Mortgage Processor Job Description [Updated for 2024]

In the realm of real estate, the role of mortgage processors is essential.

As the industry evolves, there’s a rising demand for skilled individuals who can efficiently manage and facilitate our mortgage processing systems.

But let’s delve deeper: What’s truly expected from a mortgage processor?

Whether you are:

• A job seeker aiming to understand the core responsibilities of this role,
• A hiring manager defining the perfect candidate,
• Or simply fascinated by the intricacies of mortgage processing,

You’ve come to the right place.

Today, we present a tailored mortgage processor job description template, designed for easy posting on job boards or career sites.

Let’s get started.

Mortgage Processor Duties and Responsibilities

Mortgage Processors play a crucial role in the home buying process, as they are responsible for processing mortgage loan applications.

Their tasks include gathering and verifying necessary financial documentation, evaluating loan applications and liaising with applicants and real estate agents.

Their daily duties and responsibilities include:

• Reviewing loan application files to verify that application data is complete and meets establishment standards, including type and amount of mortgage, borrower assets, liabilities, and length of employment
• Obtaining and compiling copies of loan applicants’ credit histories, corporate financial statements, and other financial information
• Meeting with applicants to obtain information for loan applications and to answer questions about the process
• Coordinating with loan officers, underwriters, and applicants to aid in resolving mortgage application problems
• Submitting loan applications with supporting documentation to the underwriter for approval
• Maintaining regular contact with clients, real estate agents, and lenders to ensure timely processing of all mortgage applications
• Ensuring compliance with federal and state mortgage regulations
• Updating and maintaining accurate and thorough documentation in the company’s system
• Identifying potential issues and finding proactive solutions to ensure the successful completion of the mortgage process.

 

Mortgage Processor Job Description Template

Job Brief

We are seeking a detail-oriented mortgage processor to facilitate the prompt and accurate processing of residential mortgage applications.

The mortgage processor’s responsibilities include obtaining and verifying necessary financial information, reviewing loan applications for compliance, and liaising between the borrower and underwriter.

Our ideal candidates are familiar with all stages of the mortgage process and can manage multiple loan files simultaneously.

Ultimately, the role of the mortgage processor is to ensure a smooth and timely mortgage process, abiding by all industry regulations.

 

Responsibilities

• Review loan application file to verify that application data is complete and meets establishment standards
• Obtain and compile copies of loan applicants’ credit histories, corporate financial statements, and other financial information
• Communicate with loan applicants and/or creditors to resolve questions regarding application information
• Coordinate with underwriters to resolve mortgage application problems
• Maintain regular contact with the borrower, lenders, and real estate agents to ensure timely processing of mortgage applications
• Ensure compliance with privacy policies and regulatory requirements
• Prepare loan closing documents and coordinate with escrow companies and lenders to ensure timely closings

 

Qualifications

• Proven work experience as a mortgage processor
• Strong understanding of residential mortgage loan process
• Experience with mortgage software like Calyx Point, and MS Office
• Excellent knowledge of banking and financial processes
• Ability to manage multiple files simultaneously
• Strong attention to detail, and excellent organizational skills
• High school diploma or equivalent. A bachelor’s degree in finance or related field is a plus

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Professional development opportunities

 

Additional Information

• Job Title: Mortgage Processor
• Work Environment: Office setting with options for remote work. Occasional travel may be required for training or company meetings.
• Reporting Structure: Reports to the Loan Processing Supervisor or Loan Processing Manager.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $50,000 minimum to $70,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does a Mortgage Processor Do?

Mortgage Processors work primarily for banks, mortgage companies, and other financial institutions.

They can also work for real estate firms or as freelance agents.

Their main role is to act as a connection between the loan officer, underwriter, and the borrower.

They handle all the paperwork related to mortgage loans from the time a client applies for a mortgage to the closing of the mortgage loan.

Mortgage Processors review all the information provided by the borrower in their loan application, including verifying income, credit history, and employment.

They also order property appraisals to assess the worth of the property being purchased.

They work closely with underwriters to ensure all the necessary documentation is in place and all criteria are met before the loan is approved.

They also correspond with the loan officer and the borrower to collect any additional information or documentation needed.

Moreover, Mortgage Processors must stay informed about the latest mortgage regulations and compliance standards.

They may also be responsible for scheduling and coordinating the closing of the loan.

Ultimately, they ensure a smooth and efficient mortgage loan process while delivering high-quality customer service to the borrower.

 

Mortgage Processor Qualifications and Skills

A competent Mortgage Processor should have the skills and qualifications that align with your job description, such as:

• Financial knowledge and understanding to review and evaluate financial statements, credit reports, and other financial data.
• Detail-oriented with the ability to handle complex and large volumes of paperwork, ensuring all documents are accurate and complete.
• Superb communication skills to interact effectively with applicants, realtors, and loan officers, clarifying information and explaining the mortgage process.
• Customer service skills to provide support and information to potential homeowners, maintaining a positive and professional relationship.
• Computer skills, particularly with loan origination software and processing systems, to facilitate efficient handling of applications.
• Problem-solving skills to identify potential issues with loan applications and work towards a solution that meets both the customer’s and institution’s needs.
• Time management skills to balance multiple loan applications at once, ensuring all are processed in a timely manner.

 

Mortgage Processor Experience Requirements

Entry-level Mortgage Processor candidates typically have 1 to 2 years of experience, often acquired through internships or part-time roles in financial institutions, mortgage companies, or real estate firms.

They may have also gained relevant experience in roles such as Loan Assistant, Loan Coordinator, or Administrative Assistant in a mortgage-related environment.

Candidates with more than 3 years of experience have usually developed their expertise in mortgage processing through roles like Mortgage Loan Processor, Loan Officer, or Mortgage Underwriter.

During this period, they gain a deep understanding of the mortgage lending process, regulations, and documentation requirements.

Candidates with over 5 years of experience in the mortgage industry often possess a well-rounded skill set, including customer service, detail orientation, analytical skills, and a deep understanding of mortgage loan products.

At this level, they may have some supervisory or managerial experience, making them potentially suitable for roles such as Mortgage Processing Team Lead or Mortgage Processing Manager.

 

Mortgage Processor Education and Training Requirements

Mortgage Processors usually hold a high school diploma or equivalent.

However, a bachelor’s degree in finance, business administration, or a related field is often preferred by employers.

These professionals typically need a strong background in finance, accounting, and familiarity with mortgage processing software and loan underwriting.

Several employers provide on-the-job training for new hires, which includes learning about loan types, lender standards, and the laws and regulations associated with mortgage loans.

In some cases, Mortgage Processors may also need to be licensed, although the requirements for this vary by state.

Most states require mortgage processors to complete a licensing course and pass an exam.

While not mandatory, certification programs such as Certified Mortgage Processor (CMP) offered by the National Association of Mortgage Processors can further advance a Mortgage Processor’s career.

These certifications indicate a candidate’s understanding of the complexities of the mortgage industry and their dedication to professional development.

 

Mortgage Processor Salary Expectations

A Mortgage Processor can expect to earn an average salary of $39,897 (USD) per year.

However, the actual income may differ based on the level of experience, education, the size of the company, and the region in which they work.

 

Mortgage Processor Job Description FAQs

What skills does a mortgage processor need?

A mortgage processor needs to have excellent organizational and time management skills to manage multiple files and meet tight deadlines.

They should possess strong communication and customer service skills to liaise effectively with loan officers, underwriters, and borrowers.

Attention to detail is crucial in reviewing and verifying loan documents.

Familiarity with mortgage loan software and proficiency in Microsoft Office Suite are also desirable.

 

Do mortgage processors need a degree?

While a degree isn’t a strict requirement for mortgage processors, some employers prefer candidates with a bachelor’s degree in finance, business, or a related field.

Essential for the role is a strong understanding of loan products, lending regulations, and underwriting guidelines, which can be gained through experience or specific mortgage processing certification courses.

 

What should you look for in a mortgage processor resume?

Check for experience in the mortgage or financial industry.

Familiarity with mortgage software, underwriting processes, and loan origination systems is also beneficial.

Look for candidates who have proven their ability to handle large caseloads and maintain high levels of accuracy.

Certifications like the Certified Mortgage Processor (CMP) designation can also be an advantage.

 

What qualities make a good mortgage processor?

A good mortgage processor is highly detail-oriented and thorough, ensuring that all loan documentation is accurate and complete.

They are excellent communicators, able to effectively coordinate with multiple parties and explain complex lending terms in an understandable way.

Additionally, they should have a solid understanding of the mortgage industry, including knowledge of different types of loans and lending regulations.

 

Is it difficult to hire mortgage processors?

The difficulty in hiring mortgage processors can depend on the current state of the housing market.

In times of high demand, it can be more challenging to find experienced mortgage processors.

Employers need to offer competitive salaries and benefits, along with potential for career advancement, to attract the most qualified candidates.

 

Conclusion

And there you have it.

Today, we’ve uncovered the depth and breadth of what it entails to be a mortgage processor.

Surprised?

It’s not merely about handling paperwork.

It’s about shaping the future of homeownership, one mortgage application at a time.

Armed with our trusty mortgage processor job description template and real-world examples, you’re ready to start your journey.

But why stop there?

Continue to delve further with our job description generator. It’s your pathway to creating precise, top-tier listings or honing your resume to absolute finesse.

Remember:

Each mortgage application processed paves the way for a future homeowner.

Let’s construct that future. Together.

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