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.
One of the main tasks is to get the potential borrowers file prepared and ready to be sent to the underwriter. They must make sure that the customer’s file meets the lenders guidelines with all required documentation. All information must be stacked in a certain order and all numbers calculated must be double checked to make sure that no mistakes are found. They are also required to do a complete background check on the borrowers credit report to see all of the debts they have acquired and how likely they are to pay the mortgage.
The better the loan processor, the chances of getting the loan will greatly increase and also may help the loan closing process take much less time. Many times this person will be your point of contact when it comes to finding out the status your loan is currently in.
This person may make the difference as whether or not your loan application is approved. They have a lot of control over how long the process is going to take from beginning to end. However, there are some factors that are completely out of there hands, but for the most part they have a lot of control.