Mortgage Loan Processor Career

Career Description:

Mortgage loan processors are professionals responsible for gathering and organizing documents that are related to the approval of loans, especially related to property and real estate. They make sure that the applications for the mortgage loans are complete in every respect both for the sale buyers and lenders of the property. They must have a sound knowledge about the state and federal laws and guidelines that govern the purchase and sale of real estate.

 How to become a mortgage loan processor:

A GED or high school diploma is the minimum educational requirement for the profession. Employers, however, prefer candidates having prior experience or a two-year associate degree in the fields like accounting or business administration. Standalone and certificate courses are also available.

Strong written, interpersonal and verbal communication skills are necessary traits for the job. The candidate has to be organized, detail-oriented and analytical. They have to work under pressure and keep information confidential.

 Mortgage loan processor career courses, training and programs:

 Specific training programs are available as certificate courses or as an individual program. The courses cover subjects like underwriting and credit principles, credit counseling, approval processes, processor duties, fraud detection, basic appraisal principles, loan processing terminology and disbursing disclosures.

Some training programs prepare graduates for processing loans and also conduct interviews. Solid organizational skills are also needed.

 Mortgage loan processor career schools/colleges, education:

There are various institutes where intending individuals can earn education about the profession. There are also some finishing institutes where a candidate can learn the finer nuances of the profession.

 Top 5 colleges/universities:

Boston College

University of Florida

Colorado State University

Michigan State University

University of North Carolina, Chapel Hill

 Mortgage loan processor job opportunities, salaries/pay:

A mortgage loan processor finds employment in financial companies, banks, loan disbursal agencies, federal bodies and similar organizations. They are usually paid an annual salary of around of $46,000.

Category: Banking Careers

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