What Are the Job Duties of a Mortgage Loan Processor?

Research what it takes to become a mortage loan processor. Learn about: the duties of this job, the education requirements and salary range to find out if this is the career for you. Schools offering Real Estate degrees can also be found in these popular choices.

Career Information At a Glance

A mortgage loan processor or loan officer evaluates applicants' financial information and real estate values to match prospective buyers to property purchases. The following chart provides an overview of the education, job outlook and average salary in this field.

Degree Required Bachelor's degree
Education Field of Study Business administration, finance, communication, marketing
Key Responsibilities Analyzes applicants' financial status and ability to repay loans, communicate with real estate companies to assess property values
Job Growth (2012-22) 8%*
Mean Annual Salary (2013) $71,800*

Source: *U.S. Bureau of Labor Statistics

Mortgage Processor Duties Overview

According to Monster.com job postings in April 2011, the primary job duties you'd have as a processor include writing, organizing, inputting and approving the financial data on mortgage applications. Because the applications are different for different loans, you'd also need to choose the one that best suits the prospective homeowner. The intricacies involved with choosing the appropriate loan often comprise employment history, the applicant's assets and his or her liabilities. Credit bureaus and previous employers may be called upon to gather this information.

Your work would also involve communicating with real estate companies to assess the property value and to check for discrepancies. If you find no discrepancies and the all other applicable criteria are met, you'd approve the loan seeker's application. The approved application is then sent for underwriting with a loan closer, who'd finalize the deal.

Step-by-Step Processing

To carry out your duties, you'd typically follow three major steps. You'd begin by setting up each application and follow that with validating the loan information and finally seeing whether or not the application passes the ¬guidelines for approval.

Set Up the Loan Application

To set up a loan application, the you must determine the applicant's income, assets and liabilities. You'd also go over the projected expenses associated with the house in question. Working with your client, you'd determine the purpose of the loan and explain the loan's terms to him or her. Additional points you may cover in this step include the following:

  • Type of mortgage
  • Property information
  • Borrower information
  • Employment information

Verify the Information

To verify the borrower's information, you'd contact credit companies, the applicant's employer, the seller, appraisers and other specified companies. They verify information you collected from each applicant, including income, employment status and net worth. Survey and appraisal data from the property to be purchased will also be covered in this step.

Final Analysis

In the final step of processing a mortgage loan, you'd determine whether to approve or deny the application based on the acquired data. To make this decision you'll review the loan package and the property's closing conditions. You'd then submit the approved application to the lender and contact a loan closer to seal the deal.

To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below:

  • 1. Degree Options:

Popular Schools

  • Kaplan University

    Kaplan University responds quickly to information requests through this website.

    Popular programs at Kaplan University:

    Online Programs Available

  • Ashford University

    Ashford University responds quickly to information requests through this website.

    Popular programs at Ashford University:

    Online Programs Available

  • Strayer University

    Strayer University responds quickly to information requests through this website.

    Popular programs at Strayer University:

    • Master
    • Bachelor Degrees
    • Associate Programs

    Online Programs Available

  • University of Delaware

    University of Delaware responds quickly to information requests through this website.

    Popular programs at University of Delaware:

    • Master

    Online Programs Available

  • Capella University

    Capella University responds quickly to information requests through this website.

    Popular programs at Capella University:

    • Doctoral
    • Master
    • Bachelor Degrees

    Online Programs Available

  • Penn Foster Career School

    Penn Foster Career School responds quickly to information requests through this website.

    Popular programs at Penn Foster Career School:

    Online Programs Available

  • Indiana Wesleyan University

    Indiana Wesleyan University responds quickly to information requests through this website.

    Popular programs at Indiana Wesleyan University:

    • Master
    • Bachelor Degrees
    • Associate Programs

    Online Programs Available

  • Southern New Hampshire University

    Southern New Hampshire University responds quickly to information requests through this website.

    Popular programs at Southern New Hampshire University:

    • Master
    • Bachelor Degrees

    Online Programs Available

  • Colorado Technical University

    Colorado Technical University responds quickly to information requests through this website.

    Popular programs at Colorado Technical University:

    Online Programs Available

  • Baker College Online

    Baker College Online responds quickly to information requests through this website.

    Popular programs at Baker College Online:

    • Doctoral
    • Master
    • Bachelor Degrees
    • Associate Programs

    Online Programs Available

  1. 1
  2. 2
  3. 3
  4. Next »