Win one of three $100 Amazon gift cards! Take our new survey on DEI: START NOW

Loan Processor job description

A Loan Processor is a reliable professional responsible for assessing loan applicants’ eligibility, analyzing their credit standings, and finalizing loan contracts. They ensure compliance with regulations, communicate with clients, and cultivate referral networks. Requires experience and knowledge of banking software.

This Loan Processor job description template is optimized for posting in online job boards or careers pages and easy to customize for your company. Similar job titles include Mortgage Loan Processor and Underwriter.

What is a loan processor?

A loan processor is a professional responsible for thoroughly examining loan applications, assessing credit standings, and finalizing loan contracts. They play an intermediary role between clients and financial institutions, ensuring timely loan approvals and protecting the organization’s credibility. With expertise in banking procedures and regulations, they analyze applicants’ eligibility and develop repayment plans while maintaining strong communication and sales skills. A loan processor acts as a key link in facilitating loan approvals and maintaining customer satisfaction.

What does a loan processor do?

A loan processor performs comprehensive appraisals of loan applications, conducts background research to assess credit standings, and interviews applicants to evaluate their eligibility for loans or mortgages. They carefully analyze both financial and non-financial criteria, develop suitable repayment plans, and provide informed decisions with sound arguments. Loan processors also handle the finalization of loan contracts, keep clients informed of their obligations, and stay updated on lending and financial services. Their responsibilities include record creation, customer needs identification, cross-selling of products, and adherence to regulations and legal requirements.

Loan Processor responsibilities include:

  • Performing initial appraisal of potential borrowers by thoroughly examining their applications
  • Assessing the credit standings of applicants through background research
  • Interviewing applicants to evaluate their eligibility for loan or mortgage

loan processor job description

Job brief

We are seeking a dependable Loan Processor to appraise business or individual loan applications.

In this intermediary role, you will bridge the gap between potential clients and our financial institution. Your objective will be to facilitate the timely approval of loans for qualified applicants while safeguarding our organization’s reputation. As a Loan Processor, you will be responsible for analyzing, appraising, and evaluating loan applicants.

Additionally, you will play a key role in writing and finalizing loan contracts.

Your attention to detail and adherence to established guidelines will be crucial in ensuring accuracy and compliance. By effectively managing the loan processing workflow, you will contribute to the efficient and seamless operation of our lending services.

Join our team and help individuals and businesses access the financing they need while maintaining the trust and credibility of our institution.

Responsibilities

  • Perform initial appraisal of potential borrowers by thoroughly examining their applications
  • Assess the credit standings of applicants through background research
  • Interview applicants to evaluate their eligibility for loan or mortgage
  • Conclude on all applicable financial and non-financial criteria and develop loan repayment plans
  • Follow up with clients to clarify important points
  • Give the “green light” to eligible candidates and report decisions with sound arguments
  • Finalize loan contracts and keep clients informed in rules and obligations
  • Remain up to speed regarding lending and other financial services
  • Create and renew records
  • Identify customer needs, explore all options and suggest different types of loans
  • Cultivate trustworthy referral networks, suggest alternate channels and cross-sell products and services
  • Forge trust relationships and enhance customer dedication
  • Work within established regulations and adhere to law requirements at all times

Requirements and skills

  • Proven working experience in a Loan Processor role
  • Good knowledge of banking computer software and MS Office
  • Comprehension of direct/indirect lending procedures
  • In-depth understanding of relevant rules and regulations
  • Excellent communication and sales skills
  • Balance between customer satisfaction orientation and a results driven approach
  • BSc degree in finance, economics, or a related field

Frequently asked questions

Jump to section