What is a Loan Processing Assistant Job?
A loan processing assistant job is a position that revolves around helping loan officers and underwriters with the loan application process. This job requires computer and customer service skills, as well as a strong attention to detail. The loan processing assistant works in a variety of industries, including but not limited to banks, credit unions, and mortgage companies.
What Do People Usually Do in This Position?
In a loan processing assistant job, people are responsible for reviewing loan applications, gathering necessary financial documents, and performing background checks on potential borrowers. They also work closely with loan officers and underwriters to ensure that all loan applications are complete and accurate. Additionally, loan processing assistants may assist with customer service inquiries and follow up on pending loan applications.
Top 5 Skills for This Position
- Attention to Detail
- Computer Skills
- Customer Service Skills
- Organizational Skills
- Communication Skills
How to Become a Loan Processing Assistant
To become a loan processing assistant, most employers require a high school diploma or equivalent. However, some employers prefer candidates with an associate's or bachelor's degree in finance, business, or a related field. Additionally, relevant work experience or certifications can be beneficial in obtaining a loan processing assistant job.
Average Salary
According to the Bureau of Labor Statistics, the median annual wage for loan interviewers and clerks, which includes loan processing assistants, was $38,390 in May 2020. However, salaries can vary depending on factors such as location, experience, and industry.
Roles and Types
Loan processing assistants may work in a variety of industries, including but not limited to banks, credit unions, and mortgage companies. Within these industries, there are different types of loan processing assistant jobs, such as commercial loan processing assistants, mortgage loan processing assistants, and consumer loan processing assistants.
Locations with the Most Popular Jobs in the USA
Loan processing assistant jobs can be found throughout the United States, but some areas have a higher concentration of job opportunities than others. Some of the top states with the most loan processing assistant jobs include California, Texas, Florida, New York, and Pennsylvania.
What Are the Typical Tools?
Loan processing assistants use a variety of tools to perform their job duties, including but not limited to computers, software programs, scanners, and fax machines. They also frequently use email and telephone to communicate with loan officers, underwriters, and borrowers.
In Conclusion
A loan processing assistant job is a great option for individuals who enjoy working in a fast-paced environment and have strong attention to detail and customer service skills. With the right education and training, this career path can offer stability and growth opportunities in a variety of industries and locations throughout the United States.