Becoming a mortgage loan processor entails a very crucial job. A good loan processor is sought after as loan business expands continuously. Although the duties of mortgage loan processors are relatively easy, it can also be overwhelming and tedious.
What is a mortgage loan processor?
A mortgage loan processor is an individual who gathers and organizes documents that are linked with loans important in purchasing a real estate. Loan processors make certain that the application for mortgage loans is complete for both buyers and lenders of properties. A mortgage loan processor must be equipped with extensive knowledge on state and federal guidelines that are related to the complex industry.
Duties of a mortgage loan processor
- Mortgage loan processors are tasked in verifying and completing the financial information regarding loan applications. They oversee the loan application files and contact some verification sources like sellers, credit bureaus and buyers so as to make certain that given information is accurate, thorough and meets each of the loan specifications.
- The information they must get are concerning on the mortgage type, terms of buyer’s assets, loans and incomes. A mortgage loan processor must correct errors in the data and fill in missing information as needed.
- Information collecting like land survey and property appraisal is also the foremost responsibility of a mortgage loan processor. Loan processors recommend denial in loan application if necessary, draft approval as well as mailing denial letters to possible buyers.
- The loan application for any approved buyer should proceed in an underwriting process and a mortgage loan processor must finally get in-touch with mortgage loans closer.
Condition of Work
Most mortgage loan processors work in various mortgage industries. These loan processors are detail-oriented, analytical and organized. They are good at managing time, customer service oriented and self-directed.
Educational Requirements
In order to become a mortgage loan processor, a GED or high school diploma is essential as this serves as the basic requirement. However, most employers look for candidates with previous work experience in the particular field or accomplish an associate degree for 2 years or a bachelor’s degree for 4 years in fields like accounting and business administration.
Occupation and Progress
Job demand for a loan processor is speculated to decrease in the coming years as online mortgage application is now prominent which means a mortgage loan processor is no longer needed.