What Does a Mortgage Loan Processor Do?
Job Description: The primary function of the Loan Processor is to ensure the timely and accurate packaging of all loans originated by our loan officers. Responsibilities include: Gather information and take each file from pre-approval to closing. Input proper loan information into the system for processing. Responsible for ensuring that all loan documentation is complete accurate verified and complies with company policy. Verify loan documents including income credit appraisal and title insurance ultimately preparing application for submittal to underwriting. Review file documentation and make sure all items needed are requested. Order and coordinate loan documents. Meet crucial deadlines requested. Perform any additional duties/activities assigned by management.
Mortgage loan application consists of various steps that also include mortgage loan processing. The major steps involves in getting a mortgage loan are as follows:
The Mortgage Loan process
- Mortgage loan Pre-Qualification
- Application for the mortgage loan by the mortgage borrower
Mortgage loan processing and verification activities
- Lender and mortgage insurance underwriting
- Closing of the mortgage loan that follows the Pre-closing
Mortgage loan processing is the most important step in the mortgage loan approval process that decides whether or not the mortgage loan will be approved.
Generally mortgage loan processing could take place within five to twenty days from the date of application of the mortgage loan.
The person who does the mortgage loan processing is known as a mortgage loan processor.
Mortgage loan processor is a person who actually does the mortgage processing activities.
The mortgage loan processor does the job of reviewing the credit reports of the mortgage buyer along with verifying the borrower's credit history in terms of debts and payments. In case he finds a bad credit history such as late payments, bankruptcy etc he sends a notification to the borrower requesting for a written application. In addition to this the mortgage processor also checks appraisal and property issues requiring further justifications.
In general the contract mortgage processor training checks and verifies the entire package as given by the lender.