The lending process is a complex one that has many people involved at every stage. A loan processor is one of these people! Their job starts when a borrower has submitted their loan application. The loan processor reviews all the information a loan applicant has provided and ensures that it’s accurate. They request the applicant’s credit history and written verification of the info they’ve included on their application. While to some this job may sound a bit boring, the detail-oriented nature of this line of work is exactly what others crave.

How to Become a Loan Processor

If being a loan processor sounds appealing to you, you want to make sure you are taking all the right steps to make it happen. Here are the qualifications and the steps you’ll need to take to get there!

Loan Processor Qualifications

To become a loan processor, you will at the very least need a high school diploma or a GED. While some employers will stop the education requirements there many will want you to have an associate or bachelor’s degree in real estate, business administration, or something similar. You will also need to get licensed by undergoing National Mortgage Licensing System & Registry mortgage education pre-training and passing the mortgage license national test. Loan processing training may look a little different depending on what state you are in.

If you’ve accomplished all of these things, you should be qualified to get a job at a bank, credit union, or some other lending company as a loan processor. This will provide you with invaluable on-the-job experience that you can use to work your way up in the field.

Loan Processor Certifications

While these are the bare minimum requirements to become a loan processor, there are additional requirements if you want to gain certifications. There are three levels of certifications for loan processors:

• Certified Purple Processor which requires 6 hours of advanced loan processing training and passing a CPP exam with a score of 85%
• Certified Master Loan Processor which requires 24 hours of training over basic loan processing, advanced loan processing, underwriting basics, FHA processing, and VA loan processing as well as passing a CMLP exam with a score of 85%
• Certified Ambassador Loan Processor which requires 42 hours of training over the CMLP topics plus training over the FHA’s special rehab program, tax return analysis, and mortgage fraud as well as passing a CALP exam with a score of 85%

Loan Processor Skills

If you have impeccable organization and data entry skills, your job as a loan processor will be so much easier for you. Because the day-to-day job involves quite a bit of interpersonal communication, you should also have exceptional verbal and written communication skills.

Start the Process of Becoming a Loan Processor Today!

If you know that being a loan processor sounds right for you, Stacey Sandlin would love to help. Stacey’s educational courses such as Loan Process 101 will set you up for success in your field. If you have any questions on how to become a loan processor, reach out to Stacey today and she will make sure you have all the info you need to make an informed decision on what’s next