A loan processor works very closely with the loan officer to assist in getting the loan to fund. The exact duties that a loan processor performs depend on the company that they work for, and the abilities of the processor.
The processor's job is to prepare your file for presentation to the underwriter and to gather all required documentation.
He or she must make sure all proper documentation is included, that all numbers are calculated correctly and double checked, and that everything is stacked in the proper order. A well processed loan file increases your chances of getting a loan and can decrease the amount of time until your loan closes.
The loan processor should also keep you informed about the status of the loan process. Ask questions if in doubt!
Every company is slightly different, but after setting up the terms and basics of your mortgage the rest of your contact may be with either your mortgage consultant, or the processor. If there is any additional supporting documentation required, be sure to provide it ASAP to help your loan
close as quickly as possible.
A good loan processor can make the difference in your loan being approved or declined by how they present your loan package and application. The loan processor also has a lot of control over how quickly your loan can be processed from start to finish. While there are some things that are out of the loan processor's hands and control, many things are completely controlled by the mortgage loan processor. If your loan officer is not available for contact or assistance many times you can contact your loan processor and go over details and have questions answered by the processor handling your file instead.
Often times the processor acts as a mediator between the investor and all other parties involved in the loan process.
» DISCLAIMER: The information contained in this article on 'What does a loan processor do? ' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.