Loan Processor Duties & Responsibilities
The role and function of a Loan Processor includes the following duties and responsibilities:
- Examine received applications
- Conduct background research on applicants
- Conduct detailed interview with applicants in order to examine if their eligibility for a loan
- Examine different financial and non-financial criteria
- Prepare loan repayment plans
- Communicate regularly with customers and ensure they receive exceptional customer service throughout the process
- Identify the needs of customers, explore possible options and suggest different types of loans
- Build referral networks and suggest alternative channels to cross-sell products and services
- Build long-term, trusting relationship with customers
- Ensure customer satisfaction at highest possible level
- Οperate in compliance with laws and regulations and lending compliance guidelines
- Maintain a positive working relationship with internal departments and external contacts.
- Build long-term trustworthy relationship with clients
- Give the “green light” to eligible candidates and argument their decision in reports
- Finalize loan contracts
- Introduce clients with relevant loan repayment the rules and their obligations
- Maintain an active knowledge base of all of the organization’s loan products and an understanding of the qualifications required of each applicant
- Update records regularly
Note that this is not an exhaustive list of Loan Processor duties and responsibilities. Job functions for specific Loan Processor roles may vary, depending on the industry and type of employer.