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The mortgage processor plays an important role as the one person in the mortgage process who interacts with all the parties involved in the transaction. The primary function of the mortgage processor is to ensure that mortgages originated by loan officers are packaged and processed accurately and in a timely manner.
Some mortgage lenders combine the origination of the mortgage and the loan processing into one role that falls under the responsibility of a mortgage processor. In this case, the mortgage processor has the opportunity to talk with the applicant upfront to determine their mortgage needs and provide information and advice and help determine which mortgage program best suits them. The processor also runs initial calculations to determine if the borrower is within the lender's guidelines.
Once the client decides to move forward with a mortgage application, the mortgage processor completes the application with the client. This typically means inputting the information into a computer version of the application that is then printed out for the client to review and sign. The mortgage processor is then responsible for collecting the documents to accompany the application, including copies of paycheck stubs, bank or brokerage account statements and tax returns.
Processing and Verification
Once the application is complete and the mortgage processor has obtained the supporting documents from the borrower, she processes the application and verifies all the information that has been provided. This involves checking the applicant's credit report and verifying his employment status.
If any issues arise from this review, such as bankruptcies or late payments, the mortgage processor works with the client to get explanations for these issues that can be submitted with the file.
Completing the Application
The mortgage processor orders the appraisal and title work from third-party companies and might work with the real estate agent to obtain such items as the signed contract for purchase and other details about the property. Once the processor has the complete mortgage application, documentation, appraisal and title work together, she sends the file to the underwriter, who makes the final lending decision based on the information in the file and the lender's guidelines.
Finishing the Process
If the file is approved by the underwriter, the mortgage processor works with all the parties involved to schedule the closing date and prepare the documents for closing. After the closing, it is the mortgage processor's responsibility to make sure that the signed documentation and paperwork is processed with the closing department of the lender and that the file is sent to the company that will service the loan (collect payments from the borrowers and handle customer service issues for the loan).