Job Descriptions for Loan Processors

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A loan processor is a key part of a mortgage operation in terms of getting a loan closed. Find out how loan processors coordinate the appraisal of a piece of property with help from a financial specialist in this free video on loans and money management.

Part of the Video Series: Loan Information
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Video Transcript

Hi, this is Matt McKillen with Innovative Financial Group. The question posed to me today is: What's the job description for a typical loan processor? Well, the loan processor is a very key factor in a mortgage operation in regards to getting a loan closed. Once the mortgage originator loan officer meets with the homeowner, signs all the initial paperwork to get a loan started, they may lock in the reign at that point. What happens is that the processor or the processing department basically takes over the paper flow for that file. Now, part of the process they do in a 30-day period to close a mortgage is they may have to get the client to send in their last year's tax returns. They will generally coordinate the appraisal of the property that they're either buying or refinancing. Also, what they may do is they may also coordinate the title company work because you do have to go through a title company to close a real estate transaction and have title insurance. So they may coordinate that. They also submit the loan to the lender when the package is complete. So it's a very crucial part of our business, and it's very detail-orientated. Again, my name is Matt McKillen. I'm with Innovative Financial Group.

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