With mortgage rates still low, many homeowners are looking to refinance and reduce their monthly payments. Lenders are doing all they can to handle the ongoing onslaught but many continue to have a tough time hiring mortgage processors quickly enough.
Need to hire one or more mortgage processors in short order? Here’s the basic profile of the role, including necessary skills, followed by some ideas for managers at financial institutions on how to bring in skilled mortgage processors 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 all 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, and 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 starting salary midpoint (or median national salary) is $35,250, according to Robert Half’s 2021 Finance & Accounting Salary Guide.
How Robert Half can help you hire mortgage processors now
Robert Half has the resources and 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. We are well-versed in helping companies hire remote workers.
In addition, our staffing professionals have years of experience placing mortgage processors with clients on both a full-time and temporary basis. 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.
In short, Robert Half has the ability to get mortgage processors set up to work for you from anywhere. And fast.