Loan Processor Education Requirements

A loan processor performs the tasks of evaluating the creditability of a person through the mortgages presented, bank balances, assets and liability evaluation, etc for the entire loan applications submitted to the bank. Candidates who are interested to pursue the career option of a loan processor should have the necessary education in the field of banking, finance, business, etc. If candidates can show work experience in banking, then it would give them an edge over the other applicants.

Candidates should have good analytical skills and an eye for detail. Candidates can enroll into any of the top business administration colleges or accounting colleges available in various community schools, and vocational institutes to acquire the relevant skills. The following are some of the educational requirements, degrees and certifications, qualifications and training needed to become a successful loan processor.

Loan Processor Educational Requirements

  • Regarding the educational prerequisites, candidates should ideally take up bachelor’s degree and master degree courses from reputed institutions in the finance and accounting specialization.
  • There are additional certification courses in banking and insurance that can help the candidate develop knowledge in the banking sector.
  • Candidates can also take graduate certification courses in financial analysis, balance statement analysis, etc to gain the work related knowledge.

Loan Processor Degree, Courses, and Certifications

Candidates whose aim is to work as a loan processor as set it successfully as their career option can look at the following courses:

  • MBA in Accounting
  • BS in Business Administration – Finance
  • Master of Business Administration – Corporate Finance
  • BS in Accounting – Finance
  • Doctor of Business Administration

Loan Processor Qualifications and Training

Candidates can pursue additional courses in analysis of balance sheet, assets and liabilities, profit and loss statement, etc from private coaching centers which are available in plenty in the US. Candidates should also be good at mathematics and should know to carry out the work on computers.

Loan Processor Colleges and Universities

Loan Processor Wages and Salaries

Candidates can contribute in the position of a loan processor in popular industries like banking, mortgage lending, credit union companies, financial service institutions, auto lending or financing firms, etc. Candidates should have a minimum work experience of 1-4 years. Candidates who are working as loan processors are generally paid an hourly rate of $9 to $18 which translates to a yearly compensation in the range of $21,000 to $46,000 per year. These estimates are given out by Pay Scale that has released the salary estimates in the form of the National Salary data.

Category: Banking Education Requirements

Leave a Reply