Mortgage loan originators are essential for purchasing a new home or property. They must work closely with loan officers and underwriters to provide quality services.
They will be the intermediary between these two professionals and will spend time making sure that all the client’s documents are in order at the time of purchase. In addition, they are responsible for evaluating W-2 forms, credit reports and bank statements.
What is the average salary of a mortgage loan processor?
The professional’s salary depends on the area where they perform their services, although the average, in general, remains at $50,500. They also receive monthly, quarterly, and annual bonuses for their services.
The working conditions, geographical location, level of experience and the size of the company where they work, will decide the exact salary of each processor. According to each area of the country, salaries may be as follows:
| LOCATION | LOW SALARY | HIGH SALARY |
| Phoenix, Arizona | $50,200 | $67,950 |
| Los Ángeles, California | $56,650 | $76,650 |
| Denver, Colorado | $47,200 | $63,900 |
| Washington DC | $57,500 | $77,800 |
| Miami, Florida | $47,000 | $63,600 |
| Orlando Florida | $43,350 | $58,650 |
| Tampa, Florida | $43,800 | $59,250 |
| Atlanta, Georgia | $45,950 | $62,150 |
| Chicago, Illinois | $52,800 | $71,450 |
| Boston, Massachusetts | $ 57,100 | $77,250 |
| Minneapolis-St.Paul, Minnesota | $45,500 | $61,550 |
| Ciudad de Nueva York, Nueva York | $60,100 | $81,300 |
| Filadelfia, Pensilvania | $48,950 | $66,200 |
| Dallas, Texas | $47,650 | $64,450 |
| Houston, Texas | $47,450 | $64,150 |
| Seattle, Washington | $54,950 | $74,350 |
| National average | $42,900 | $58,000 |
Responsibilities of a mortgage loan processor
As mentioned before, the mortgage loan processor is the intermediary between the lender and the borrower. One of their most relevant responsibilities is gathering the mortgage application documentation. When the applicant applies, the loan officer is the first to evaluate all the documentation to make sure it is complete.
The review ensures that all the required information is entered and that the borrower has the correct profile to acquire the mortgage. The verification usually includes knowing the borrower’s employment status and confirming social security numbers.
In addition, they are responsible for organizing all the information and constantly following up on the underwriter’s other applications to have all the additional information and documentation needed.
Once the borrower has confirmation of their application, the processor is responsible for facilitating the closing of the programming while maintaining the balance of the final numbers.
Educational Requirements to Become a Mortgage Loan Processor
Many companies require a bachelor’s degree in accounting or finance. However, others only require a high school diploma. Different states across the country also have job-related training available.
You can start as a loan officer or loan processing assistant to get the necessary experience. Any experience in accounting, finance or customer service will be helpful for the job.
Skills needed as a mortgage loan processor
Attention to detail is essential; you have to do thorough document reviews. Therefore, you need to be very detailed in every aspect required for mortgage loan approval.
Organization is another essential skill. You may be dealing with several clients simultaneously, and in that case, it is important not to misplace information and have an effective response to each of the issues.
On the other hand, customer service and knowing how to communicate in different ways are relevant; communication will not be only verbal. Being concerned about a good lexicon and having professional answers at specific moments is fundamental.
Knowledge of technological tools is essential; you will need to do data entry and process documents in the software indicated by the company. Basic skills in Microsoft Excel and data entry are necessary.
To become a good mortgage loan processor, research all related information and always have good tools to automate processes.