While Loan Officers are responsible for generating loan business and taking the initial loan application, Loan Processors typically do the hard work of double checking the paperwork, correcting any errors, and corresponding with the underwriter to make sure the loan is approved.
Essentially, 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 then responsible for prepping and organizing the file and getting it over to the bank or mortgage lender for approval.
This work includes:
Organizes the loan applicationís documentation and makes sure itís in order
Reviews the loan package as given by the lender for completeness and accuracy
Verifies the borrower's credit history in terms of debts and payments
Checks appraisal and property issues requiring further justifications
Determines if the application and ensuring requirements and paperwork comply with the lenderís standards
Contacts the borrower if information is missing or if additional information or documentation is required
Find Loan Processor Training Courses
To find Loan Processor training courses, either select one of the recommended courses or "Loan Processor" from the "Professional Development" section of the search box below.