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Loan Processor: Salary, Duties, and Responsibilities

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Loan processors are essential to streamline loan applications and ensuring compliance with specific lending regulations and policies. They commonly work for various businesses that offer loans such as banks and financial institutions.

This role is crucial since they also conduct thorough client background research and provide suggestions for different types of loans accordingly.

But what are some of their other significant duties and how can you identify the best candidate for a loan processor? Is it also ideal for your business to hire one locally or virtually?

Continue reading as we provide complete guidance to hiring a loan processor. We'll provide a comparison chart of loan processor salaries in the Philippines and other countries, expert hiring tips, and additional information.

What is a Loan Processor?

business loan processor
A loan processor’s main responsibilities include preparing loan repayment plans, reviewing loan applications, selecting eligible candidates, and finalizing loan contracts.
They are generally in charge of the loan process from beginning to end. From conducting applicant interviews, gathering all the necessary documents prior to submission, and closing procedures.
A loan processor’s main responsibilities include preparing loan repayment plans, reviewing loan applications, selecting eligible candidates, and finalizing loan contracts.
They are generally in charge of the loan process from beginning to end. From conducting applicant interviews, gathering all the necessary documents prior to submission, and closing procedures.
business loan processor

What is the salary of a Loan Processor?

The salary of a loan processor vastly depends on several factors. This includes their relevant work experience, location, and expertise in the role. As of April 2023, the entry-level salary of a loan processor in the USA is $28,000.
Hiring a virtual loan processor who lives and works in a low-cost location can save you a lot of money. For instance, a ShoreAgent loan processor based in the Philippines has low labor costs with a knowledgeable workforce.
A virtual loan processor based in the Philippines is an excellent option because they have the necessary skills and work ethics. Not only that, but they also come with a fraction of what a local loan officer will cost.

What is the average salary for a Loan Processor?

Depending on the location of each candidate, the average salary for a loan processor role differs accordingly. In Australia, for example, the average annual salary for loan processor jobs can be as aggressive as $70,000 AUD. This vastly depends on the candidate’s skills and background.
Discover the salary comparison table below as it can help you make an informed decision.
On a side note, the salary amount listed for other countries does not include other costs. Exclusions are government charges, employer contributions, supplemental insurance, and other equipment costs for employers.
The average salary in the Philippines listed below, however, already includes employee benefits, government charges, and ShoreAgents’ fees.
The average salary of a Loan Processor in Australia
Australia Flag

AU

$60,000 AUD
Local
Philippines Flag

PH

$26,952 AUD
based in the Philippines
The average salary of a Loan Processor in New Zealand
New Zealand Flag

NZ

$62,510 NZD
Local
Philippines Flag

PH

$28,728 NZD
based in the Philippines
The average salary of a Loan Processor in United Kingdom
United Kingdom Flag

GB

£32,250 GBP
Local
Philippines Flag

PH

£15,144 GBP
based in the Philippines
The average salary of a Loan Processor in United States of America
USA Flag

USA

$46,753 USD
Local
Philippines Flag

PH

$18,552 USD
based in the Philippines
The average salary of a Loan Processor in Canada
Canada Flag

CA

$38,144 CAD
Local
Philippines Flag

PH

$25,320 CAD
based in the Philippines
The average salary of a Loan Processor in Singapore

SG

$31,200 SGD
Local
Philippines Flag

PH

$24,060 SGD
based in the Philippines
It is crystal clear that the labor costs of a ShoreAgents loan processor in the Philippines are certainly affordable. In fact, you can even hire at least two loan processors for the price of one based locally.

Can a Loan Processor work virtually?

young loan processor working home tablet
The good news is that loan processors can certainly work virtually! Living in the digital era will easily allow this process with the provision of equipment and software.
Here is a pro tip: It is highly recommended to partner with an offshore real estate staffing solutions firm like ShoreAgents.
Through this, you can ensure that your operations will run smoothly as the necessary tools are already provided. Not to mention that the labor costs are extremely low compared to other countries! This comprises of:
  • An essential cloud-based task management tool for organizing and handling daily tasks
  • A precise and comprehensive job description
  • Clearly written and precise procedures
young loan processor working home tablet

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Local Loan Processor Vs. Virtual Loan Processor

If you prefer in-person communication and document signing, hiring a loan processor locally is a viable option. However, you will need to consider more expenses apart from the labor costs such as a furnished office with work facilities. Depending on your location, another challenge can be finding the best candidate for your team.
On the other hand, hiring loan processors virtually definitely has more perks! Here are some of the advantages of hiring a virtual loan processor:
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.
Why spend tons of money when there are affordable options? Cost is a significant advantage if you hire offshore, particularly in countries like the Philippines. The quality support will exceed your expectations and you will pay considerably less than you would for a local loan processor.
Hiring a local loan processor will require you to spend time and energy interviewing & filtering the best candidates. Here's one of the most convenient options - partnering with ShoreAgents. By filling out your company profile and work order, you're bound for a worry-free journey! To make sure that your business objectives will be met, our team will ask a few questions. Afterward, qualified candidates will be presented to you for an interview.
Our loan processors work in a modern, comfortable work environment with other employees that hold similar roles at other companies. At ShoreAgents, we provide them with consistent education to feel properly engaged at work.
No need to worry about providing facilities and necessary equipment for the loan processor role! ShoreAgents provides a well-equipped space for the assistant to work. A work desk, computer, headphones, two monitors, and a webcam are also provided.

What are the duties of a Loan Processor?

loan processor colleagues working with papers office
The common duties of a loan processor vary according to a company’s specific needs. Here are some of the main roles and responsibilities of a loan processor:
  • Ensuring that all the necessary documents are complete, reviewing loan applications, and verifying the borrower’s details for accuracy
  • Collaborating with mortgage underwriters to identify loan approvals or rejections according to the lender’s standards and procedures
  • Effectively communicating with borrowers regarding their inquiries and keeping them posted regarding their loan process
  • Maintaining records of financial documents, bank statements, and loan files
Worried about hiring a loan processor with insufficient skills? The ShoreAgents leadership team comprises real estate experts. Therefore, we determine the qualified candidates for a virtual loan processor and verify their proficiency for the role.

Loan Processor Role

What are the duties and responsibilities of a mortgage loan processor? Here are the following tasks that virtual loan processors can accomplish with the help of proper technology. For each task, a cross mark means it’s only necessary for loan processors who are working on-site. We marked both a tick and a cross if it requires some physical presence but can also be done virtually.
Gather all the necessary information and documentation for loan processing check circle
Identify the borrower’s needs and provide appropriate loan types check circle
Prepare loan packages and submit documents to the designated loan underwriter check circlecancel circle
Interview borrowers to assess their capability for a loan or mortgage check circlecancel circle
Efficiently communicate with the borrowers and build a trustworthy relationship check circle
Review documents and make sure that the details are accurate and correct check circle
Meeting in-person with the borrowers check circlecancel circle
Follow up with borrowers to clarify certain details or information check circlecancel circle
Operate according to the lending laws and guidelines check circle

Where to hire a Loan Processor?

loan processor feeling happy smiling looking camera while working office
Hiring for this role is commonly processed by looking for a pool of candidates online. Here are some of the best options for where you can hire a loan processor:
1. Hiring Platforms
Some of the famous online hiring platforms are Indeed, LinkedIn, and ZipRecruiter among others. Check out the recruitment process that you need to prepare for the loan processor role:
  • Writing a detailed job description
It’s important to present a clear loan processor job description. You can also look at sample job descriptions, however, it is best to customize this according to your business needs.
  • Advertising the job
Before advertising the job on online platforms, you will need to make a company profile and fill out certain details. Social media platforms are also recommended to reach a wider talent pool.
  • Scanning applications
It is necessary to go through each application to identify the best candidate for the loan processor role. Particularly since this role requires educational attainment and previous work experience in a loan processing or related field.
  • Interviewing applicants
After filtering the best candidates for the job, scheduling the initial and final interviews will involve additional work. This includes asking the right questions, learning about their previous work experience, and understanding their long-term goals in the company.
  • Conducting background checks
Conducting background checks is an essential aspect of the recruitment process. This usually entails examining the job applicant’s work experience, educational background, and criminal record.
  • Negotiating the salary
Hiring a virtual loan processor from ShoreAgents costs only 1/3 to 1/2 of what you would typically pay in other countries. In fact, you could even hire two virtual staff from ShoreAgents for the price of one local hire.
  • Purchasing work equipment
Finalizing the right candidate is not the last part of the hiring process. ShoreAgents provides a spacious, modern office where the loan processor works with others filling similar roles for other companies. We also provide the space and computer setup.
  • Onboarding the candidate
To get started, you must complete the onboarding process, which includes orientation, training, and initial performance feedback.
ShoreAgents Real Estate
2. Real Estate Staffing Solution Experts
Here’s the secret to finding the most effective way to locate a competent virtual loan processor. Seeking assistance from professionals who specialize in real estate staffing solutions like ShoreAgents. As a result, you can anticipate paying minimal labor expenses. At the same time, delegating the tedious recruitment process to professionals who specialize in real estate staffing.
Filipinos are certainly keen to work with foreign companies and will not require a lot of cultural adjustment time. Let’s not forget that outsourcing to the Philippines means that you can expect a large and highly skilled workforce. Check out the major hiring process that ShoreAgents offer:
  • Help develop the job description, advertise the job, and review applications. We also provide qualified finalists for you to interview.
  • Provide a welcoming, spacious, and modern office where the loan processor can feed on the energy of working with the team.
  • Arrange for the provision of a desk, computer, headphones, two monitors, and a webcam.
  • Regular training is necessary to gain a thorough understanding of the real estate industry from an expert’s point of view.

Takeaway

To hire a competent loan processor, it’s advisable to partner with a reputable agency like ShoreAgents. This guarantees that only the most suitable candidates with the appropriate skill sets will be recommended. Hiring a good loan processor virtually has never been this easy in the digital era!
Without the help of an agency, it wouldn’t be an easy route if you’re offshoring an applicant in a different country. Let’s talk about partnership and leverage your virtual recruitment process with us!

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ShoreAgents is a BPO company that specializes in providing virtual staff to the real estate industry. They work remotely from our office but are fully dedicated to serving your business needs.

  • Business Center 26, Philexcel Business Park, Ma Roxas Highway, Clark Freeport, 2023
The Real Estate Virtual Assistant Implementations Guide by CEO Stephen Atcheler

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