Qualifications for a work-at-home loan processor include a degree in finance or business or work experience in a similar field, such as banking or sales. Loan review certification from the American Bankers Association also makes an applicant desirable. Applicants need a computer with a secure Internet connection and reliable transportation should they have to meet loan applicants in person.
Work-at-home loan processors are responsible for performing background checks on applicants for auto, commercial business and home mortgage loans. Specifically, they assess each applicant's ability to repay borrowed money. If the applicant is deemed creditworthy, the loan processor approves the loan or submits it to the company's loan committee for further investigation.
Aside from approving loans, work-at-home loan processors are often required to recruit loan applicants. This requires the loan processor to enter the community in order to mingle with businesses, salesmen and real estate agents who can potentially refer clients to their business.
Most work-at-home loan processors aren't self-employed. Instead, they work for a third-party company that chooses to hire work-at-home processors to lower their overhead costs. The company typically supplies each loan processor's home office with materials, and processors usually complete their training at a local loan processing office.