The different loan processor jobs can vary depending on the size of the bank, the number of other employees, and the types of loans that the loan processor handles. Personal loans, mortgages, business loans, and auto loans may all be completed by a loan processor, for example, which can require different tasks to be completed. In general, the different loan processor jobs range from entry level jobs to more advanced positions; an entry level processor might perform tasks such as running credit checks, preparing reports, and making sure the paperwork is properly filled out, while an advanced processor or loan officer might actually make the determination as to whether or not a loan is given.
Entry level loan processor jobs are some of the most common. These may also be referred to as loan clerk jobs. In this type of job, the loan processor will generally be given the initial loan paperwork as filled out by the applicant; it will then be his or her responsibility to go through the paperwork and make sure it is filled out properly, contact the applicant with any basic questions, and check references and execute a credit report. The employee may then prepare a report with all of the information he or she has gathered, and pass it along to a more upper level loan processor.
Sometimes, the loan clerk will pass the loan directly to the loan officer; other times, there will be someone else who reviews the paperwork in the interim. This is one of the less common loan processor jobs and will typically only exist in larger banking institutions. This individual might contact the applicant with more detailed questions, or be available to answer questions if the applicant asks them. This person might also review the report prepared by the loan clerk, check for errors, and possibly make a recommendation to the loan officer.
The loan officer is one of the upper level loan processor jobs. This person will review the reports and paperwork, and might make the decision as to whether or not to offer the loan, though some loan officers must meet with other executives at the bank, depending on the size of the loan. He or she will then prepare all the final loan documents and meet with the applicants to sign and disburse the loan. Of course, this process can vary at different banking institutions, but these are the most common loan processor jobs and the duties the different individuals often perform.
