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How to Become a Consumer Loan Processing Supervisor

Career News January 18, 2014

If you can guide others and set a fine example in your work ethic then don’t shy away from a management position. The processing supervisor requires someone who works well with people, but who balances that skill with solid knowledge of finance and policy.

A consumer loan processing supervisor is in charge of supervising a team, working with higher management so that the processing unit of a bank or lending institution functions smoothly. A great deal of paperwork is required to push forward loan applications. No institution ever “takes a chance” because of a borrower’s earnestness. Every fact is verified, and some form of capital is required due to the high risk. Furthermore, credit must be reviewed. Without this verification, the loan cannot be given, because it would hurt the lending company, who would then have to take that loss out of their own assets.

Understanding the Process is Key

The manager accepts loans, makes sure the processors enter in the information on record, and are ultimately responsible for rejecting loans that are incomplete or too much of a risk. A processing manager position is not always required, but in large firms, it is typically assigned so that paperwork and analysis don’t slow up the profit of the firm.

The manager doesn’t necessarily preside over every transaction but makes it a priority to reduce time and money on filling out and verifying paperwork, not on every individual loan, but as a whole. This means supervising a team of loan officers and training them to be efficient in the negotiation process so that paperwork is merely a formality. Of course, spotting errors that the loan officer might not see is an important part of the supervisor’s job.

Work Experience and College Training

A worker applying for a job in this field is typically a college graduate, mostly because managers come from this higher learning background. Even loan officers usually have a bachelor’s degree or at least an associate’s degree before being hired by the brand name company. It’s not impossible to be hired without a degree, but not always probable, especially given the competition in the field. Besides education, a solid work background is required, generally five years of experience in banking or loans. Some supervisors may have ten years of experience, which shows you the level of competition you might be facing. Computer knowledge is important in an environment that involves many e-filing transactions.

Who Hires Processing Supervisors?

It can be anyone, from a small lending company to state banks or even a national corporation. Obviously, some supervisors prefer to be associated with a larger company because of the job security involved. Smaller companies may offer more flexibility than larger companies can afford to do. However, both avenues have their own pros and cons. Work with a company you can trust and always think about the long-term financial picture. This is not an industry of charity but one of economics.

This job pays well since you do assume great responsibilities over the processing work. Train others, set the example, and become an important part of the company.

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