The Role of a Mortgage Loan Processesor

A loan processor works with the mortgage banker on your loan application when you’re buying a home. Learn about their role in the loan process.

When you apply for a loan, once your application is submitted to the mortgage banker, it would also go to the mortgage loan processor at the same time.

What does a loan processor do?

• The loan processor would first review all your financial documentation and get projected expenses associated with the home you’re looking to buy. He/she will look at the type of mortgage and property information.

• The loan processor would then verify your information by contacting credit companies, your employer, and also get in touch with an appraiser.

• A loan processor also makes sure that all your paperwork is completed correctly before handing it off to an underwriter. It is important that a loan processor knows what the underwriter will be looking for in your application, so there are no discrepancies.

• The underwriter will make the initial lending decision, which will be communicated to the loan processor. The loan processor will then complete a final audit to ensure everything is in order before sending your file to closing.

Ashley, a loan processor, explains the typical timing of the process: “When things are organized, the normal process takes about 35 to 40 days; and with all the documents and everything, you know, organized and everything set into place and how it should be, the process can be done in 25 to 30 days”.

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To discover more about the roles and responsibilities of the people involved:
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VIDEO TRANSCRIPT:

ASHLEY: On a day to day basis, the processor is — I want to say it’s the glue for the process. You know, we work with the underwriters, the mortgage bankers, the title company, the closers. We work with the whole group that’s connected to the process.

MATTHEW: Once the application is submitted it will go through basically a pre-application status where they’ll review the file to make sure all the initial items that need to be there are actually there. That’s the point, once it gets through that review that would be when I would obtain the file.

MATTHEW: I will also complete a similar review to make sure all the items that I feel need to be there are there, to make sure that we are presenting a full and complete application to the underwriter once they review it.

MATTHEW: At that time the underwriter will review all of the documentation, whether it be asset or income documentation and make an initial lending decision based on that. And then at that point the underwriter will present that decision to me.

MATTHEW: The mortgage banker and myself will reach out to the borrower, discuss whether it be approval or a suspense item or whatever the decision may be, and then we go back and forth with the underwriting department until we satisfy all of the items which the underwriter wishes to review, until we have what we call a final approval.

MATTHEW: And at that point, a final approval, I move forward to an audit process just to make sure that everything that needs to be in the file is in the file and everything matches our documentation as well as in the computer system. That way we’re presenting a full and complete file to the secondary market, whether it be Fanny Mae or Freddie Mae or FHA.

ASHLEY: When things are organized, the normal process takes about 35 to 40 days; and with all the documents and everything set into place and how it should be, the process can be done in 25 to 30 days.

What Are FHA Home Loan Requirements? | FHA First Time Home Buyer Requirements

What Are FHA Loan Requirements? | FHA Mortgage Loan Requirements

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FHA loans provide great assistance to many first time home buyers by offering mortgage loans with lower down payments. While this is a benefit for many people, recent changes in policy may have put the loans just out of reach for some would-be homeowners with questionable credit history.

Minimum credit scores for FHA loans depend on the type of loan the borrower needs. To get a mortgage with a down payment as low as 3.5 percent, the borrower needs a credit score of 580 or higher. Those with credit scores between 500 and 579 must make down payments of at least 10 percent.

Benefits of an FHA Loan
The reason why FHA loans are so popular is because borrowers that use them are able to take advantage of benefits and protections unavailable with most traditional mortgage loans. Loans through the FHA are insured by the agency, so lenders are more lenient.

For many home buyers, using an FHA loan can really make the difference between owning your dream house comfortably or turning it into a financial nightmare. The FHA provides a wealth of benefits for applicants that qualify, so make sure you’re making full use of them.

Home ownership rates in America continue to increase at a steady rate due in a large part to the implementation of FHA home loans more than seventy years ago. Over the years, FHA has helped Americans gain the financial independence that comes with owning a home. By creating jobs and reasonable mortgage rates for the middle class, financing military housing, and producing housing for the low income and the elderly, FHA has helped Americans become some of the best housed people in the world with over 73 million Americans currently owning their own homes.

HOW IT WORKS
By serving as an umbrella under which lenders have the confidence to extend loans to those who may not meet conventional loan requirements, FHA’s mortgage insurance allows individuals to qualify who may have been previously denied for a home loan by conventional underwriting guidelines.

FHA loans benefit those who would like to purchase a home but haven’t been able to put money away for the purchase, like recent college graduates, newlyweds, or people who are still trying to complete their education. It also allows individuals to qualify for a FHA loan whose credit has been marred by bankruptcy or foreclosure.

NUTS AND BOLTS
The most popular FHA home loan is the 203(b). This fixed-rate loan often works well for first time home buyers because it allows individuals to finance up to 97 percent of their home loan which helps to keep down payments and closing costs at a minimum. The 203(b) home loan is also the only loan in which 100 percent of the closing costs can be a gift from a relative, non-profit, or government agency.

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What Are FHA Loan Requirements? | FHA Mortgage Loan Requirments

This is based on real events

How to get a mortgage loan step by step – Loan Officer training, home buying, loan origination, MLO

This video is provided by http://www.passthesafeexam.com – link to it to inform your customers about the loan process. I find it’s very helpful to do so at the beginning.

You can also check out http://www.passthesafeexam.com to find resources for the new MLO that will make their first year MUCH less of a pain and more successful.

Music used by permission http://www.danosongs.com

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