How to Become a Consumer Loan ProcessorCareer News January 18, 2014
If you want a stable job, a good salary, and opportunity for advancement then the loan industry will be kind to you. This is a career path that rewards consistency and positivity. A consumer loan processor is someone who specializes in loan paperwork and e-filing and is often the first point of contact for borrowers. This individual assists with both the preparation and the packaging of the loan, and will take an active role in screening applicants. This makes the job easier for the manager and supervisor.
The Job Description for a Loan Processor
Understand that qualifications depend on the company, and the type of loans your company deals with. Consumer loans are personal loans. Because of this, some applicants may be hired with only a high school education. However, many companies will hire college applicants with a degree because they will usually become managers.
Loan processing involves reporting documents, verifying information, and taking care of other related tasks. This full-time position is more than just working with records. You will also be interacting with customers and may even perform the same duties as loan officers, who handle the contracts and the explanations of terms. Some companies separate the job of a loan officer from processor and others combine the two; it really depends on the size of the company and the level of activity that happens in a day.
The processor specifically evaluates borrowers and verifies information. As you gain more experience, you may even be invited to assess market needs and assist in creating loan packages, in collaboration with the manager. Gathering financial statements is necessary, and in some cases, so is giving your opinion to the supervisor on whether the loan is justified for approval.
Work and Skills
While higher education is not always a prerequisite, it is a substitute for a lack of work experiences. Most workers come from some sort of banking or loan background, or at least a job that deals heavily with finance. A recommended resume point is two years of experience in a banking environment. In addition to work experience, employers also take into account computer skills and the ability to learn new software in a short period of time. Math skills are desirable, since you may influence the making of the contract and will have to perform calculations, estimates, and final figures in your head.
The Job Outlook
According to the U.S. Bureau of Labor Statistics, a loan processor can make upwards of $30,000. While this isn’t a high salary, bear in mind that this position typically goes to workers qualified to lead. Once you learn the process and prove yourself a skilled negotiator you can progress within the company. Loan officers and quality assurance representatives can make up to $50,000 per year sometimes.
Start your new year off right by making a change in your career. Within a few months, you could find a job in processing even if you’re just starting your bachelor’s degree education. A new opportunity is just around the corner.