With a home purchase or refinance loan, having the best team to support you makes all the difference. Once your mortgage loan is underway with us, you may end up talking with a mortgage loan processor — an integral part of our team that is working behind the scenes for you. A great loan processor can make the difference in your loan being approved or declined, based on how they present your loan package to the underwriter.
A processor’s knowledge and expertise are important because understanding loan guidelines is the key to the loan being approved in an efficient manner. The loan processor prepares your loan file for presentation to the loan underwriter. Processors work to confirm that all proper documentation is included and that all numbers are calculated correctly. They are also responsible for meticulously checking every detail, such as debt-to-income ratio and employment history.
Once the loan is approved, the processor will receive a list of prior-to-close document conditions that must be met before the closing documents are released. The processor also coordinates with the closing department to ensure that everyone is on the same page with closing dates and details.
Our loan processors are the backbone of our business, and we are grateful to have them on our team. Knowing that our clients are being well-served by our processors makes everyone more confident in the loan process and lending far less stressful.Tags: Mortgage Roles