The Loan Processor has several duties and responsibilities, such as:
- 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
- Researching and correcting mistakes in applications for clients
- Reviewing file documentation for missing or erroneous information
- Meeting loan application deadlines
- Assisting Loan Officer with requests and tasks needed to complete and process applications
What is the job description of a mortgage loan processor?
The Loan Processor has several duties and responsibilities, such as:
- 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
- Researching and correcting mistakes in applications for clients
What is the average salary for a loan processor?
Lowest-Paying States for Loan Processors:
- Mississippi - $35,461 a year ($17.05/hr)
- Alaska - $35,969 a year ($17.29/hr)
- Utah -$37,238 a year ($17.90/hr)
- Indiana - $40,244 a year ($19.35/hr)
- Louisiana - $40,293 a year ($19.37/hr)
What does a mortgage loan processor do?
What does a loan processor do?
- A loan processor reviews the mortgage application and ensures accuracy of all the information
- Loan processors act as an intermediary between the loan originator and mortgage underwriter
- Underwriters, not loan processors, determine final mortgage loan approval
How to become a mortgage loan processor?
To be eligible to begin the CRMP certification process, you must first be one of the two following things: A loan originator with a minimum of three years of experience or who has personally originated and closed 50 or more reverse mortgages
What skills do you need to be a loan processor?
The main skills and qualifications of a Loan Processor are:Experience with mortgage loan software programs.Verbal and written communication.Good interpersonal and customer service skills.Time-management and organization skills.Ability to work with strict deadlines.Ability to explain technical concepts in simple terms.More items...•
What is the difference between a loan processor and an underwriter?
The loan processor makes sure you have all of the proper documentation organized to apply for the loan. The underwriter's role is to analyze whether you'll be able to make the necessary monthly mortgage payments and decide if the loan will be approved.
What are the duties of a processor or loan underwriter?
Both the loan processor and loan underwriter play a crucial role in the approval of your loan. A loan processor collects, manages and organizes all of the paperwork. They also verify all information is accurate before presenting it to the underwriter.
What is the difference between a loan officer and a loan processor?
A loan officer collects applicant information and forwards that information to a loan processor. The loan processor reviews the application for compliance and may submit the application to an underwriter for final review.
What are the steps in loan processing?
The three stages of every loan are the application, underwriting and closing.Application. In the application phase, a loan officer will work with you directly to gather all information needed to prequalify your loan request. ... Underwriting Process. ... Loan Closing.
Can a loan processor deny a loan?
Yes. Many lenders use third-party “loan audit” companies to validate your income, debt and assets again before you sign closing papers. If they discover major changes to your credit, income or cash to close, your loan could be denied.
How many loans can a processor handle?
Manages an active pipeline of loans (average of 15-20 loans monthly) and maintains timely and compliant flow of such loans through the process. Communicates with loan officers, buyers, sellers, title companies, builder and Realtors with regular updates.
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.
Is being a loan processor stressful?
Yes, being a loan processor can be a stressful job. They ensure that everything submitted is accurate and all necessary appraisals and inspections have been completed. This can make the job stressful as they attempt to navigate the many forms and paperwork required for the mortgage underwriter to approve the loan.
What is another word for loan processor?
A loan processor (also called a mortgage processor) prepares your mortgage application file and other paperwork for delivery to the mortgage underwriter.
Do loan processors make good money?
Salary Ranges for Mortgage Loan Processors The salaries of Mortgage Loan Processors in the US range from $22,224 to $62,000 , with a median salary of $37,710 . The middle 57% of Mortgage Loan Processors makes between $37,710 and $45,183, with the top 86% making $62,000.
Who does a loan processor report to?
One who works on behalf of the mortgage broker and one that works at the bank, typically referred to as an Account Manager (AM). The loan processor who works with the broker will essentially send conditions to the AM that works at the bank so they can be signed off.
Is processing and underwriting the same thing?
Mortgage processing is when your personal financial information is collected and verified to ensure all needed documentation is in place before the loan file is sent to underwriting. It is the processor's job to organize your loan docs for the underwriter.
Can a loan processor become an underwriter?
A good rule of thumb, is that a processor have a minimum of four years' experience before becoming an underwriter. That ensures they understand credit documents, income documents, and other mortgage documents the borrower signs, including disclosures.
What does it mean when a loan goes to the underwriter?
Underwriting is a mortgage lender's process of assessing the risk of lending money to you. The bank, credit union or lender has to determine whether you are likely to be able to pay back the home loan before deciding whether to approve your mortgage application, and does this through underwriting.
Do loan officers and underwriters work together?
Yes, loan officers and underwriters do work together, but with intentional boundaries in place. Both of these roles are essential to the mortgage industry and communication between them is necessary for a smooth loan transaction.
What is the most important characteristic of a loan processor?
The most important characteristic of a Loan Processor is having strong attention to detail so that they can process complex financial paperwork with efficiency and accuracy. Good Loan Processors are able to can applications and immediately spot mistakes and missing information. They notice when information looks out of place or when certain documents are missing from a client’s file so that they can track down the correct details and documents. Successful Loan Processors have the patience and focus to spend hours reading paperwork and comparing it against screening standards and financial guidelines.
What are the skills needed to be a loan processor?
The main skills and qualifications of a Loan Processor are: Experience with mortgage loan software programs. Verbal and written communication.
What are the qualifications for a loan processor?
Loan Processors should have a variety of practical skills for their position. The main skills and qualifications of a Loan Processor are: 1 Experience with mortgage loan software programs 2 Verbal and written communication 3 Good interpersonal and customer service skills 4 Time-management and organization skills 5 Ability to work with strict deadlines 6 Ability to explain technical concepts in simple terms 7 Ability to work in fast-paced environment 8 Willingness to learn new concepts to grow and advance
What is a mortgage processor?
A Loan Processor, or Mortgage Processor, is in charge of gathering the necessary paperwork and documentation required for someone to apply for a loan. Their duties include carefully reviewing mortgage applications to confirm that all essential fields have been filled out, organizing additional application materials and submitting applications on schedule.
How much does a loan processor make?
A Loan Processor makes an average of $47,341 per year. Salary may depend on level of experience, education and the geographical location.
What are the responsibilities of a loan officer?
Responsibilities include: Review file for completeness prior to submission to underwriting. Work with the loan officer and the borrower to obtain documentation needed. Evaluate applications for reasonableness and escalates issues as needed. Coordinate and review information from third parties such as appraisal and title.
What is aim loan?
AimLoan.com is a San Diego-based mortgage lender with a 22 year history of taking care of its employees and customers. Read over 100 reviews by AimLoan employees on Glassdoor!
What is a loan processor?
Loan processors are in charge of preparing loan files and submitting them to banks or mortgage lenders for approval. It’s their responsibility to ensure that all documents and signatures are in order prior to submission. Other duties include interviewing, assessing, and researching loan applicants.
What does a loan officer do?
Work with clients to establish their needs and recommend suitable types of loans.
What is the chief goal of a loan officer?
In this position, your chief goal will be to help eligible applicants obtain loans in a timely and professional manner while protecting our institution's credibility. The successful candidate will demonstrate an in-depth knowledge of relevant rules and regulations. You should also have strong attention to detail with excellent communication and interpersonal abilities.
What are the responsibilities of a loan processor?
Loan Processor responsibilities include: 1 Performing initial appraisal of potential borrowers by thoroughly examining their applications 2 Assessing the credit standings of applicants through background research 3 Interviewing applicants to evaluate their eligibility for loan or mortgage
What is the job of a loan processor?
Loan Processor responsibilities include: Performing initial appraisal of potential borrowers by thoroughly examining their applications. Assessing the credit standings of applicants through background research. Interviewing applicants to evaluate their eligibility for loan or mortgage.
What is the responsibility of a loan processor?
Therefore, it is the responsibility of loan processors to make sure that all borrowers meet the required qualifications for the loan they may be applying for, and also to ensure that the borrower would be able to pay back the loan when due.
What is the job of a mortgage loan processor?
One of the major duties of a loan processor is to assist loan officers during the mortgage loan approval process. It is his/her job to make sure that all of the details in the loan package is verified and correct, and the loan processor is often times the main point of contact for borrowers.
What is a loan processor?
The job description of a loan processor involves checking the credit history of prospective borrowers. If any credit issues such as late payments, bankruptcies or problems with property are found, the loan processor would notify the applicant. As a result, they have an ample opportunity to provide an explanation on the state of the credit issues, ...
What are the qualifications for a loan processor?
Loan processors are required to possess the following qualities, including skills, knowledge, and abilities, to function optimally on the job: Must possess a college Degree. Proficiency in closing procedures, loan processing and documentation. Proficiency in credit and approval processes.
What do loan processors do?
What Do Loan Processors Do? In Short, Everything to Close Your Loan!
How much does a loan processor charge?
As I mentioned, loan processors might do more of the work once the saleswoman (or man) gets you in the door. This fee could be anywhere from $200 to $700 or more. Some may refer to it as a junk fee but only if it’s charged on top of a hefty origination fee. Sometimes the latter includes the processor’s work.
Why are mortgage processors more knowledgeable than sales oriented loan officers?
However, some processors are actually more knowledgeable than the more sales-oriented loan officers because they handle more volume and may have more years of mortgage experience under their belt.
What is the hustle of a loan originator?
In a nutshell, the loan originator hustles to bring in new borrowers and the loan processor hustles to get the loans funded, while both may irritate the underwriter in the process. : )
What does the AM do with a retail loan?
If the loan is originated via the retail channel, the AM will work with the loan officer at the bank to get the conditions cleared.
Who is responsible for prepping and organizing the file and getting it over to the bank or mortgage lender?
Once a loan is originated by the mortgage broker or loan officer, the corresponding paperwork is sent along to a loan processor. The loan processor is responsible for prepping and organizing the file and getting it over to the bank or mortgage lender for approval.
Who gets the loan once you've been sold?
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.”. That sold part is pretty important because loan processors aren’t supposed to offer or negotiate mortgage rates or loan terms.
What are the responsibilities of a loan processor?
Responsibilities for Loan Processor 1 Evaluate credit worthiness by processing loan applications and documentation within specified limits 2 Determine all applicable ratios and metrics and set up debt payment plans 3 Interview applicants to determine financial eligibility and feasibility of granting loans 4 Review active loan files each day to determine if any documents are missing or what can be done to help the process along 5 Identify and recommend products that meets the customer's needs and the organization's lending guidelines 6 Communicate with clients either to request or to provide information 7 Utilize professional judgement to determine which potential borrowers represent good risk opportunities for the organization 8 _perate in compliance with laws and regulations and adhere to lending compliance guidelines
What is a loan processor?
A loan processor is responsible for evaluating, authorizing approval or deny applications for people or businesses. Loan processors act as a liaison between customers and financial institutions who assist qualified applicants acquire loans in a timely manner. Additionally, loan processors meet with customers to determine their needs ...
What to do with active loan files each day?
Review active loan files each day to determine if any documents are missing or what can be done to help the process along
What is the purpose of professional judgement?
Utilize professional judgement to determine which potential borrowers represent good risk opportunities for the organization
What are the duties of a mortgage processor?
According to Monster.com job postings in April 2011, the primary job duties you'd have as a processor include writing, organizing, inputting and approving the financial data on mortgage applications.
What is a Mortgage Loan Processor?
A mortgage loan processor or loan officer evaluates applicants' financial information and real estate values to match prospective buyers to property purchases. This often involves meeting directly with loan applicants and real estate agents to obtain necessary information and documentation. When meeting with applicants they often need to explain what loan options are available to them. Toward the end of the process, they look over loan agreements to determine if they meet federal and state regulations. The following chart provides an overview of the education, job outlook and average salary in this field.
What is a financial examiner?
Closely related to this career, financial examiners specialize in examining lenders and applicants finances to ensure loan transactions meet regulations. Given the need to analyzes applicants financial statuses, the profession of mortgage loan processors has some overlap with that of financial analysts, as well. Financial analyst assess individuals' and companies' finances to make financial advice, especially when it comes to investing. Financial managers need to be knowledge of many of same topics these other professions are, because their primary goal is to direct investments in a way that ensures the financial health of an organization or business.
How to set up a home loan application?
To set up a loan application, the you must determine the applicant's income, assets and liabilities. You'd also go over the projected expenses associated with the house in question. Working with your client, you'd determine the purpose of the loan and explain the loan's terms to him or her.
How to verify a borrower's credit?
To verify the borrower's information, you'd contact credit companies, the applicant's employer, the seller, appraisers and other specified companies. They verify information you collected from each applicant, including income, employment status and net worth.
Why do financial managers need to be aware of many of the same topics these other professions are?
Financial managers need to be knowledge of many of same topics these other professions are, because their primary goal is to direct investments in a way that ensures the financial health of an organization or business.
Mortgage Loan Processor responsibilities include
Performing a general evaluation of an application (financial documents, mortgage type etc.)
Job brief
We are looking for an efficient Mortgage Loan Processor to process mortgage loan files and help clients submit complete applications. You will gather all necessary documentation and spot mistakes to ensure approval for the mortgage.
Responsibilities
Perform a general evaluation of an application (financial documents, mortgage type etc.)
Loan Processor Responsibilities Include
- Performing initial appraisal of potential borrowers by thoroughly examining their applications
- Assessing the credit standings of applicants through background research
- Interviewing applicants to evaluate their eligibility for loan or mortgage
Job Brief
- We are looking for a reliable Loan Processor to perform appraisals of business or individual loans. You will undertake an intermediary role between potential clients and our financial institution. The goal is to help qualified applicants obtain loans in a timely manner and protect our organization’s credibility. Loan processor duties and responsibilities will include analysis, apprai…
Responsibilities
- Perform initial appraisal of potential borrowers by thoroughly examining their applications
- Assess the credit standings of applicants through background research
- Interview applicants to evaluate their eligibility for loan or mortgage
- Conclude on all applicable financial and non-financial criteria and develop loan repayment plans
Requirements and Skills
- Proven working experience in a Loan Processor role
- Good knowledge of banking computer software and MS Office
- Comprehension of direct/indirect lending procedures
- In-depth understanding of relevant rules and regulations