What does a Junior Loan Processor do?
Published 3 min read
A Junior Loan Processor is responsible for the processing of loan applications and documentation in accordance with established guidelines. They review loan applications and supporting documentation to ensure accuracy and completeness. They also contact applicants and third-party sources to obtain additional information as needed. Once the loan file is complete, they forward it to the underwriting department for approval.
Junior Loan Processor job duties include:
- Review loan applications and documentation for completeness and compliance with lending requirements
- Verify applicant information, such as employment history, credit scores, and bank statements
- Obtain any missing documentation or information from applicants
- Calculate income, debts, and assets to determine loan eligibility
- Prepare loan approval documents for senior loan processor or loan officer
- Forward approved loans to underwriting department for further analysis
- Communicate with applicants throughout the processing of their loan
- Update applicants on the status of their loan application
- Resolve any issues that arise during the processing of a loan application
Junior Loan Processor Job Requirements
A junior loan processor typically needs a high school diploma or equivalent, although some jobs may require postsecondary education, and must complete on-the-job training. No specific certification is required, although some voluntary certifications are available. Junior loan processors typically need one to three years of experience in the mortgage industry or a related field. They must have strong computer skills and knowledge of mortgage loan processing software. They must also be detail oriented and able to multitask.
Junior Loan Processor Skills
- Communication
- Organization
- Time Management
- Customer Service
- Data Entry
- 10-Key
- Microsoft Office
- Typing
- Filing
- Data Analysis
Related: Top Junior Loan Processor Skills: Definition and Examples
How to become a Junior Loan Processor
A junior loan processor is responsible for providing support to the loan processing team. They are responsible for collecting and verifying documents, preparing loan files for submission, and maintaining communication with borrowers and lenders.
To become a junior loan processor, you will need to have strong attention to detail and organizational skills. You should also be able to multitask and work well under pressure. Prior experience in the mortgage industry is helpful but not required.
If you are interested in becoming a junior loan processor, start by researching different mortgage companies and banks to see who is hiring. Once you have found a few potential employers, submit your resume and cover letter. If you are selected for an interview, be sure to dress professionally and be prepared to answer questions about your qualifications.
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