Loan Processor skills and qualifications
Loan Processors have a great deal of responsibility. A successful Loan Processor candidate will have various prerequisite skills and qualifications that typically include:
- Excellent interpersonal skills
- Attention to detail
- High-level numeracy and an understanding of financial processes
- An understanding of credit scores
- Expert knowledge of databases, word processors and spreadsheets
- Proven customer service skills
What does a Loan Processor do?
Loan Processors perform a vital role between customers who need credit and lenders that want to offer them loans. They receive information from Loan Officers and Mortgage Brokers and ensure that the borrower has included all the necessary information required. They may ask for details of applicants’ finances, proof of their employment status and check them to identify and rectify inconsistencies. Loan Processors play a critical role in getting finance approved by flagging issues at the early stages of the application and ensuring that Underwriters are given all the information they need to approve the loan.
Loan Processor experience requirements
Loan Processors need experience of working with figures, so any previous role involving accounting, bookkeeping or maintaining financial records will be an advantage. Candidates who have worked in retail or other sales roles will have an advantage, especially if they have been responsible for dealing with confidential information and sensitive data. Loan Processors work closely with internal and external stakeholders, so experience as part of a team or a role involving collaborative working is beneficial.
Loan Processor education and training requirements
Loan Processors typically have a degree in finance or another relevant field, but qualifications in any aspect of lending or credit are an advantage. There are entry-level Loan Processor roles that require candidates to have GCSEs in maths and English, or equivalent, but offer significant on-the-job training and support. Applicants who have completed any qualifications recognised by the Financial Conduct Authority will have developed a range of suitable skills and a helpful understanding of the world of finance.
Loan Processor salary expectations
According to Indeed Salaries, the average salary for a Loan Processor in the UK, is £19,695 per year. This depends on their level of experience, the area of the country in which the role is based and the level of specialist knowledge required.
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