Mortgage loan processors are tasked with double-checking all information in a mortgage loan file before submitting it to an underwriter. This includes specifics such as debt-to-income ratios and the employment information of the person applying for the loan. It is very important for mortgage loan processors to ensure that loan files are ready, because once they are submitted to the underwriter, any mistakes missed by the mortgage loan processor can only be fixed with complicated procedures and copious amounts of red tape.
Mortgage loan processors receive a prior-to-document conditions list (PTD) for reference when approving the conditions and documents of a loan. If certain conditions aren't satisfactory, they must work with the title and escrow companies, loan originator, and other entities to ensure that the conditions of the loan are satisfied.
Mortgage loan processors also work with the person applying for the loan, though they don't commonly negotiate rates or terms. When agreements are made for rates and terms, applicants then begin working with the mortgage loan processor, who is also commonly involved in the loan application and approval processes which occupy much of the applicant's time.
Those in this position must pay close attention to detail to ensure that each part of the loan file is satisfactory, which can be a stressful and complicated procedure. A high school diploma or equivalent is often a minimum requirement for this position, and applicants must also be aware of a number of regulations, such as TRID (TILA-RESPA Integrated Disclosure), HVCC, and HMDA.
Mortgage Loan Processor Tasks
Interview loan applicants, investigate applicants' backgrounds and verify references.
Review loan documents and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.
Prepare loan request papers and related documents then forward to appraisal department.