A Consumer Loan Processing Manager is a vital link in the chain of lending and financing large sums of money for personal purchases. Typically a supervisory position, they over a team of Consumer Loan Officers, as well as process and record all loan information, often having the final say as to the acceptance and rejection of the loan. The process for applying for a loan is long, and a Consumer Loan Processing Manager reduces the time, money and labor spent in processing a successful mortgage.
What are the main functions of the Consumer Loan Processing Manager?
Usually an overseer, they record and file all loan application data, ensuring that all documents are accurate, verified, and in step with company policy. A Consumer Loan Processing Manager is responsible for the accuracy and timeliness of the processing staff as a whole, as well as coordinating with other departments within a financial institution to ensure an efficient and fluid loan process.
Is a college degree required to become a Consumer Loan Processing Manager?
The short answer is no. The long answer is that, while much of the training required by this position is acquired by time on the job, and through company training, having a college degree, either a two year or four year degree in a related subject, such as economics or finance, can give a candidate a major leg up when applying for this position, and can make a person shine when the company is hiring from within.
What job opportunities are available to the Consumer Loan Processing Manager?
Most Consumer Loan Processing Managers work for companies that lend a substantial amount of money in the financial year, such as banks, credit unions, mortgage brokers, and other financial companies, streamlining the process of loan application and revision. Many Consumer Loan Processing Managers work for huge multinational companies, with large firms employing more than 70% of Consumer Loan Processing Managers.
Is the salary of a Consumer Loan Processing Manager competitive?
Again, the short answer is yes. However, this is a position with a wildly fluctuating top and bottom, with some CLPMs making into the six figures working for large banks and investment agencies, to a modest salary for smaller and less well known establishments. The average earning for a Consumer Loan Processing Manager is around $70,000 per year, though performance and experience can modify this number drastically.
What can prospective Consumer Loan Processing Managers look forward to in terms of jobs?
Most financial institutions are always on the lookout for highly skilled and dedicated professionals to increase the efficiency of the loan process and boost productivity throughout the organization. That being said, most Consumer Loan Processing Managers start out in the rank and file, with promotion from within the company being the rule rather than the exception. Job security in this position is high however, with detail oriented and professional people being retained at a high level.