Most adults find themselves applying for a loan at one point or another, from student loans to mortgages, to broad personal loans. In fact, 77% of Americans have debt. To acquire all these loans, everyone must go through a loan processor. A loan processor acts as a middleman between a loan officer and an underwriter. When one wants a loan, a loan officer will help them decide on the best loans for them, the loan processor will come in to compile all your documents and acquire data that would be needed to make a decision. They then take all this compiled and arranged documentation to the underwriter who makes a final decision on whether you get your loan or not.
Loan processing is largely a female profession, with 79.4% of all loan processors being women. Furthermore, while it is highly recommended for you to have a bachelor’s degree, it is not absolutely necessary. Only 46% of loan processors have a bachelor’s degree, while 19% only have high school diplomas. Soft skills like excellent communication and time management also rank quite high in importance.
This guide will show you have to craft a resume that takes into account all of the above and more.
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A loan processor collects all your financial documentation, analyzes one's credit score, and works with a loan underwriter to process your loan and make a decision in good time. The experience section of your resume needs to show that you are highly knowledgeable about loans and are highly experienced in processing loans. A bachelor’s degree like the one the applicant has would be highly beneficial, but not 100% necessary. Most successful applicants will receive on-the-job training for the position. Take a look at this strong resume.
One of the most important things recruiters will look to see is if you are experienced with industry loan software and technology. So ensure you keep that section of your resume up-to-date. Go the extra mile by finding out what tools the institution you are applying to uses and ensure they are listed in your tools list.
Any certification in the field shows recruiters your dedication to the field and puts you above your competition. This applicant has three impressive relevant certifications.
As the name suggests, these loan processors deal solely with processing loans. Like any other processor, they are tasked with compiling all necessary financial documents, interrogating one’s credit history and score, and passing on all relevant information to an underwriter who will make the final decision on whether or not to approve the mortgage. You must be an expert on the mortgage and housing industries, and be thorough in compiling the correct information and ensuring it is accurate. Here is an attractive mortgage loan processor resume.
Even if you have had other positions in the loan department apart from loan processing (this applicant was a loan underwriter and mortgage advisor) try to highlight any experience you had working with mortgages in these other positions. This applicant has done that successfully.
If you have any mortgage-specific certification make sure you include it. If you don’t and have not had extensive experience dealing with mortgages, take a course and earn yourself a certification in mortgage processing. It will elevate your career, show career dedication, and set you apart from your competition.
Senior loan processors are in essence the person that connects everyone else in the loan process. They are in constant communication with the borrower, loan officer, underwriter, etc. They are tasked with compiling and verifying all necessary documentation, and inputting it into software programs when required.
As a senior loan processor, you will be expected to show years of experience, great communication skills, and overall success in previous positions.
As a senior loan processor, you may be in charge of a loan processing team. Therefore being able to show that you have effectively led teams is vital in your experience section. This applicant has done this successfully in their most recent listed position.
An easy way to impress recruiters is to use impressive metrics. So include figures such as the size of the teams you have managed, the percentage increase in the number of loans processed by the company thanks to you, etc.
Entry-level loan processors will assist more senior loan processors and will often be assigned more mundane tasks. Tasks assigned may include cross-checking documents, checking credit histories, and whatever other paperwork their seniors may need them to do.
You will be given a lot of on-the-job training so a bachelor’s degree in a related field or extensive history in the industry is not always required. You will however be required to at least have some knowledge of loan processing, and any experience in fields like banking or finance would be highly beneficial to your application.
If you have no experience in the field and no certification, consider applying for an internship in loan processing. These may be easier to get without any experience and will be highly beneficial to your resume when trying to apply for full-time positions in the field. This applicant has taken this route.
You may not have loan processing experience, but if you have secured donations for your university or participated in your school's debate club or campus radio, include these in your resume. The communication and financial skills you gain here are likely transferable and useable in a loan processor position.
After consulting with hiring managers at top lending institutions like Wells Fargo, Bank of America, and Quicken Loans, we've put together these essential tips for crafting a strong loan processor resume. By following this advice, you'll be well on your way to securing an interview and landing the job.
Showcase your expertise in various loan products, such as conventional, FHA, VA, and USDA loans. Demonstrate your understanding of the lending process and relevant regulations.
Avoid being vague or generic about your knowledge:
A resume summary for a Loan Processor is an optional section that can help provide context and highlight your most relevant qualifications. It's a brief paragraph at the top of your resume that gives an overview of your skills, experience, and career goals. While not required, a well-written summary can grab the attention of hiring managers and showcase why you're the best candidate for the job.
However, it's important to avoid using an objective statement, which is an outdated resume format that focuses on what you want from the job, rather than what you can offer the employer. Instead, use your summary to emphasize your strengths and how they align with the needs of the company.
Your work experience section is the heart of your resume as a loan processor. It's where you show hiring managers how you've excelled in your previous roles and what makes you the best candidate for the job.
In this section, we'll cover what to focus on in your work experience section, with examples of how to make your resume stand out. Let's dive in.
A loan processor’s resume should list achievements in previous positions in a direct and impressive way. You want to show the value addition of your work to previous employers, so recruiters can get a clear indication of what exactly you can do for their company. Using the right action verbs can make your experience appear dynamic, accomplished, and enticing.
Loan processors need to use action verbs that highlight their ability to complete all the tasks in the loan processing cycle. You will also want to highlight how your work has made loan processing more efficient, more cost-saving, or more profit maximizing.
Here are some helpful action verbs to get you started.
For a full list of effective resume action verbs, visit Resume Action Verbs.
If you want to get the right recruiter’s attention, your resume needs to clearly show that you are qualified for the position and have a wealth of necessary experience. The skills section of your resume is a useful tool to show your capabilities to a recruiter.
A loan processor’s resume should show a mix of industry-specific hard skills as well as excellent communication skills and managerial skills where the applicant is in a senior position. Here is a list of recruiter-approved skills you would expect to see in a loan processor’s resume.
You can include the above skills in a dedicated Skills section on your resume, or weave them in your experience. Here's how you might create your dedicated skills section:
This word cloud highlights the important keywords that appear on Loan Processor job descriptions and resumes. The bigger the word, the more frequently it appears on job postings, and the more 'important' it is.
Thank you for the checklist! I realized I was making so many mistakes on my resume that I've now fixed. I'm much more confident in my resume now.
