credit-related exceptions.

  • Lodging valuation request once client finalises the property & providing back to the lender once completed.

  • Lodging a pricing request with an existing lender to keep the clients at par with the best possible current market interest rate.

  • Co-ordinating with Real estate agent & Solicitor/conveyancer in terms of requested info/docs.

  • Responding to clients for any discrepancies in final disbursement figures, not covered by Solicitor/Conveyancer.

    Job Type: Full-time

    Salary: ₹27,000.00 - ₹30,000.00 per month

    Schedule:
  • Monday to Friday

    COVID-19 considerations:
    Not Required due to ongoing work from Home proposition

    Application Question(s):
  • What is a convenient date & time for a telephone interview?
  • When did you leave your previous job? If still working, what is the notice period required at your current job?
  • Reason for leaving the previous job?
  • Pay Package at the previous job?
  • Expected salary for the current job?
  • Do you have any compliance or audit experience?
  • Do you have your own Laptop / Desktop?
  • On an ongoing basis, do you prefer to work from a formal work environment or do you prefer to work from home?
  • Please share Upload, download, and ping speed of your internet thru Ookla Speedtest.

    Education:
  • Bachelor's (Required)

    Experience:
  • Loan Processing: 2 years (Required)

    Language:
  • English (Required)

    Shift availability:
  • Day Shift (Required)

    Application Deadline: Start Date: 01/11/2022

    • Example 3

    The 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:

  • The Loan Processor will ensure the timely and accurate packaging of all loans originated
  • Evaluate pricing of different lenders and selection of the lender
  • Review loans in process daily and determine what is needed to process loans quickly
  • Coordinate with LO/LOA to prepare file for submission to UW. Collect all necessary docs
  • Verify documents for completeness and accuracy
  • Submit loans to selected lenders
  • Order Title, Appraisal, VOE, VOD, HOI, Payoffs
  • Obtain Approval from UW
  • Update LOS and AUS consistent to UW scenarios
  • Cure Conditions: Work with UW and LO/LOA to get conditions cleared as quickly as possible
  • Willingness to work in night shifts

    Qualifications:

  • Bachelor's degree or equivalent
  • 2+ years of experience with mortgage loan processing preferred
  • Knowledge of FHA, VA, Conventional, and USDA loans
  • Good knowledge of MS Office
  • Excellent verbal and written communication

    Job Type: Full-time

    Salary: ₹300,000.00 - ₹700,000.00 per year

    Benefits:
  • Food allowance
  • Leave encashment
  • Paid time shift

    • Loan Processor job summary

    A good job description starts with an attention-grabbing summary of the position and its role within your company. Your summary should provide an overview of your company and expectations for the position. Outline the types of activities and responsibilities required for the job so job seekers can determine if they are qualified, or if the job is suitable for them.

    Example of a Loan Processor job summary

    Our local credit union is currently experiencing rapid growth. We are interested in expanding our capacity to provide mortgage loans to home buyers, and we are looking for an experienced Loan Processor to join our team. The successful applicant will be responsible for accurately managing residential and commercial real estate loan documentation through our established systems, and reviewing it to ensure it is completed in full and complies with current banking regulations and policies. We encourage all who are qualified and want to work with a dynamic and highly productive team to apply.

    Loan Processor responsibilities and duties

    The responsibilities and duties section is the most important part of the job description. Here you should outline the functions this position will perform on a regular basis, how the job functions within the organization and the title of the manager the person will report to.

    • Review initial loan approval and work with borrower to gather appropriate documentation
    • Collect all required documentation for the loan package
    • Create a loan submission package for the Underwriting department
    • Submit files to assigned Underwriter
    • Satisfy all conditions when received from Underwriter
    • Ensure that approval falls within the established lending guidelines
    • Communicate with other professionals, including attorneys, county clerks and title companies

    Loan Processor qualifications and skills

    Next, outline the required and preferred skills for your position. This may include education, previous job experience, certifications and technical skills. You may also include soft skills and personality traits that you expect from a successful candidate. While it may be tempting to include a long list of skills and requirements, including too many could dissuade qualified candidates from applying. Keep your list of qualifications concise, but provide enough detail with relevant keywords and terms.

    • Bachelor’s Degree in Finance or related field
    • 2+ years’ FHA loan processing experience
    • Basic knowledge of underwriting terminology
    • Strong attention to detail and accuracy
    • Effective written and verbal communication skills
    • In-depth knowledge of the real estate industry and current trends
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    Job Description Examples

    Need help writing a job description for a specific role? Use these job description examples to create your next great job posting. Or if you’re ready to hire, post your job on Indeed.

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