MORTGAGE.

Mortgage Loan Processing Basics

We’re breaking down everything you need to know about mortgage loan processing.

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Mortgage Loan Processing Basics

We’re breaking down everything you need to know about mortgage loan processing.

continue

What is Mortgage Loan Processing?

A borrower submits their mortgage loan application.

An underwriter verifies the borrower’s financial information to determine if they qualify for a home loan.

So, what happens in between application and underwriting? Mortgage loan processing.

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Third-party processing vs In-house processing

In-house processing can be a real resource drain for mortgage brokers. But when they team up with third-party processors, mortgage brokers can save time, money, and other valuable resources.

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Third-Party Processing

Working with wemlo processors is all about adding consistent support, not another expense. With wemlo, you get:

  • A Fee That Can Be Passed On To The Borrower

  • Highly qualified processors

  • Dependable back-up support

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In-House Processing

Hiring an in-house processor means a mortgage broker is responsible for:

  • Salary

  • Benefits

  • Time spent interviewing

  • Time spent onboarding

  • Workstation equipment

  • Paid time off and sick days

White icon of three stacked layers inside a dark gray circle, symbolizing layers or organization.

Third-Party Processing

Working with wemlo processors is all about adding consistent support, not another expense. With wemlo, you get:

  • A Fee That Can Be Passed On To The Borrower

  • Highly qualified processors

  • Dependable back-up support

A white 3D cube icon is centered on a dark gray circular background.

In-House Processing

Hiring an in-house processor means a mortgage broker is responsible for:

  • Salary

  • Benefits

  • Time spent interviewing

  • Time spent onboarding

  • Workstation equipment

  • Paid time off and sick days

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The Role of a Mortgage Loan Processor

A mortgage loan processor steps in as the liaison between borrowers, mortgage brokers, and underwriters during the origination process.

In a nutshell, a loan processor collects and prepares all the required documentation before the loan is sent to underwriting.

What’s the Deal with Third-Party Mortgage Loan Processing?

Whether it’s to increase their productivity or profit margins, many mortgage brokers are choosing to outsource their loan processing needs.

By using a third-party processor, mortgage brokers avoid the operational headache of hiring and retaining an in-house processor or – even worse – handling the loan processing themselves.

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Get in touch today.

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Contact Us

Get in touch today.

Three customer service representatives wearing headsets are seated in a row at desks, working on laptops and speaking with clients. The focus is on the foreground person’s hands typing on a laptop keyboard.