What does a loan processor do?
Loan processors work along side loan officers and or underwriters in order to process mortgage paperwork. They essentially act like an assistant to the loan officer or underwriter in making sure all the required paperwork is completed and time frames met during the loan transaction. They will work hand and hand with borrowers in facilitating paperwork to and from the lender to try and get the mortgage loan approved.
The exact duties and tasks loan processors are required to do will vary depending on the mortgage company were they are employed and the training the processor has gone through. But for the most part the duties are pretty much the same for most companies. Read more
What is a mortgage underwriter?
When applying for a loan or modification, the mortgage underwriter is the one who does a lot of the leg work when it comes to processing, analysing, verifying information and approving the mortgage for a lender. This person must be able to understand the complete mortgage process, and verify if the borrower can qualify for the loan or modification. Having good math and analytical skills is also a trait of many who work in this field.
This position is the last line of defense and quality control for mortgage lenders.
Many times people will have to start working as assistants or junior processors before they can slowly work there way up to the underwriting position which can take years. Usually only seasoned mortgage veterans hold these positions. Read more
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