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How Long Does a Loan Modification Take?
Wells Fargo Signs Home Affordable Second-Lien Modification Program...What Are Different Mortgage Underwriter Tasks?
A mortgage underwriter is an individual who performs a lot of duties when it comes down to processing a loan application, verifying the borrowers information is correct, and approving the loan for the bank. The position this person holds is the last stage quality control, so these people must be very experienced in the mortgage industry and fully understand the loan process. To get to this level it can take a person years and they must first start out as an assistant to loan officers or a junior processor before they can eventually make it to an underwriting position. Read more
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