promotion image of download ymail app
Promoted

what do mortgage loan processors do?

I'm interested in learning more bur need to know what all the job consist of. Please go into detail if possible

Thanks

6 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    You interact with the loan originator, the borrower, the underwriters and the closing team.

    The loan originator hands off the client and the information that they have collected. You order the appraisal and collect the rest of the documentation that the underwriting team needs. Sometimes underwriting will request more info, and that's up to you to get.

    Then, once approved, you put the packet together for the closer.

    You have loan files and you collect information so the bank can decide if the loan is a smart one to make.

    It is a lot of interaction with people. It requires a high degree of organization.

    good luck!

    • Commenter avatarLogin to reply the answers
  • 1 decade ago

    A loan processors job might differ depending on the company and it's policies.

    Most processors are the contact between their office and the lending office.

    The take the information a loan officer provide, enter it into the compaies software processing (LOS) Before submitting the loan to the lender they decide where the loan would best be approved.

    They then check to see if the loan documents that are there meet the minimum requirements to submit to the lender's underwriting department.

    If so they perpare the loan for submission that include the loan application with all the RESPA documents signed as required and dated as required, along with the appraisal, credit report, title documents with any supplements, and escrow documents with any possibe amendments.

    Once the loan is approved, if there are conditions or stips the processor then work with the loan officer to obtain these conditions so as to obtain final approval of the loan file.

    This takes a lot of time in coordinating with the loan officer, the applicant, other professionals such as the appraiser, escrow, title and other needed to get the loan into final approval.

    Once all the documents required by the underwriter has been submitted and approved by the underwriter the processor then coordinate and order the loan docs to be sent, signed and notorized with the title company, escrow company and doc signer if needed.

    Those are the basics that a processor do. Ther might be other things that a processor will need to do to get a loan application file approved, but are too many to list here.

    A good processer anticipate problems and solve them before theybecome problems.

    Normally a person start out as a junior processor. In this position the junior processor do the mundane things like order the appraisal, credit report, open title and escrow for all files before the file is given to the processor.

    Some companies require that the loan officer do these things before passing the loan file application to the processor.

    I hope this has been of some use to you, good luck.

    "FIGHT ON"

    • Commenter avatarLogin to reply the answers
  • 1 decade ago

    A lot more than people think. The processer takes the initial application from the loan officer- they collect income docs, bank statements, order appraisal, title search, pull credit etc. Then they enter the info into a loan originators software to figure the loan to value & the debt to income. If there are problems or missing items they must try to figure out how to fix. At my company the processer has the file completely ready for the underwriter to make the final approval. It's a great job-satisfying to help people buy or refinance, every day is different. The problem you may have right now though is that since so many mortgage companies have closed there are MANY experienced processers looking for work. Most companies would rather not have to do alot of training- but instead look for experience. You kind of have to luck into the job. It's not as easy of a job as you might think & takes alot of training.

    Source(s): 23 years mortgage business - started as a processor-then underwriter- then closer- now manager.
    • Commenter avatarLogin to reply the answers
  • Anonymous
    5 years ago

    I would like to say thank you to Destiny kings Loan finance for all the things they have helped me with. I have a large family, and every time we have had a crisis Destiny kings Loan finance has helped us out. I thank God for the help they have provided to me and my family,email them today at {destinykingsfinance@yahoo.com

    {destinykingsfinance@yahoo.com}

    • Commenter avatarLogin to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • 1 decade ago

    a large number of Americans are now coping with credit problems because they are not sure how to manage their credit. i strongly advise http://creditqhelp.notlong.com for your credit problems. go there and see if you are interested, i did.

    • Commenter avatarLogin to reply the answers
  • 4 years ago

    Maybe it's good

    • Commenter avatarLogin to reply the answers
Still have questions? Get your answers by asking now.