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?

Mortgage loan processing is the critical step between application and underwriting when all of your financial documents are collected to keep your loan moving smoothly toward closing.

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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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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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