15+ Loan Processor Resume Examples & Samples (2024 Updates)

A loan processor requires a high level of accuracy because the job involves collecting, organizing, reviewing, and verifying loan application data and documents about customers before presenting them to underwriters for approval. This is a valuable skill to highlight on a loan processor resume.

According to SmartAsset, the documents you handle can include pay stubs, deductions, bank statements, insurance policies, tax returns, debt lists, assets, and investment instruments.

It’s important to note that loan processors typically do not interact directly with customers. However, you may need to contact the client’s employer, insurance company, bank, or credit bureau to verify information.

If you’re interested in pursuing a career in this field, this Cake article can help you create an impressive loan processor resume. In addition to providing helpful tips, we offer loan processor resume examples and salary estimates!

Guidelines for Writing a Loan Processor Resume

A loan processor resume serves as a valuable summary of information about your work experience. Each section of your resume serves a specific function in highlighting your skills to the hiring manager.

Personal Information

Recruiters are interested in knowing basic details about you, such as your name, how to contact you, and whether you reside near the office. However, certain personal information should not be included.

Learn more about how to write a professional resume headline here.

Loan Processor Resume Summary

The summary section serves to summarize the entire resume. For individuals at a mid-level or senior level, the resume summary should include work experience and accomplishments written in measurable terms.

On the other hand, for fresh graduates, the summary section should focus on providing information about their educational history and skills.

Examples of resume summaries for entry-level, mid-level, and senior-level positions:

Career Objective

Career objectives are typically used by entry-level candidates to present their career goals and aspirations. Career objectives allow you to demonstrate your ambition to the hiring manager.

The following is an example of a career objective, which is also commonly included in the summary of a resume:

Work Experience

The heart of your resume is your work experience. Hiring managers want to see more than just your job description at your previous company, but also your accomplishments and contributions to the team.

For fresh graduates or those with no experience, this section can be replaced with organizational experience, internships, or volunteer work.

Here are some work experience writing tips you should know:

1) Use bullet points to describe your work experience in concise sentences. Remember that hiring managers don’t have a lot of time, so the more focused your work experience is, the faster your review will be.

2) Include action verbs to highlight your work and credibility. Some action verbs you can use are:

• Performed
• Increased
• Managed
• Improved
• Developed
• Created
• Collaborated
• Guided
• Decreased
• Built
• Saved

3) Describe your accomplishments with measurable metrics. This will help recruiters assess how your work contributes to the company’s business. In addition to the work experience section, these accomplishments should also be included in the resume summary.

4) Don’t forget the little details such as the company name, location, dates of employment, and your position. This information is important to ensure that your experience matches the company’s needs.

Here are some examples of how to write work experience letters with measurable results:

Loan Processor Skills

Technical and non-technical skills are crucial factors in determining your success on the job. Therefore, the next section that needs to be completed is to outline the skills you can bring to the table as a loan processor if you are accepted.

Education History

Should educational history information be included on a loan processor resume? There are several circumstances that necessitate the inclusion of this information:

• If you are a fresh graduate with no work experience, your educational history becomes crucial supporting information on your resume.
• If you are a mid-level professional with limited work experience, including education history can provide additional support to demonstrate your credibility.
• If you possess a Master’s degree or a Ph.D. that has significantly influenced your career, including them in your resume can further highlight your qualifications.

Here are some examples of writing an educational section on resume that you can use:

Other Information

• Languages: English is the most commonly used language for communications in the field of loan processing. Mastering English is essential if you aspire to become a loan processor. Additionally, having proficiency in other languages can open up opportunities for remote loan processing jobs in various countries.
• Certifications: When it comes to certifications, including them on your resume is beneficial if the training you have completed is relevant to the loan processor position. For instance, if your previous company required you to attend training on Bank A’s loan regulations, including the certificate as supporting documentation can strengthen your resume.
• Hobbies and interests: While listing hobbies and interests is not a common practice on a resume, fresh graduates may find it relevant to include this information as hiring managers may consider it.

Loan Processor Resume Tips

1) Do some research on loan processors and the company you’re applying to

Why is it important to research the company you are applying to? Every company has a different work culture and job requirements. Doing your research before writing your resume will give you a brief overview of what you will be doing and what you will receive if you are hired as a Loan Processor.

Not only is it useful for building your loan processor resume, but it will also come in handy when you receive an interview call. Hiring managers see your research efforts as a sign that you are interested and serious about joining the team.

Not only is it useful for building your loan processor resume, but it will also come in handy when you receive an interview call. Hiring managers see your research efforts as a sign that you are interested and serious about joining the team.

2) Understand the difference between a resume and a CV

Resumes are more commonly used for job applications. However, there are certain countries where candidates are accustomed to submitting CVs. This can be confusing for fresh graduates, as both resumes and CVs include details about work experience, organizations, volunteering, and internships.

A resume typically consists of two pages and focuses on work experience that is relevant to the position being applied for. It is important to be selective and include only the most pertinent information in a loan processor's resume.

Including too much information may make it difficult for hiring managers to evaluate your qualifications effectively.

On the other hand, a CV provides a comprehensive overview of your entire history of activities. Unlike a resume, there are no restrictions on the number of pages for a CV.

Resumes are primarily used for job applications, while CVs are more commonly utilized for academic purposes such as applying for scholarships, pursuing research or teaching positions, and seeking research funding.

3) Choose the correct resume format

The choice of loan processor resume format can be based on your level of work experience and background. Here are the differences between each resume format that you should know:

• Chronological Resume: The chronological resume is the most commonly used for job applications. It is suitable for individuals with extensive linear work experience who are applying to companies with similar or higher positions. This format lists your work experience and education history in chronological order, starting with the most recent and most relevant to the position you are applying for.
• Functional Resume: On the other hand, the functional resume format is more appropriate for recent graduates or individuals with no work experience. This format emphasizes the hard and soft skills you have to offer the employer, rather than focusing on your work experience.
  
• Combination Resume: The combination resume format, although less commonly used, is typically suited for those who frequently change jobs or freelancers with diverse backgrounds. This format highlights your skills and then provides supporting work experience.

Once you’ve decided which resume format to use, remember to follow the standard rules of writing:

• Keep your resume limited to a maximum of 3 pages
• Utilize only two fonts, such as size 14 for headings and size 12 for the rest of the text
• Maintain a line spacing between 1.25 and 1.5 to ensure a neat and organized appearance
• Use standard fonts like Times New Roman, Open Sans, etc
• Lastly, send your loan processor resume in PDF format

4) Use keywords and tailor your resume

Although both companies are seeking candidates to fill the loan processor position, it is important to recognize that each company has its unique standards and requirements. Therefore it is crucial to carefully review and incorporate the appropriate keywords when applying.

Strategic keyword placement enhances the likelihood that your loan processor resume will successfully pass through the Applicant Tracking System (ATS), as it will be deemed to align with the company’s specific criteria. Consequently, you may find it necessary to create multiple resumes tailored to each company when applying to multiple companies.

The next crucial step is to tailor your resume to match the specific requirements of each company. To illustrate, consider the following example for loan processor positions:

Companies A and B are both looking for loan processor candidates with different requirements. You can find some keywords such as strong communication skills, strong time management skills, navigating the policies of major banks, experience in the banking and finance industry, etc.

After following the tips above, remember to thoroughly proofread your resume to ensure there are no typos or incorrect information. Typos can diminish the professionalism of your loan processor resume and may reduce its value in the eyes of hiring managers.

Loan Processor Resume Design and Writing Examples

The templates below, customized to match your level of experience, will assist you in creating a more streamlined Loan processor resume. Ensure that you include verified information about yourself!

Loan Processor Resume Examples for Entry-level

Loan Processor Resume Examples for Mid-level

Loan Processor Resume Examples for Senior-level

Loan Processor Cover Letter

Cover letters are often deemed outdated and seen as a potential lengthener of the hiring process. However, some corporate higher-ups in America believe that a well-written cover letter can significantly impact their assessment of a candidate.

Think of a cover letter as a concise narrative that introduces who you are, highlights your work experience, and demonstrates how your skills can contribute to the team. Unlike a rigid resume, a cover letter offers a more personalized touch.

A cover letter should be limited to a single page. Despite its brevity, it must be able to capture the attention and interest of hiring managers.

Here are some tips for crafting a loan processor cover letter:

1. Include personal information such as your full name, city, email address, phone number, and LinkedIn account.
2. Remember to include the date of the letter in the format mm/dd/yyyy.
3. Use the salutation ‘Dear Hiring Manager’ or ‘Dear Mrs/Ms/Mr [insert name]’ if you know the recruiter’s name.
4. The first paragraph should introduce yourself, mention your relevant work experience, and specify the position you are applying for.
5. In the subsequent paragraph, summarize your achievements from previous roles.
6. Consider including your reasons and motivations for choosing the company you are applying to.
7. Conclude the letter by expressing your anticipation for the outcome.

FAQs

What are the prospects like for working as a loan processor?

The result of a 2018 survey by Fiserv, Inc. indicates a rising trend in digital loan applications, particularly through mobile devices. According to the data, two-thirds of individuals who applied for a loan within the past two years opted to reapply for the same loan using their gadgets.

Furthermore, in the first quarter of 2023, Investopedia reported an increase in home loan applications following a decline in mortgage rates, This resulted in an 18% in refinancing applications and a 3% increase in home loan applications.

These data highlight the promising future of the loan processor profession. The widespread use of mobile devices has significantly influenced the volume of loan applications, as it is often perceived as a more convenient option.

What is the average salary of a loan processor?

Salary amounts for loan processors can vary depending on several factors, including the level of experience, minimum wages set by each country, worker performance, and the scale of the company.

In the United States, the median annual wage for this position was $41,984 in Feb 2024, with the lowest salary recorded as $37,450 and the highest as $47,073.

A loan processor can typically earn a fixed salary based on a standard hourly rate. However, some companies may offer additional bonuses or commissions on top of the salary. It is important for all pay stubs to be clearly detailed in the employment contract.

What types of loans does a loan processor typically handle?

According to Forbes, there are 15 types of loans, including:

• Personal loans: Often used for various purposes such as weddings, vacations, healthcare expenses, home improvements, purchasing electronics, and moving.
• Auto loans: Utilized when individuals intend to purchase a vehicle, with a repayment period typically spanning from 3 to 7 years.
• Student loans: Sought after by prospective students to cover tuition fees and living expenses.
• Mortgage loans: A type of loan specifically designed to assist individuals in having a home.
• Home equity loans: Also referred to as second mortgage loans.
• Credit builder loans: Short-term loans utilized to establish credit history, commonly opted for by those with limited or no credit.
• Debt consolidation loans:  Employed to consolidate and cover previous outstanding debts, simplifying the repayment process by consolidating multiple loans into one.
• Payday loans: Short-term loans that are typically repaid when the borrower receives their next paycheck.
• Small business loans: Intended for business owners with fewer than 300 employees, providing financial support for their operations.
• Title loans: These loans involve using vehicles such as cars, trucks, and RVs as collateral, with the loan amount typically ranging from 25% to 50% of the vehicle’s value.
• Pawnshop loans: These short-term loans have limited value and require valuable items like musical instruments, jewelry, or power tools as collateral.
• Boat loans: Not limited to land vehicles, loans for marine vehicles such as boats are also available.
• Recreational Vehicle (RV) loans: Similar to auto loans, these loans cater to larger amounts ranging from $25,000 to $300,000, with terms extending beyond 20 years, specifically for recreational vehicles.
• Land loans: Used for purchasing undeveloped land.
• Pool loans: Designed for individuals who wish to add a swimming pool to their property.

Can I work as a loan processor remotely?

Of course, you can! Today, many companies are open to candidates who want to work remotely. But working from home or elsewhere requires a lot of focus, consistency, commitment, and professionalism. Make sure you have a schedule and daily milestones so you can get your work done on time.

Do I need a college degree to become a loan processor?

The minimum education required to become a loan processor is a high school diploma or equivalent (GED) from an accredited school. However, if you have a degree in finance or accounting, it may be a plus in your application.

Key Takeaways

1. Loan processors are responsible for collecting and verifying the documents of customers who are applying for loans. Once the documents are completed and verified, they are reviewed by the underwriter for approval or denial.
2. The ability to organize documents, accuracy, good time management, and analysis must be emphasized in a loan processor resume.
3. Remember to complement your resume with a strong loan processor cover letter that highlights why you are a suitable candidate for the company.

Cake’s article on creating a loan processor resume can be a valuable resource to help you secure a good job. Additionally, Cake offers tips and guides for various other professions. Sign up now and make the most of these resources!

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