Responding to mortgage rates at historical lows, homeowners are rushing in droves to refinance and lower their monthly payments. Lenders are doing all they can to handle the onslaught but are having a tough time hiring mortgage processors quickly enough.
Speed is the name of the game for these institutions. Not only is there a deluge of applicants to attend to while rates are low, but government officials are pushing lenders and servicers to streamline the timelines on their residential mortgage loan processes even further.
Here is the basic profile of the role, including necessary skills, followed by some ideas for managers at financial institutions for bringing more mortgage processors on board as quickly as possible.
There is some overlap in the exact name for the mortgage processor role, with some organizations referring to it as loan processor or mortgage loan processor. Related roles institutions are looking for can include loan funder and loan underwriter.
Mortgage processor job duties
Mortgage processors are key to the refinancing and home-buying process. They are responsible for reviewing mortgage applications and verifying that these include the list of documentation needed to be in place for the loan to go to underwriting or closing, and to pass the loan on to the next step in the process. Other mortgage processor duties include:
- Processing mortgage loan applications from the time of receipt of application to submission of the loan package to underwriting
- Gathering, organizing and tracking loan documentation
- Working with lenders, applicants, underwriters, appraisers and others to complete processing
- Resolving customer service issues
Education, experience and skills required
Mortgage processor positions typically require a high school diploma or equivalent, an associate’s or bachelor’s degree. Lending institutions generally seek individuals with at least two years of previous experience.
Mortgage processors should have:
- Good organizational and communication skills
- A solid mathematical foundation
- An excellent track record in customer service and negotiation
- Astute attention to detail
- Solid problem-solving skills
- The ability to work and think independently
- Capacity to handle high volumes of loans
Having the majority of these skills is important because, if underwriters find items missing once an applicant’s file gets to them, they will kick it back, which can create problems for both the customer and lender. A lot is riding on the mortgage processor’s thoroughness and attention to detail.
Interview questions to ask mortgage processor candidates
- How much previous experience do you have with mortgage processing?
- What mortgage types and complexity levels have you handled?
- Can you give me an example of a residential refinance application you went through and discovered an issue that would have held up the loan from closing?
- I’m not asking for a complete list, but give me some examples of documents you typically need to process a mortgage being refinanced?
How much pay to offer mortgage processors
The mortgage processor salary can vary greatly based on experience level and geographic location. The salary midpoint (or median national salary) is $34,750, according to Robert Half’s 2020 Finance & Accounting Salary Guide.
How Robert Half can help you hire mortgage processors now
Robert Half has the largest database of financial candidates in the world. We have the tools to help you locate skilled mortgage processors very quickly and move the rest of the hiring process along rapidly as well.
Although some businesses are reopening their offices, many mortgage processor positions are still remote and likely to remain so for the time being. Our staffing professionals are well-versed in working on a remote basis as they identify and vet job candidates, and they also have an eye for selecting professionals disciplined and organized enough to work off-site.
In addition to full-time workers, we can also provide you with interim support. Temporary mortgage processors can help you keep up with the applications you’re being flooded with and also provide a morale boost to others on your team, who are no doubt fully tasked during this time.
For candidates who may lack the digital resources necessary for working at home, we can give them access to virtual workspaces and secure VPN connections. We can even offer them Robert Half-provided laptops, tablets, mobile hotspots and data sticks.
In short, Robert Half has the ability to get mortgage processors set up to work for you from anywhere. And fast.