What Is a Processor and How to Become One

By ZipRecruiter Marketplace Research Team

Processor jobs are available in a variety of industries, including healthcare, education, finance, insurance, information technology, and law. Generally, a processor reviews documents or applications to determine accuracy. At a law firm, a document processor checks legal paperwork to ensure there are no errors. A processor in the healthcare industry may enter an applicant’s information when they are applying for a healthcare plan or filing a claim. At a bank, a processor is responsible for checking loan or mortgage applications. Qualifications vary depending on the industry, but you need excellent written and organizational skills, as well as keen attention to detail.

The responsibilities of a loan processor are to ensure that a completed loan application is factually accurate. You review the application as well as the supplementary information, such as financial statements and credit history, to check that there are no errors. As an underwriter, you perform an extensive credit analysis for each applicant’s loan application. You review the application and data against federal or industry standards and determine whether or not to approve the application for the amount requested or suggest a change in the amount.

A loan processor reviews completed loan or mortgage applications at a financial institution. As a loan processor, your duties include gathering different documentation, such as the application, previous loans, bank statements, and other financial data. You also contact applicants if there is missing data or if you need more information to process the loan. Once you complete data verification of the application and ensure information is accurate and complete, you pass it along to an underwriter who approves or denies the loan.