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7 Steps to Make Money Working from Home as a Loan Processor

Do you want to make money working from home as a successful loan processor? If YES, here are 7 easy steps to become a professional loan processor..

Working from home is one sure way for nursing mothers and busy house wives or even for some men to remain in the main stream of their profession and still earn a living. Of course it is not everybody that is comfortable with the 9 to 5 jobs and also to travel through some distance to get to work and back.

As a matter of fact; some people are more relaxed, creative and more productive when they work from the comfort of their homes. It is no wonder that some companies have decided to allow some employees to work from home on some occasion.

If you are amongst those who are more relaxed, creative and more productive when working from the comfort of their homes, then you should consider starting a business that allows you work from home.

One of the businesses you could possibly start from the comfort of your home is a loan processor business. Being a loan processor simply means that you are someone works as a middle man between loan applicants and financial institutions.

Part of your job might be to help people source for loan and also to help them process the loan from start to finish. Loan processors earn commissions per successful loan they have processed. You would need a college degree in finance cum accounting related course, as well as an experience in banking or other financial institutions that offer loans to be able to successfully work as a loan processor.

In some cases, you might be required to work on a commission basis with a financial institution and in some case it might be a flexible paid job. Here go some of the steps to follow to be able to work from home as a loan processor;

7 Steps to Make Money Working from Home as a Loan Processor

1. Make up Your Mind to Do This

It is important to state that some people are not cut – out to work from home simply because they can easily get distracted and that in turn affect their productivity level. But, if you know that you are more relaxed, creative and productive when you work from home, then you just have to make up your mind if you truly want to work from home as a loan processor. The truth is that, a made up mind hardly get discouraged when faced with business challenges.

2. Write Your Business Plan

If you are convinced that you are cut out for working from home, then you need to take out time to write out your business plan. Being a loan processor means that you will be working for yourself except in some rare occasion where you will be under the payroll of an organization.

So, all you need to do to get started is to write a business plan on how you will run your business. Truth is that, the success of your business is to a lager extent depends on your business strategies and that is what a good business plan provides.

3. Acquire College Degree and Other Relevant Certification

You will need some form of education to be able to work as a loan processor – it is a procession that requires training before you will be able to get employed or be trusted by loan applicants and even financial institutions. Hence, all that is expected from your to get started is to acquire a college degree in relevant courses like; Accounting, Finance, Economics, Business Administration or Banking and Finance.

Once you have acquired your college degree in any of the listed courses, then you can be rest assured that to secure a job, or start out as a loan processor. You can also apply and write relevant certification exams in finance related programs.

4. Garner Experience

If indeed you want to do pretty well as a loan processor, then you should first garner the required experience before starting your own business as a loan processor. It pays you to acquire experience because you would need some form of expertise to be able to handle some customers and even corporate bodies.

Consequently, ensure that upon graduation, you choose an institution that issues loan to work with; if you have the big picture in your mind that you want to work from home, it won’t be difficult to resign and then go ahead to start working from home.

5. Register Your Business

Doing any business in the financial sector requires proper documentation and the starting point is to legally register a Business Name, open a corporate account and then apply and obtain your tax payer’s ID. You just have to be legal if you want to do business in the financial sector, you books must be audited regularly, and your financial transactions will be monitored to checkmate money laundry et al.

6. Create an Office Space in Your House and Purchase the Needed Office Equipment

Since you have decided to work from your home, it is expected of you to dedicate a corner of your home as your office. It will be unwise to work in the living room on Monday, at the dinning on Tuesday and then from the Kitchen on Friday, et al.

Just ensure that you work from a dedicated space in your house. Also, ensure that you buy the basic equipments and furniture; you would need at least a table and 2 or 3 office chairs, a computer, a photocopies machine, fax machine, printers et al.

7. Contact Your Attorney to Help You Draft Your Business Documents

The fact that you might be dealing with people, institutions and money makes it compulsory to contact an attorney to help you draft your business or contract documents. Your terms and conditions must be properly spelt out and all parties involved (loan applicants and financial institutions) will be well taken care of in your business / contract document to avoid misunderstanding et al.

Lastly, once you are able to set up your loan processing business from your home, the next thing to do is to source for loan applicants and financial institution willing to offer loans .Take these steps seriously and you would be on your way to building a successful business.