How to Become a Loan Modification Processor
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A loan modification processor is responsible for the documentation and processing of agreements that change mortgage terms. Typically, a loan processor handles multiple loan types, including modifications. However, larger banks with many loan accounts will have individuals dedicated to only modifications. To become a loan modification processor, you must have the proper training.
A loan processor job is typically an entry-level position and requires little more than a high school education. However, a college degree will help you stand out against other candidates with just a high school diploma. Majors that will give you an extra push to break in include finance, economics or business administration.
When you begin looking for a job, visit lender websites. These sites typically have a “Careers” section. Processor jobs in particular are often advertised on company websites since they are entry level positions. You can also scour job listing websites and newspaper classifieds. Even if you don’t see openings, don’t be discouraged. Lenders often have needs even if they’re not posted at the present time. Someone could be retiring, leaving or advancing internally, freeing up a job in the near future. Send resumes and query letters to lenders and you could potentially move to the front of the line for these future vacancies.
Training for a loan processor job is done on-the-job. You will have a brief orientation period where you will learn about the company and your place in the organization. You will then begin to work on the lender’s processing system under the supervision of a senior processor. As you become more adept at using the system, you will process more loans on your own. At first, you will work on all types of loans, including new loans, extensions, renewals and modifications.
As you begin to work more independently, you may be assigned a particular loan transaction to process. If you work for a small credit union, for example, chances are you will process all types of loans, including modifications. If you work for a large national bank dealing in thousands of loans per month, however, it will have a dedicated processing staff for modifications. To get assigned to this division, you will need to first show proficiency and accuracy in your processing work. Next, make a request of your supervisor that you be assigned to modifications. If there is an opening and your work is up to par, your supervisor will likely assign you that particular specialty. If not, you might have to either gain more processing experience or wait until a position becomes available.
Carl Carabelli has been writing in various capacities for more than 15 years. He has utilized his creative writing skills to enhance his other ventures such as financial analysis, copywriting and contributing various articles and opinion pieces. Carabelli earned a bachelor's degree in communications from Seton Hall and has worked in banking, notably commercial lending, since 2001.