Loan processors play an extremely important role in the loan approval process. Handling file prep and organization as well as looking for any red flags requires someone who is skilled and efficient. It is important to hire the right loan processors for your team to limit frustrations and hurdles from your Brokers, LO’s, and customers.
Although finding a candidate with experience working in a processing role is key to a successful hire, it is equally important to consider your candidate’s soft skills before extending an offer. With experience serving as an extension to HR departments and hiring managers for the past 6 years within the mortgage industry, we have compiled a list of 6 soft skills to look for in individuals when conducting an interview.
1. Analytical Mindset
While interviewing a candidate for a processing role, address what your candidate initially looks for when reviewing a file. Are they going through the motions, or are they digging deep to find red flags that could prevent the file from being funded? It is important to have a processor working for you who can run scenarios through their head and apply the information provided to them.
2. Strong Written and Verbal Communication
It is a processor’s responsibility to work with LO’s, title and escrow companies, and various other parties to obtain the necessary paperwork, clear conditions, and prep a file for underwriting. It is common for a loan processor to speak with the customer; therefore, your loan processor needs to be well-spoken and have exceptional written and verbal communication skills.
You must address your candidate’s organizational skills in the interview process. To say a processor needs to be organized is an understatement; they need to be highly organized to ensure mortgage documents are filed on time and with the correct parties. They also need to have a good system for managing where each file is in the loan process.
A team of good processors will significantly help your business meet closing deadlines and limit frustrations from the LO’s/Brokers, customers, and all other parties involved.
4. Interpersonal Skills
In their day-to-day roles, processors interact with a variety of individuals with a wide range of personalities. As such, loan processors must be able to connect with each person and communicate with them effectively. They need to be caring, straight forward, and relatable. Someone who can read signals the other party is sending and interpret them to form a suitable response is key. If you hire a loan processor who lacks social skills, this could be disastrous.
5. Attention to Detail
Loan processors need to be able to verify the accuracy of their own work. Things like debt to income ratio and employment information need to be 100% accurate before being approved. Someone who has an eye for detail is essential in a processing role.
Active listening skills are essential for processors. Often, a loan processor communicates with the Brokers/LO’s alongside potential borrowers while gathering conditions. Processors need to be able to effectively listen to all parties and transcribe the essential information to the client’s file.
A team of good processors will significantly help your business meet closing deadlines and limit frustrations from the LO’s/Brokers, customers, and all other parties involved. In many ways, loan processors represent your company; it is imperative to identify the right processors for the role. By looking for the above-mentioned soft skills in your next loan processor while assessing their overall abilities, this will surely result in a successful hire.