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Loan Processor Job Description

How to Hire a Loan Processor

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Loan Processor Job Description

We are recruiting for an experienced and highly-analytical Loan Processor to conduct assessments of business and individual loans. You will act as the liaison between potential clients and our growing financial institution, conducting client evaluations, researching credit records, and preparing loan package documentation.

Your chief goal will be to help eligible applicants obtain loans in a timely and professional manner while protecting our institution’s credibility.

To succeed in the position, the ideal candidate will demonstrate an in-depth knowledge of relevant rules and regulations. You should also have strong attention to detail with excellent communication and interpersonal abilities.

Loan Processor Duties and Responsibilities

  • In-depth knowledge of closing procedures, loan processes, and documentation.
  • Good understanding of banking computer software and MS Office.
  • Excellent interpersonal and communication skills.
  • Good multitasking abilities with outstanding time management skills.
  • Bachelor’s degree in Finance or relevant field.
  • A minimum of 2 years’ experience as a Loan Processor or similar role.

Loan Processor Skills and Requirements

  • Collect and prepare all necessary documentation for the loan package.
  • Research applicant credit status and current financial position.
  • Prepare and maintain all paperwork for existing and new loans, including loan disclosures.
  • Create repayment plans.
  • Complete loan contracts and ensure clients are kept informed of the rules and requirements.
  • Work with clients to establish their needs and recommend suitable types of loans.
  • Submit files to the designated Underwriter.
  • Conduct interviews to assess client eligibility for loans or mortgages.
  • Ensure you comply with the established regulations and law requirements.
  • Follow-up with clients to verify important information.
  • In-depth knowledge of closing procedures, loan processes, and documentation.
  • Good understanding of banking computer software and MS Office.
  • Excellent interpersonal and communication skills.
  • Good multitasking abilities with outstanding time management skills.
  • Bachelor’s degree in Finance or relevant field.
  • A minimum of 2 years’ experience as a Loan Processor or similar role.

Personalising Your Loan Processor Job Description Advise

The hiring process and recruiting new employees to fill your key roles requires a degree of personalisation if you are to attract the best employees in a competitive employment market. The right person for a crucial role or more senior roles will likely have other employers targeting them. As your job description will be the first point of contact, you need to nail your pitch and provide the best possible service.

When creating your bespoke description and advert, you should cover and promote these points:

Job title: This should accurately reflect the role and include keywords that top talent might be using to search for jobs.

Job duties: The day to day duties, such as administrative tasks, which vary depending on the company and inform the candidate if they can complete the role.

Technical skills: These are the hard skills required through training, such as proficiency with Microsoft Office.

Soft skills: These include the interpersonal skills and general abilities the right candidates will possess. For example, the competency to prioritise multiple tasks, handle customer queries and customer complaints, work alone, or build a good relationship with coworkers.

The company’s culture: Highlighting your company culture and values ensures employees thrive and find outstanding job satisfaction. Candidates that are not the right fit won’t waste their time completing the application process, meaning you can focus on qualified individuals and hire in a more timely manner.

Career progression: Including the career path will entice candidates looking for career growth. 

Training and development programs: Smaller companies may need employees with previous experience or provide educational assistance over internal training offered by larger organisations with more significant resources. 

Employee benefits: Compensation and benefits often fail to appear in job ads and while you may want to hold your cards close to your chest, failing to include them is a mistake. Consider answering common questions, such as working hours and paid leave. Researching the average salary for the role in these early stages will ensure you don’t waste your interviewer’s and the candidate’s time.

Skill gaps: Your company may need to bring in new skills beyond those required to complete the key role and duties. Thinking on an organisational level can be beneficial when contemplating skills diversity.

Legal requirements: Ensure your job advert and description does not ask for inappropriate or discriminatory personal details, such as age, marital status, or religion.


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