Who is the processor in the mortgage process?
The mortgage processor, also known as the mortgage loan processor, is an extremely important person who has one of the most important roles in the mortgage approval process. A sloppy, incompetent, or inexperienced mortgage processor is the reason why mortgage loans do not close on time.
Why are there so many delays in closing a mortgage?
One of the main reasons for delays in the mortgage process and delays in closings is due to underwriters kicking back the file back to processing due to incomplete documents A good experienced seasoned mortgage processor will not submit a file to underwriting without a complete clean package with no missing documents
What happens at the end of a mortgage application?
It’s the same thing when buying a home. Beginning with a “junky” application will cause “junky” results in the end. So, stay in close contact with your loan officer, ask questions, and complete the application with accuracy to set yourself up for a streamlined mortgage experience.
What does a loan processor do for a mortgage?
The loan processor is responsible for prepping and organizing the file and getting it over to the bank or mortgage lender for approval. Loan Processors Are Very Important Loan processors assist mortgage brokers and loan officers By compiling important paperwork from the borrower
Can a bank fix a problem with a loan processor?
Sure, you can fix some things, but not without a lot of red tape. Assuming the loan is approved, the processor will receive a list of prior-to-document conditions (PTDs) that must be met before loan documents are released by the bank.
Do you need a license to be a mortgage processor?
Some independent processors might need licenses, but those working for licensed mortgage lenders or under the direction of licensed mortgage originators may be exempt. This can vary from company to company and by state. Do loan processors make commission?