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To become a loan processor you will need adequate training in processing loan applications. Some jurisdictions require loan processors to be certified, while others merely require processors to work under the leadership of a licensed broker. In many instances, employers offer in-house training to become a loan processor. Outside training programs and schools may also prepare individuals for loan processor careers.
In order to fulfill the duties of a loan processor job description, individual workers must be motivated to learn how to work with specific software used in the industry, as well as be willing to work long hours. Good organizational skills, an ability to work as an integral part of a team, a keen eye for detail, an honest work ethic and the ability to multitask are also important skills and attributes needed to become a loan processor. Duties frequently involve working with special software applications and communicating via email so it is very important for those interested in a career as a loan processor to have basic computer and Internet skills.
Obtaining a high school diploma or its equivalent is generally necessary to the process of becoming a loan processor. In addition to basic education skills, some employers require prospective processors to also complete two to four years of college while majoring in business or finance-related studies. Before becoming a loan processor, individuals must have a keen understanding of accounting and be able to comprehend financial statements, industry-specific jargon, as well as various policies, laws and rules pertaining to credit.
Strong interpersonal skills are also necessary to become a loan processor. Being able to effectively communicate with clients as well as other loan officers is an important part of a loan processor’s job. A professional demeanor is crucial, as you will most likely work in a corporate setting, such as a bank, a mortgage company or a brokerage firm.
The precise steps you need to take to become a loan processor may vary according to the area where you intend to work. In situations where processors require special certification, many companies will train employees in preparation for necessary examinations. You may, however, also access training through special training programs or college courses to become certified before seeking a job. Even when certification is not a requirement, such education and training will prepare you to become a loan processor and may increase your opportunities for advancement.