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Real Estate Pros : Mortgage Agent and Broker Last Updated: May 14th, 2012 - 22:24:01

Begin Your Mortgage Processor and Loan Processor Career

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Mortgage Processor or Loan Processor completes the loan file and gathers all the information necessary from the borrower and submits the same to the underwriting department. It is the responsibility of the Mortgage Processor to coordinate the customer needs with the available programs by obtaining mortgage loan approval for all qualified applicants within an established time frame.

All the detailed paperwork and other relevant data require for loan approval is gathered by the processor. A mortgage processor is expected to have fluent knowledge of the loan programs and the paperwork required for various programs. They must also possess excellent interpersonal and interaction skills in order to communicate with the customers effectively.

The processor obtains the knowledge of field work and market trends through the loan officer who provides all the required information to the processor from the borrowers. The loan officer also relies on the sound judgment of the processor to make any problem-solving decisions and customer relations support. Additionally, the processor also gains considerable knowledge of the underwriting field as he or she does just about all the work that an underwriter does, except making the decision. The experience that the processor gathers can help him or her to climb the corporate ladder and move on to the underwriting department and eventually to higher managerial position.

The following list will provide information on the qualities required to be a good mortgage processor as well as a general list of duties and responsibilities:

  • Ability to work under pressure and often for long and at odd hours
  • Excellent verbal and written communication skills as well as interpersonal skills
  • Strong interest in technical aspect of mortgage loan processing and problem solving techniques
  • Mortgage processors are expected to anticipate in advance what the underwriting department will expect and hence provide the most thorough and meticulous loan file to the underwriting department
  • The processors see if the loan program matches with the purchase and sale agreement of the lender
  • They obtain property and credit information of the borrower and determine if there are any problems with the property or credit history
  • They evaluate all the available liquid assets of the borrower
  • The mortgage processor is responsible to pass order for appraisal of the subject property
  • They review all the reports and authorized documents and report discrepancies
  • If the underwriter approves a loan on the condition that additional documents such as mortgage insurance and survey work is provided, then the mortgage processor co-ordinates with the loan officer to obtain required documents from the borrower.
  • They perform post closing review and prepare file for servicing and accounting
  • Most mortgage companies expect the mortgage processors to possess at least a high school diploma or equivalent so that they are able to prepare reports and deal effectively with people

Established mortgage processors generally earn a base salary of around $30,000 (+/-) in the metropolitan areas. Additionally, they also receive bonuses or incentive pays based on the number of loans closed by them in a particular period.

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