Mortgage Processor Job Description

WHAT DO MORTGAGE PROCESSORS DO?

Mortgage processors interview people looking to get loans for real estate. Whether it is a house for a family or a commercial building for a new business, mortgage processors collect and verify an applicant's personal information and financial records for the loan, pull together and prepare loan documents that are passed on at the closing of the loan, and generally keep the records in order for this financial transaction.

HOW MUCH DO MORTGAGE PROCESSORS MAKE?

According to the Bureau of Labor Statistics, the 2010 median income for mortgage processors was $33,970, or $16.33 an hour.

WHAT ARE THE EDUCATION REQUIREMENTS?

A high school diploma is needed to get started as a mortgage processor, and most of the training will be done on the job.

JOB SKILLS AND REQUIREMENTS

  • Math: Mortgage processors may have to calculate credit scores and other duties that require basic math skills.
  • Communication: Mortgage processors talk with applicants to get their personal and financial information, as well as explain loan procedures to applicants.
  • Organizational Skills: Mortgage officers gather data from multiple sources, and work on more than one loan application at once. Keeping it all organized is important.

CAREER PATHS FOR MORTGAGE PROCESSORS

Loan Officer

THE FUTURE OF MORTGAGE PROCESSORS

According to the BLS, mortgage processor jobs are on the decline. Automated processing applications means the industry needs less people to conduct interviews.

 


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