Mortgage Loan Processor Job Description

By | May 30, 2011

Mortgage loan processor job profile and description

The job of mortgage loans processor is to process the documents and fulfill the other requirements involved in mortgaging. He has to evaluate the application of the borrower, check his financial status and decide whether he is capable of repaying the loan. The job requires a lot of paperwork and documentation.

Mortgage loan processor duties and responsibilities

The duties and responsibilities of a mortgage loan processor are:

  • Gather all the information required about the applicant
  • Put all the paperwork and forms required for the loan together
  • Verify the financial status of the applicant by checking his financial and credit history
  • Ensure that all the information in the applications and forms are accurate
  • Helping applicants fill the forms and applications required for mortgaging
  • Processes the loan application and submits the papers for the approval of the undertaker
  • Follows up on the loan and documents all the receipts of loan installments

Mortgage loan processor skills and specifications

The skills and specifications of a mortgage loan processor are:

  • A thorough understanding about the rules and regulations regarding mortgaging
  • A thorough knowledge regarding the terminology, detection of fraud and basics of real estate
  • Good communication and interpersonal skills
  • Good customer service ethics
  • Good computer skills
  • Good work ethics and reliability since details of customers need to be confidential
  • Must be accurate and meticulous while filling application forms
  • Good analytical reasoning power to detect fraud and wrongly submitted information

Mortgage loan processor education and qualification

The education and qualifications required for a mortgage loan processor are:

  • A four year bachelors degree in business management and accounting

Mortgage loan processors salary

The salary of a mortgage loan processor varies between $25,000 and $40,000 per annum.