# Loan Processor Jobs in Texas - What You Need to Know Get Loans Now

The duties of the loan processor can vary considerably, but in general, he or she is accountable for obtaining, compiling, verifying, submitting and managing loan applications for financial institutions. The loan processor usually works for the lender and is the intermediary involving the lender and also the customer. The job requires excellent communication and customer support skills.

When a loan processor meets which has a loan applicant, the first interview is primarily for gathering information required with the lender. The information gathering process means the applicant must disclose assets, liabilities and employment information towards the processor. The processor is responsible for obtaining clear and complete information in the applicant. The processor reviews the application, decides whether or not this meets the lender's standards loan and recommends whether the application should move on to the second step within the lending process. As part with the review process, the credit processor obtains a credit history and some other information relevant towards the kind of loan. For example, to get a mortgage loan, the processor would procure an abstract, survey and appraisal from the property in question.

Once every among the information is collected and verified, the credit processor types the data into the lender's computer and submits the application form for underwriting approval, i.e., for any decision on whether the application should be accepted or denied. When the decision is made, the processor notifies the applicant and, if approved, forwards the approved application to a loan closer.

The salary for loan processors inside United States Of America ranges from about $27,000 each year for basic level positions to $42,000 per year for highly experienced processors with 20 years or higher experience. In Texas, the number is $29,000 to $56,000 for the senior loan processor, therefore the job outlook in Texas might seem superior to most areas with the country. But salary is merely one piece in the picture. Cost of living figures heavily as well.

Here's some info through the employment website hiringopportunities.suite101.com: Austin and Dallas, Texas are inside the 5 best of the most costly cities to call home in the nation. Let's examine an example: If you currently reside in Augusta, Georgia and earn $80,000 and you are planning a job proceed to Dallas, Texas, you'll ought to earn $89,263 per annum as the cost of just living is 11.6% higher in Texas. However, on average employers in Dallas, Texas only pay 7.3% over employers do in Augusta, Georgia...Augusta, Georgia...has a median rate for most American mid-size communities.

Taking both salary and price of just living into account, loan processors would fare better to consider a state besides Texas if they are likely to relocate.