How to Become a Consumer Loan Processing ManagerCareer News January 18, 2014
A consumer loan processing manager is in charge of the processing portion of the lending business and specifically in personal purchases, distinguished from commercial endeavors. The manager has the job of supervising loan officers, the workers who directly work with the applicant, and help push the loan forward. The processing part of the job involves officially recording the loan information and having final say over the loan’s acceptance or rejection. The processing is intricate, and thus some branches will create a processing manager position to oversee these necessary steps.
What You Do as a Processing Manager
The manager has the job of reducing the time, money, and work hours spent on the paperwork of a deal. When you find an open job position, expect to record and file all loan application data. This process is part filing and part validation. You check to make sure all documents are accurate, all data is verified, and that all contract details were compliant with company policies. The manager of processing does not assume anything about these files but must validate every claim, and reject claims that are not accurate or come with undue risk.
Finding a job as a manager in loan processing can lead you to a variety of banks, mortgage brokers, credit unions, and finance companies. Many of these jobs will be with large multi-national lenders, which are one reason you can expect job security, as long as you are thorough. Your commitment is always tested, and your performance in boosting company productivity and improving efficiency in paperwork is constantly evaluated. You’re not obligated to win every time, but are obligated to understand the fundamentals of lending so that you can prevent catastrophic losses.
The Skills and Education You Need
Your skills are honed over several years of work experience. Manager positions go to employees who have five to ten years of history in a lending environment or a bank. While occasionally some high school graduates are hired because of extensive work histories, for the most part, only bachelor’s degree graduates are taken seriously. This formal training prepares you for the industry, including the methods and procedures that practically all lending companies use in order to survive economic risk.
Skill sets that will come in handy for this position include communication skills, computer knowledge, and careful attention to detail, since you will be working with certificates, title deeds, reports, and other paperwork and e-files that will establish evidence of creditworthiness or credit risk. Supervisors in processing may also talk to borrowers and must show clients the advantages of loan qualifications, just as an officer does. Working well with others is a given, since managers work closely with loan processors and officers during the application process.
This is a job that can pay upwards of $70,000 per year according to the U.S. Bureau of Labor Statistics, and managerial workers are always in high demand throughout the country. Make plans to pursue a career that pays you what your talents and hard work are worth!