Loan Processor Jobs in Texas - What You Need to Know

The duties of a loan processor can vary considerably, but in general, he or she is responsible for obtaining, compiling, verifying, submitting and managing loan applications for financial institutions. The loan processor usually works for the lender and is the intermediary between the lender and the customer. The job requires excellent communication and customer service skills.

When a loan processor meets with a loan applicant, the initial interview is primarily for gathering information required by the lender. The information gathering process means that the applicant must disclose assets, liabilities and employment information to the processor. The processor is responsible for obtaining clear and complete information from the applicant. The processor reviews the application, decides whether it meets the lender's standards loan and recommends whether the application should move on to the next step in the lending process. As part of the review process, the loan processor obtains a credit report and any other information relevant to the type of loan. For example, for a mortgage loan, the processor would procure an abstract, survey and appraisal of the property in question.

AUGUSTA GA

Once all the information is collected and verified, the loan processor types the information into the lender's computer system and submits the application for underwriting approval, i.e., for a decision on whether the application should be approved or denied. When the decision is made, the processor notifies the applicant and, if approved, forwards the approved application to a loan closer.

The salary for loan processors in the United States ranges from about ,000 per year for entry level positions to ,000 per year for highly experienced processors with 20 years or more experience. In Texas, the range is ,000 to ,000 for a senior loan processor, so the job outlook in Texas might seem better than most areas of the country. But salary is just one piece of the picture. Cost of living figures heavily as well.

Here's some info from the employment website hiringopportunities.suite101.com: Austin and Dallas, Texas are both in the top 5 of the most expensive cities to live in the nation. Let's look at an example: If you currently live in Augusta, Georgia and earn ,000 and you are planning a career move to Dallas, Texas, you would have to earn ,263 per annum as the cost of living is 11.6% higher in Texas. However, on average employers in Dallas, Texas only pay 7.3% more than employers do in Augusta, Georgia...Augusta, Georgia...has a median rate for most American mid-size communities.

Taking both salary and cost of living into account, loan processors would do better to consider a state other than Texas if they're planning to relocate.

Loan Processor Jobs in Texas - What You Need to Know

AUGUSTA GA