What are the duties of a loan processor?


Quick Answer

Once a loan is submitted by a mortgage broker, it is the loan processor's job to fill out and overlook the corresponding paperwork. The loan processor must check and double check the file, organize it and make sure it is ready to be sent to the bank for approval, notes the National Association of Mortgage Processors (NAMP).

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Full Answer

The loan processor must check everything, such as the debt-to-income ratio and employment information, as stated by Study.com, to ensure the file will actually be approved once it reaches the bank. Its is the loan processor's job to catch any errors in the paperwork because they are the last stop for corrections.

After that point, the loan will just be denied for error. After the paperwork is clean, a loan processor must make sure it meets a specific list of prior to document conditions before it can be handed in.

Loan processors may also work as the go between for loan brokers and the underwriters, the people at the bank who manage and approve loans after they are submitted. If anything is wrong, or questions need to be answered, they are more often submitted to the loan processor, who must then contact the loan broker or client, notes the NAMP. A loan processor, after all the paperwork is in order, then submits the forms to the bank for the final approval.

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