Mortgage Loan Processor Responsibilities
- Interview prospective loan applicants and assist them in finding the best loan products for their needs.
- Work with the borrower to gather financial information such as credit reports, verify the accuracy to determine creditworthiness, and complete the mortgage loan application.
Similarly one may ask, can a loan processor become an underwriter?
New graduates may find entry-level positions as junior mortgage underwriters or mortgage writer assistants. However, candidates without formal education typically start off as loan officers or processors and gain experience in finance and banking before becoming an underwriter.
Similarly, how do you describe a processor?
A processor, or CPU, is a circuit board inside a computer that executes instructions on behalf of programs. Modern computer processors can process millions of instructions in a second. … Processors are the brains behind a computer. They control the logic that performs calculations and run programs on your computer.
How many loans can a mortgage processor handle?
Most loan officers close anywhere from 18 to 25 loans in a year, with some doing as many as 35 to 40.
Is a mortgage processor a good job?
Is Loan Processor a Good Job? … The BLS projects an 11% increase in loan officer positions between 2016 and 2026. This rate is higher than the national average for all careers combined, making loan processor careers an excellent option for those interested in the finance field.
What are the requirements for a mortgage loan processor?
While the minimum requirement is a high school diploma, a bachelor’s or an associate degree is usually preferred for this role. Successful completion of the National Mortgage Licensing Program (NMLS) is also required by certain employers. Upon completion of this program, the person becomes certified and licensed.
What is a loan processor salary?
The average loan officer/loan processor salary is $50,689 per year, or $24.37 per hour, in the United States. People on the lower end of that spectrum, the bottom 10% to be exact, make roughly $24,000 a year, while the top 10% makes $105,000. As most things go, location can be critical.
What is a processor job description?
Processors are employees who deal with clients and ensure that the clients’ requests are provided. Processors usually handle loans or any other related claims. They are in charge of managing the submission of the clients’ rights. … Processors act as the bridge between clients and other institutions.
What is the difference between a mortgage processor and underwriter?
underwriter. While a mortgage processor makes sure your application, documents and supplemental information are accounted for and in order, a mortgage loan underwriter determines whether you meet the guidelines for the home loan you’ve requested.
What’s the difference between a loan officer and a loan processor?
A loan processor, also called a mortgage processor, is the person responsible for processing your loan and submitting it to the underwriter for final approval. … When you take out a mortgage, a loan officer or loan originator is responsible for helping you choose the right type of mortgage.