As a mortgage processor, it is your responsibility to review the mortgage applications assigned to you, make sure borrowers have submitted the correct paperwork, and ensure that all the information in each application is accurate. Anyone who is unfamiliar with the demands of mortgage processor jobs might think that this career doesn’t require a lot of effort.
You know that they are wrong!
Loan processors serve an integral function in the mortgage industry—from verifying information to connecting the mortgage loan originator with the loan underwriter, you are one of the most important pieces of the puzzle.
Which means that even small mistakes can lead to big problems. Are you trying to grow as a loan processor? Avoid these mistakes:
All mortgage processor jobs require an attention to detail that not many people possess. You are responsible for verifying and organizing all of your loan applications and loan documents to be submitted to the underwriter. Even one misplaced file can have serious consequences.
Failing to Communicate Effectively
Whether you deal with the borrower directly or communicate through their loan originator, you need to know how to be an effective communicator to succeed. If you are missing any documentation from the borrower, you must know how to communicate what you need them to submit.
It is also a good practice to be proactive in keeping everyone updated on the status of their loans. If you do not deal directly with the borrower, let the loan originator know so they can relay the information in a timely manner.
The better you can communicate your needs, the faster you can submit the loan applications assigned to you for approval and the happier the borrower and loan originator will be.
Careless Data Entry
Mortgage processor jobs require a lot of data entry, and as you know, even a small data entry error can have serious consequences for the borrowers and lenders. Attention to detail is extremely important: you cannot grow into a successful mortgage processor without it.
Not Using Mortgage Loan Originators to Your Advantage
You need to keep the loan originators in the loop and make sure that they return the favor. The reason? When it comes to support, the loan originators will be your biggest asset if you want to speed up your processing.
If the borrower is taking a long time to submit the correct documents, the loan originator is spending more time working toward their commission. Try setting up a regular meeting with the LOs to discuss any problems that are slowing down the mortgage application process.
Failing to Use the Best Tools for Mortgage Processor Jobs
Are you looking for a better way to process your mortgage loan applications with speed and efficiency? At wemlo, we process with a purpose. Schedule a demo with us today to learn how you can join us and benefit from our mortgage software and processor platform.