Having a skilled, dedicated team is crucial when you’re running a loan processing company.
Your team is the backbone of your operation, processing all loan applications efficiently and accurately. Their expertise in document verification, credit analysis, and compliance with regulations is crucial in mitigating risks for lenders and giving borrowers a positive experience.
Competent loan processors can also help maintain a high level of customer satisfaction and foster trust with lending institutions, ultimately driving the success and reputation of your company.
If you’re currently expanding your loan processing department with outsourced loan processors from the Philippines and other countries, you can ensure you add capable and reliable new members to your team by looking into their skills.
Top Skills Every Loan Processor Should Possess
Although you need to look into a loan processor’s experience, education, professional certifications, and other qualifications, their skills ensure you won’t run into challenges training and working with them.
Moreover, a candidate’s skillset helps them stand out from other applicants, making it easier for you to screen out the ones who do not meet your basic requirements.
But which skills should you look for in loan processors?
Below are the eight most important ones:
1. In-depth knowledge of loan processes and relevant laws
Loan processors should know the ins and outs of loan operations, policies, guidelines, and all relevant procedures in different areas.
They should know relevant laws and regulations, including the Truth in Lending Act (TILA) and the Home Mortgage Disclosure Act (HMDA), which they need to apply as they assist customers.
Additionally, the mortgage industry is constantly evolving. Your company needs to stay updated on all crucial changes that can affect your partner lenders and customers.
As such, the ideal candidates should be diligent in continuously learning and staying updated on the latest news and changes in the industry.
2. Attention to detail
Loan applications involve collecting and going over complex documents, including financial statements, credit reports and legal papers.
A small oversight on these documents can lead to costly errors and delays.
Your new team members should be able to review documents, cross-reference information and spot discrepancies meticulously. They should demonstrate their ability to maintain accuracy throughout the entire loan application process.
Loan processors should also be able to verify the accuracy of their work to ensure borrowers do not encounter any issues during the application process.
3. Problem solving
Some loan applications may come with unexpected issues. Candidates with strong problem-solving skills can assess situations, identify challenges and recommend suitable solutions.
Because of this, problem-solving is an invaluable skill loan processors should have since it will help them deal with complex applications and resolve discrepancies in documentation.
Team members who can adapt and solve problems efficiently contribute to a seamless loan processing experience.
Whether the customer asks for help finding a good interest rate or your opinions regarding property investments, they will appreciate any assistance they can get from your agents.
4. Organizational skills
Loan processors should be able to manage multiple applications simultaneously, each at different stages of processing.
Organized candidates create and follow a system that allows them to maintain order in their workload, prioritize tasks, and ensure no application falls through the cracks.
This essential skill enables your staff to streamline the lending process and ensure customers receive the assistance they need quickly.
5. Good oral and written communication skills
Loan processors must have excellent communication skills since they will regularly interact with clients, underwriters, and colleagues.
The ideal candidates should be able to explain complex financial concepts and procedures in simple terms to clients. Also, they should be consistent in keeping everyone involved in the process informed about any updates.
Loan processors also need to be skilled in building rapport and active listening to ensure they provide customers with the best quality of service.
6. Customer service orientation
Loan processors are the primary point of contact for your customers during the application process.
Therefore, candidates should demonstrate a customer service-oriented attitude, addressing customer inquiries and concerns with professionalism and empathy.
Your team should know how to help customers find the best solution for their needs and ensure they fully understand their options.
When your loan processors provide consistent positive customer experiences, you’ll have a more reputable brand people can trust.
7. Time management
Loan processors need to adhere to strict deadlines to meet customer expectations and regulatory requirements.
Candidates who excel in time management can efficiently allocate their time to different tasks, ensuring all loan applications they handle progress smoothly.
Asking the candidates about their punctuality and ability to meet deadlines can help you have a good idea about their reliability and time management skills.
8. Technical and financial expertise
Loan processors need to be tech-savvy, demonstrating proficiency in using loan processing software, document management systems, and customer relationship management (CRM) tools.
By using different tools, your team can expedite the loan processing workflow, reduce errors, and enhance overall efficiency.
The ideal candidates should also have a solid understanding of financial principles.
They should be able to analyze financial statements, credit reports, and tax documents to assess a borrower’s creditworthiness. This skill can help them make informed decisions about loan terms and approvals.
By carefully considering these skills, you can identify candidates who can excel as loan processors and be valuable members of your team.
