What Is Loan Processing?
Loan processing comprises the steps taken from application to closing by the lender. It includes gathering the required documentation and filling out the proper forms for the mortgage paperwork.
Other People Are Reading
-
Function
-
A majority of the loan processing is done by a processor. This person makes sure that all required documentation is included and signed in the loan package, and ensures that all required processes, such as the appraisal and title searches, are done correctly.
Benefits
-
The loan processor ensures that all of his work is in compliance with all federal mortgage mandates.
-
Types
-
Most mortgage lenders operate as their own processors, unless they have a hired person for the position. The final step in the process, underwriting, is usually undertaken by another person to ensure that all regulations are followed.
Considerations
-
Many processors have checklists of required documentation by loan type and size. They simply check off the required items as they are received.
Safety Net
-
A separate loan processor from the loan originator gives the lender a second set of eyes, ensuring that all necessary regulations and rules are met.
-
References
- Photo Credit Image by Flickr.com, courtesy of Casey Serin
More Like This
Comments
-
I have been in the mortgage business for 8+ years. I am very familliar with the mortgage process. If you have questions or concerns feel free to give me a call at 866-295-9339 x 777. Ryan Salo Bank Of England. FDIC, Equal Housing Lender.
