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Consumer Loan Processor Job Description

Job Descriptions December 1, 2013

For individuals that are considering a career as a consumer loan processor, the first thing to do would be to look at a consumer loan processor job description. Through this description, they can better gleam what would be expected of them as a consumer loan processor and what the requirements are to be a consumer loan processor. The main thing in the consumer loan processor job description is that a consumer loan processor meets with applicants so that they can review the information they have submitted on their loan applications.

As a consumer loan processor one has to gather the necessary information from loan applicants to assist them with completing the loan process. They must also have knowledge of various loan requirements and standards so that they can properly help those that are applying and so that they acquire the proper paperwork. Another aspect of the consumer loan processor job description is that they must examine the loan documents submitted to them to assure that all of the paperwork has been properly filled out and meets any underwriting guidelines.

Anyone that is interested in this type of career should be able to look at the information submitted by the applicant and help them clarify information and to find any missing information that there may be. They not only help with the loan process, but they also help find any potential problems and to also assist individuals to find the best loan for their needs. When they are assisting individuals that are applying for loans they should be able to identify any issues that the applicants may have with repaying the loan and at what financial risk the lender will be at if they provide the loan. It is not all about filling out paperwork, but they also are responsible for bringing in additional business by running sales campaigns and getting people interested in any loans that they may need.

Skills that are helpful for this position include having great verbal and written communication skills so that they can easily commute with their clients. Having sales skills is also important and can help with brining in new customers. Also having math skills and experience with financial software are all helpful for this position. Individuals that are interested in this position should have a high school diploma and some institutes require a bachelor’s degree in finance or economics. The median salary for a consumer loan processor is $31,091 and can vary based on experience and education.

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In 2017, workers with a bachelor's degree or higher had almost twice as much
median earnings per week than workers with only a high school diploma*.
*Bureau of Labor Statistics
Thank you for sharing your preferences.
You can find other options through our sponsored listings below!
Quick Fact
In 2017, workers with a bachelor's degree or higher had almost twice as much
median earnings per week than workers with only a high school diploma*.
*Bureau of Labor Statistics

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