Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

How to Become a Consumer Loan Processing Manager

Career 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!

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Which career path will you take – Business, Nursing, Education, Psychology? Something else? GCU offers more than 100 majors to get you started!
  • Colangelo College of Business: Features more than 25 programs from the bachelor through the master's level, including several high-demand MBA programs and an accelerated accounting degree.
  • College of Nursing and Health Care Professions: Rich 25-year history providing outstanding health care and nursing degree programs, including an RN to BSN program & master's in nursing degrees.
  • College of Education: Whether you are looking to start or advance your career as a teacher or administrator, GCU offers bachelor’s and master’s in education degrees in key areas.
  • College of Humanities and Social Sciences: Provides a job focused education and features a variety of programs from counseling and psychology to justice studies, history and English literature.
  • Does something else interest you? GCU also offers programs in Doctoral Studies; Theology; Science, Engineering & Technology; and Fine Arts & Production. Speak with an enrollment counselor today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Liberty University provides a worldclass education from a christ-centered worldview
  • 100% online programs at associate, bachelor’s, master’s, and doctoral levels
  • No standardized testing if student meets admission requirements
  • Accredited by the Southern Association of Colleges and Schools Commission on Colleges
  • 87% of Liberty University students receive some form of financial aid
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Topped the list as Best Online Bachelor’s Program in Virginia by U.S. News & World Report in 2019.
  • Regent is ranked among Top National Universities by U.S. News & World Report, 2019.
  • Flexible online, on-campus and evening courses offered in 135 areas of study, including Business, Nursing, Psychology, & more.
  • Regent is recognized among Top #10 Military Friendly Schools by Military Friendly®, 2019.
  • 88% of Regent University students receive financial aid, with $24 million awarded in institutional scholarships & aid in 2017-18.
  • Online Courses
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Why Earn Your Degree from GCU?
  • Options: Choose from a variety of undergraduate and graduate degree programs in Business, Nursing, Psychology, Education & more!
  • Convenience: Complete courses online, on campus, or a combination of both!
  • Earlier Graduation: Our 4-credit courses allow you to complete your degree program in less time.
  • Transfer Friendly: We will request your transcripts, evaluate your graduate coursework, and determine your anticipated graduation date within 24 hours.
  • Quality: Grand Canyon University was founded in 1949 and is regionally accredited. Learn more today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Liberty University provides a worldclass education from a christ-centered worldview
  • 100% online programs at associate, bachelor’s, master’s, and doctoral levels
  • No standardized testing if student meets admission requirements
  • Accredited by the Southern Association of Colleges and Schools Commission on Colleges
  • 87% of Liberty University students receive some form of financial aid
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Topped the list as Best Online Bachelor’s Program in Virginia by U.S. News & World Report in 2019.
  • Regent is ranked among Top National Universities by U.S. News & World Report, 2019.
  • Flexible online, on-campus and evening courses offered in 135 areas of study, including Business, Nursing, Psychology, & more.
  • Regent is recognized among Top #10 Military Friendly Schools by Military Friendly®, 2019.
  • 88% of Regent University students receive financial aid, with $24 million awarded in institutional scholarships & aid in 2017-18.
  • Online Courses
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!