Mortgage Loan Processors Help Get Loan Approval

2007-05-02 10:04:19

( Financial )



When you submit an application for a mortgage to purchase or refinance your home, chances are you will not only be dealing with the loan officer or loan originator. After your loan originator takes the information you supply, your mortgage application will be handed over to mortgage loan processors for completion. You will be dealing more closely with a mortgage processor as your loan nears the final closing stage.

Mortgage loan processors are tasked to gather documentation and verifications that should support the information you provided in your application. Documentation implies that mortgage loan processors will collect your paycheck stubs and employment references to confirm your income, bank statements to verify your deposits, any insurance information to know if you have sufficient homeowner's coverage, and any other legal work that lenders require to get approval of your mortgage loan.

A mortgage processor will also secure the estimated appraisal value of your house. This can be done either through automated appraisal techniques that use statistical models, or through a professional appraiser. This should verify the accuracy of information that the loan originator has acquired from your application. After mortgage loan processors have completed the documentation, your loan application shall be passed on to an underwriter who then makes the decision whether to accept or reject it.

Mortgage companies either employ in-house mortgage loan processors, or outsource their loan processing work to minimize cost. Because of this outsourcing trend, you will find loan processor schools offering mortgage processor training.

Those who enroll in loan processor classes will learn about the functions and techniques of getting loan applications approved quickly. Some loan processing schools offer online courses that should be more convenient to those who are already employed. There are online discussion forums where students can discuss the subject matter with instructors and fellow students.


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