What does the loan processor do?
Share: A mortgage processor, or loan processor, is responsible for assembling, administering and processing your loan application paperwork before it gets approved by the loan underwriter. They play a key role in getting your mortgage loan request to the final close.
How long does it take for a processor to process a loan?
Typically, the mortgage loan process takes 30-60 days. However, this may vary based on your loan program or any delays in the process. To stay on schedule, it is important to respond to any questions or requests for documents within 24 hours.
What are the duties of a processor?
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.
What is the difference between a loan processor and a loan officer?
While the loan officer or broker may be the person who “got you the loan” to begin with, it’s the processor that will likely take over once you’ve been “sold.” That sold part is pretty important because loan processors aren’t supposed to offer or negotiate mortgage rates or loan terms.
What happens after loan processor?
The final step on the loan process is now complete: Your loan has been funded! At this time, all documentation is complete and the funds for the loan have been disbursed to the seller (purchase) or to the payoff of the prior loan (refinance). You should receive your first payment statement at the closing.
How much does a loan processor make an hour?
Hourly Wage for Mortgage Loan Processor I Salary
| Percentile | Hourly Pay Rate | Location |
|---|---|---|
| 25th Percentile Mortgage Loan Processor I Salary | $18 | US |
| 50th Percentile Mortgage Loan Processor I Salary | $20 | US |
| 75th Percentile Mortgage Loan Processor I Salary | $22 | US |
| 90th Percentile Mortgage Loan Processor I Salary | $25 | US |
Is loan processor same as 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 makes a successful loan processor?
The most important characteristic of a Loan Processor is having strong attention to detail so that they can process complex financial paperwork with efficiency and accuracy. Good Loan Processors are able to can applications and immediately spot mistakes and missing information.
What skills do you need to be a loan processor?
Customer service and communication skills are key since you’ll be the glue that binds all interested parties, from clients to underwriters. Mortgage loan processors should also have an aptitude in math and excellent time management skills.
Is loan processing hard?
The job of a mortgage loan processor is an important one and it requires the incumbent to have certain skills and traits. It is a both challenging and highly rewarding role to fulfill and many people in the loan industry find the job of a loan processor to be their best stint overall.
How many loans can a processor handle?
I have seen processors struggle with as few as 30 files in their pipeline when loan quality is low. Companies who require the originator to obtain all initial conditions on the AU findings can push beyond the 60 file mark but without originator accountability you can drop that range to 35-45.
How many loans do loan processors do a month?
Manages an active pipeline of loans (average of 15-20 loans monthly) and maintains timely and compliant flow of such loans through the process. Communicates with loan officers, buyers, sellers, title companies, builder and Realtors with regular updates.
Do loan processors make good money?
The salaries of Mortgage Loan Processors in the US range from $22,224 to $62,000 , with a median salary of $37,710 . The middle 57% of Mortgage Loan Processors makes between $37,710 and $45,183, with the top 86% making $62,000.
Is being a loan processor stressful?
Yes, being a loan processor can be a stressful job.
They ensure that everything submitted is accurate and all necessary appraisals and inspections have been completed. This can make the job stressful as they attempt to navigate the many forms and paperwork required for the mortgage underwriter to approve the loan.
Is loan processing a good job?
Yes, being a loan processor is a good career.
Because this role is within the banking and finance industries, there is much opportunity for comfortably high-income levels and upward growth, making it a good career option for people motivated by money and career growth.
Do loan processors make commission?
Yes, mortgage loan processors can make commissions.
It is dependent on their employer. Some employers may offer the option of being paid per loan funded or offer a base salary plus a bonus for a certain number of loans funded per month. Mortgage loan processors make $41,782 in average yearly salary or $20.09 per hour.
What do loan underwriters do?
An underwriter is a financial expert who takes a look at your finances and assesses how much risk a lender will take on if they decide to give you a loan. More specifically, underwriters evaluate your credit history, assets, the size of the loan you request and how well they anticipate that you can pay back your loan.
Are mortgage loan processors happy?
At CareerExplorer, we conduct an ongoing survey with millions of people and ask them how satisfied they are with their careers. As it turns out, loan officers rate their career happiness 2.5 out of 5 stars which puts them in the bottom 5% of careers.
What is it like to be a mortgage loan processor?
A mortgage processor, or loan processor, is responsible for assembling, administering and processing your loan application paperwork before it gets approved by the loan underwriter. They play a key role in getting your mortgage loan request to the final close.
How much do mortgage lenders make?
Loan Officer Income
According to the US Bureau of Labor Statistics (BLS), the median pay in 2015 for loan officers of all kinds — commercial, consumer, and mortgage — was $63,430 per year. The lowest ten percent earned less than $32,870, and the highest ten percent earned more than $130,630.