The Mortgage Loan Processor is responsible for the processing of a mortgage loan from origination to funding . This position will support the Sales and Operations Staff by collecting necessary documents and managing the transaction to ensure the closing deadline is met.
What does a mortgage processing officer do?
Mortgage Processor Duties and Responsibilities
It's up to mortgage processors to gather all of the information needed from applicants to file for loan approval . Aside from interviewing applicants about their credit and financial history, they request documents such as bank statements, pay stubs, and lists of assets.
What are the responsibilities of a loan processor?
- Gathering information for the loan application.
- Evaluating credit histories for applications.
- Collecting data from clients such as their assets, salaries, debts and employment status to fill in information for the loan application.
What is a processor job description?
Processors are employees who deal with clients and ensure that the clients' requests are provided . Processors usually handle loans or any other related claims. They are in charge of managing the submission of the clients' rights. ... Processors act as the bridge between clients and other institutions.
Is it hard to be a loan processor?
The job of a mortgage loan processor is an important one and it requires the incumbent to have certain skills and traits. It is a both challenging and highly rewarding role to fulfill and many people in the loan industry find the job of a loan processor to be their best stint overall.
What are the steps of the loan process?
There are six distinct phases of the mortgage loan process: pre-approval, house shopping; mortgage application; loan processing; underwriting and closing . Here's what you need to know about each step.
Is mortgage processing a good job?
Based on 289 responses, the job of Mortgage Loan Processor has received a job satisfaction rating of 3.89 out of 5. On average, Mortgage Loan Processors are highly satisfied with their job .
What's the difference between a loan officer and a loan processor?
While the loan officer or broker may be the person who “got you the loan” to begin with, it's the processor that will likely take over once you've been “sold .” ... Their role is to assist the originator, whose job it is to sell the rate/product, and organize the loan file.
What is a loan processor salary?
Loan officers/loan processor in the United States make an average salary of $50,689 per year or $24.37 per hour. People on the lower end of that spectrum, the bottom 10% to be exact, make roughly $24,000 a year, while the top 10% makes $105,000. As most things go, location can be critical.
How do you learn to be a loan processor?
- Step 1: Earn a high school diploma. This is usually a minimum educational requirement at many loan companies.
- Step 2: Earn a higher-level degree. ...
- Step 3: Receive your mortgage license. ...
- Step 4: Obtain employment. ...
- Step 5: Work your way up.
What does an entry level processor do?
Entry-level mortgage loan processors work under the supervision of senior employees to review loan documents and move them forward to the next stage .
Can a loan processor deny a loan?
The answer is yes . He or she can make a negative decision regarding your file, and that decision can cause your loan to be rejected. First-time home buyers / borrowers often ask if they can be turned down for a loan, after they've been pre-approved by the lender.
How long does a loan processor take?
For most lenders, the mortgage loan process takes approximately 30 days . But it can vary quite a bit from one lender to the next. Banks and credit unions tend to take a bit longer than mortgage companies. Also, high volume can alter turn times.
What is it like to be a loan processor?
Loan processors are highly organized and have an excellent eye for detail. You may be dealing with various clients in one day, so you will need to keep all the correct paperwork together. You will also be tasked with keeping track of the loan schedule and making sure everything is moving along and on time.
What are the four basic loan processing procedures?
- Step 1: Find Out How Much You Can Borrow. The first step in obtaining a loan is to determine how much money you can afford on a monthly basis. ...
- Step 2: Select The Right Loan Program. ...
- Step 3: Apply For A Loan. ...
- Step 4: Begin Loan Processing. ...
- Step 5: Close Your Loan.
What is the credit life cycle?
A credit cycle describes the phases of access to credit by borrowers . ... During the contraction period of the credit cycle, interest rates climb and lending rules become more strict, meaning that less credit is available for business loans, home loans, and other personal loans.
