MORTGAGE LOAN PROCESSOR JOB

2007-05-02 10:04:19

( Business )



Mortgage processing has become an in demand and lucrative profession today. The position of mortgage loan processor has higher potential for promotions in the field of mortgage retail and consumer loans. The job of mortgage loan processor has the option to work from home or work full time in an office. They can also work as online payment processor. The flexibility that the job offers makes it more appealing as a career choice.

Evaluation, documentation, database management, public policy implementation, counseling, and customer service are the major work assignments of a mortgage loan processor. Familiarity with these assignments is crucial in being an effective mortgage loan processor.

Evaluation

Mortgage processor evaluates whether mortgage applications meet lending criteria set by Mortgage Company they are working. Ability to read credit reports and interview references are crucial to determine the eligibility of mortgage applicants to avail mortgage. Property valuation is also a part of the evaluation work of mortgage processor. It determines whether the property offered as collateral is eligible for mortgage approval or not. The value of the property assessed serves as the benchmark to determine the amount of mortgage approve for the applicant.

Documentation

Mortgage application processing involves preparation of supporting documents for signatures of applicants and bank authorities to formalize mortgage agreement. Promissory note, collateral agreement, schedule of repayment and evaluation write up is some of the documents prepared by mortgage loan processor.

Database Management

Documents are processed, filed and kept in a database. Mortgage loan processor needs to regularly update this database. The ability to navigate software programs used in loan processing is necessary to manage information of clients.

Implement Public Policy

Mortgage loan processor must be aware of government policies related to mortgage provision particularly in processing of documents and responding to issues related to bankruptcy and individual voluntary agreement. Awareness on regulations about these issues enables mortgage loan processor to deal appropriately with clients experiencing it. Knowing disclosure policy on interest rates and lending process is also necessary for mortgage loan processor.

Counseling

Mortgage loan processors sometimes act as financial counselors to guide clients determining their financial viability to avail loans.


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