Loan processor sente mortgage professional#

While they do not make underwriting decisions, they are responsible for making sure that the loan application has all the necessary information for the underwriter to make the call on whether to extend a loan and what the terms will be. Loan processors are important members of the team of financial services professionals that mortgage applicants will encounter while arranging financing for a home purchase. Licensing is generally handled through an individual state’s occupational licensing department.

Loan processor sente mortgage professional#

The Nationwide Multistate Licensing System (NMLS) sets standards for mortgage professional education and registers those who are licensed. Many states require mortgage processors to be licensed as mortgage originators or to work as an employee of someone who has a mortgage originator license. The Nationwide Multistate Licensing System (NMLS) sets standards for mortgage professionals and registers those who are licensed. They range from the basic Certified Mortgage Processor designation to advanced and specialist certifications, including Certified Master Mortgage Processor and Certified Mortgage Servicing Specialist. The organization issues certificates to those who complete coursework. The National Association of Mortgage Processors is a private educational organization that provides training for people who want to work as loan processors. While the completeness and accuracy of the application the processor submits is critical, the processor has no direct input into whether or not a loan is approved by underwriting.

The processor’s part of the application processing is done at that point. An applicant is likely to hear from the processor if any requested documents haven’t been delivered as a deadline approaches.įinally, the processor will submit the completed application and all relevant documents to the underwriter. Throughout the procedure the processor will have various deadlines by which certain documents are supposed to be ready. These could include appraisers, insurance companies and providers of escrow account services. If there are any issues on a credit report, the processor may contact the applicant to request details and, perhaps, an explanatory letter to include with the application.Ī processor is also likely to communicate with third parties about documents that will be important for the loan applications. The processor will go over the report to check it for errors and negatives such as late payments. For instance, they will order credit reports from credit bureaus. Loan processors will also communicate with third parties to request information about loan applicants. For instance, the loan processor may contact an employer listed by the applicant to confirm employment. The loan processor’s job also includes verifying information provided by the applicant. If any information such as an applicant’s tax return or bank statement is missing from the application, the loan processor may communicate directly with the applicant to request it. When relevant, they may request and include papers relating to other debts as well as assets like investment portfolios in the application. These documents often include paycheck stubs, tax returns, bank statements and documents proving insurance coverage.

The main part of a loan processor’s job is to gather, examine and assemble the documents underwriting will need to evaluate a loan application. These are the people who, often aided by computer algorithms, make the final decision about whether to offer a loan and the terms. They enter the scene after an application meets with a loan officer, who helps determine which loan applicants are likely to qualify for loans and which loan programs are appropriate.Īfter loan processors come the loan underwriters. Loan processors are important members of the teams of financial services professionals that assist most home buyers with borrowing to fund their purchase.