5 Skills Every Loan Processor Should Master to Advance Their Career

Continuous improvement is well within reach.

Did you know that more than one-third of employees (35%) rate learning and development among the top three elements of a positive employment experience? 

And it’s no wonder, considering training, development, and career advancement can lead to promotions and raises, improve wellbeing, and unlock exciting future growth opportunities. 

So, if you’re a loan processor and see yourself in that 35% figure, we’ve got some good news! There are five key skills you can easily turn to first when looking to level up your career: 

• Attention to detail 
• Extensive knowledge of loan programs and investor guidelines 
• Effective communication 
• Time management/organization 
• Technology   

Let’s take a closer look at each one. 

Attention to Detail

Being a loan processor involves reviewing and verifying what can feel like endless financial and legal documents. And just one missed error or small mistake could cause delays or even serious compliance issues! 

So, beefing up your attention to detail skills could help ensure accuracy, cut down on lengthy timelines, and build trust with clients, underwriters, and lenders. 

To grow this skill, consider: 

• Double- or even triple-checking every document that crosses your desk. 
• Setting up a system to organize and store detailed records (which can also help you catch anything missing or incorrect.) 
• Seeking out a mentor or coach with experience in detail and organization. 
• Exploring continuing education on quality control.
  
  

Knowledge of Programs and Guidelines 

Our industry is heavily regulated, at both the federal and state levels. So, if you want to grow your career, a solid understanding of loan programs and investor guidelines is a must. 

Loan processors with a knowledge of these programs and guidelines can build trust and expertise, potentially sidestep penalties and fines, and maybe even cut down on the number of rejected loans. 

To grow this skill, consider: 

• Finding a way to keep tabs on any changes in regulations, whether subscribing to a stellar industry newsletter or reading relevant articles. 
• Keeping compliance top-of-mind, at meetings, consultations, conferences, and more. 
• Exploring certifications and continuing education courses centered on compliance. 
• Attending relevant events, webinars, and professional groups with panels on or discussions around compliance.

Effective Communication

Loan processors are a highly important go-between for loan officers, underwriters, borrowers, and other stakeholders. To keep everyone informed and execute efficiently, you’ll need some stellar communication skills. 

With just a little brushing up in this area, you have the potential to cut down on the time it takes to close, deliver a smoother experience, drive client satisfaction, and maybe even encourage some repeat or referral business.  

To grow this skill, consider: 

• Practicing proactivity versus reactivity: anticipating what might happen and planning ahead just in case as opposed to waiting for events to happen and then taking action. 
• Practicing active listening, including making eye contact, gauging and responding to non-verbal communication cues, and repeating a summary of what has just been said. 
• Exploring workshops or continuing education courses on communication, conflict resolution, and relationship management. 
• Finding mentors or coaches who excel at effective communication.

Time Management/Organization

It’s no secret that your job includes lots of moving parts and plenty of tight deadlines. That’s why organization and effective time management are absolutely critical. And as your business grows, these facets only become more important.   

To grow this skill, consider: 

• Exploring different project management tools to track and order daily tasks by priority. 
• Trialing different time-blocking techniques and productivity methods to find one that works for you. 
• Exploring automation tools, virtual assistants, or other avenues to take more menial tasks off your plate.

Technology

In this vein, tapping into technology has the potential to supercharge your career. There are a number of highly intelligent, efficient tools on the market today that could help with almost all the above skill sets. 

Plus, as tech becomes even more prevalent, your tech savviness could quickly help you stand out from the crowd. 

To grow this skill, consider: 

• Watching tutorials, reading articles, or consulting experts to master your company’s current tech tools. Then, pitch improvements or new tech to consider adding. 
• Exploring training or certifications related to various processing tools. 
• Keeping an eye on new trends in the loan processing tech space, and spearheading implementation and adoption.

Wrapping Up: 5 Skills Every Loan Processor Should Master to Advance Their Career

So, are you ready to improve your attention to detail or further flex your communication muscles? Whichever skill you choose to tackle first could have huge impacts on your job satisfaction and future opportunities. 

And, of course, these five skills are just the beginning! As you learn and grow, odds are you’ll identify even more exciting opportunities for development. 

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