Mortgage Processor or Loan Processor completes the loan file and gathers all the information necessary from the borrower and submits the same to the underwriting department. It is the responsibility of the Mortgage Processor to coordinate the customer needs with the available programs by obtaining mortgage loan approval for all qualified applicants within an established time frame.
All the detailed paperwork and other relevant data require
for loan approval is gathered by the processor. A mortgage
processor is expected to have fluent knowledge of the loan
programs and the paperwork required for various programs.
They must also possess excellent interpersonal and interaction
skills in order to communicate with the customers effectively.
The processor obtains the knowledge of field work and market
trends through the loan officer who provides all the required
information to the processor from the borrowers. The loan
officer also relies on the sound judgment of the processor
to make any problem-solving decisions and customer relations
support. Additionally, the processor also gains considerable
knowledge of the underwriting field as he or she does just
about all the work that an underwriter does, except making
the decision. The experience that the processor gathers can
help him or her to climb the corporate ladder and move on
to the underwriting department and eventually to higher managerial
position.
The following list will provide information on the qualities
required to be a good mortgage processor as well as a general
list of duties and responsibilities:
- Ability to work under pressure and often for long
and at odd hours
- Excellent verbal and written communication skills
as well as interpersonal skills
- Strong interest in technical aspect of mortgage loan
processing and problem solving techniques
- Mortgage processors are expected to anticipate in
advance what the underwriting department will expect and hence
provide the most thorough and meticulous loan file to the
underwriting department
- The processors see if the loan program matches with
the purchase and sale agreement of the lender
- They obtain property and credit information of the
borrower and determine if there are any problems with the
property or credit history
- They evaluate all the available liquid assets of the
borrower
- The mortgage processor is responsible to pass order
for appraisal of the subject property
- They review all the reports and authorized documents
and report discrepancies
- If the underwriter approves a loan on the condition
that additional documents such as mortgage insurance and survey
work is provided, then the mortgage processor co-ordinates
with the loan officer to obtain required documents from the
borrower.
- They perform post closing review and prepare file
for servicing and accounting
- Most mortgage companies expect the mortgage processors
to possess at least a high school diploma or equivalent so
that they are able to prepare reports and deal effectively
with people
Established mortgage processors generally earn a base salary
of around $30,000 (+/-) in the metropolitan areas. Additionally,
they also receive bonuses or incentive pays based on the number
of loans closed by them in a particular period.
Related Mortgage Career Topics:
Article Source:
http://www.mortgageleadsguide.com
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