What does a mortgage processor do

what does a mortgage processor do


Best Answer: A mortgage processor is the person that verifies all the infomation you have given to the loan officer'

The send out verification to your, landlord, you banks where you have a checking or savings accounts, as well as to your employer.

They prepare all the paperwork that goes into qualifying you for the loan.

Once all these verifications are back, the put them in a specific order, along with the papers the underwriters will need when your filed gets sent to them.

It's not a hard job but is very detailed oriented. the only problem is when you have sent all you verifications out and the companies take their sweet time in getting them back to you.

Many morgage and savings & loan companies use runners to actually hand carry the verifications and wait for them to be filled out and bring them back. Expecially if this is a quick turn around and has t close by a sprcified date.

All the verification paperwork are form used from the federal lending for freddie man and fannie mae which dtermins the guidelines.

There are programs Im sure you can buy for your own computer, but there are so many out there and each company my

actuall have had their own programs written.

In that case it;s just a matter of learning their programs.

The pay is pretty good depending on your experience as well as ypur previous experience. Being good with numbers is a must as well as being well organized.

In Texas back in the 1980's made $14 phr plus a good benefit packae.

Working under deadlines is common as well as puting up with buyers that are anxious to ger their loans and call 3 times a day just to checki on itl

Right now house sales are really slow and if i were thinking of this as a job i'd spend the summer maybe taking some general math classes. Also I WOULD get a makepver because ,any oan processors get promotoed to loan offiers, and withhere you make quite a bit og mon, abou duouble thof a processo.

a loan officer is the first contact with the customer woi neeew to ge q goodone. a very personabl person with an ouygoing perdonality, as they call on area realesate agents and bokers.


GOOF LUCK. Hope this helps, jackie b

Source: answers.yahoo.com

Category: Credit

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