What is a mortgage loan processor? If you want to get into the mortgage industry and are considering loan processing as a career path, here are a few things you need to know about the role and the skills you will need to succeed.
You may not realize it, but if you have ever applied for any loan (mortgage, car, small business), you have worked with one.
But what is a mortgage loan processor, anyway? Is it a good career? What do you need to do to become one?
In this article, we explore what the processor role entails, what skills are necessary for success, and education and training requirements.
What Is a Mortgage Loan Processor Responsible for in Their Role?
The mortgage loan processor is responsible for compiling all application documentation and getting it ready for the mortgage underwriter. When a borrower submits their materials to be processed, the processor ensures that the borrower includes all the necessary documents, including income information, employment verification, and bank statements.
The mortgage loan processor is also responsible for verifying that all of the information that the borrower has submitted seems accurate. Activities associated with verification of loan application materials may include checking on the borrower’s employment status and confirming social security numbers and tax documentation.
The job also includes organizing the borrower’s information so that the underwriter can easily find and access the necessary documents. Other responsibilities that fall to the processor include following up with the borrower on any requests from the underwriter for additional information, explanation, or documentation, maintaining communication with third parties, such as attorneys and any government officials, and working with the originator to get it approved.
What Skills Does a Processor Need to Succeed?
The processor’s role contains many responsibilities. Because of all the minutia that the position entails, perhaps the most important skill that someone hoping to become a processor needs is attention to detail. What is a mortgage loan processor, if not detail-oriented?
Organization is also essential. When working with documents and communications from multiple clients throughout the day, it can be easy to mix things up. Being organized helps to minimize errors.
Successful processors are also excellent communicators, both in writing and verbally, as well. Mortgage loan processors act as a sort of relay position between the borrower, the mortgage originator, and the underwriter, so communication comes from all angles.
Are There Any Education or Training Requirements?
While many employers require a bachelor’s degree in finance or accounting, some processors are able to fill their roles successfully with a high school diploma. Training certification programs are also available, but many employers will also offer on-the-job training.
Ready to Start Your Career as a Mortgage Loan Processor? Why Not Work with the Best?
Do you think you have what it takes to be a top mortgage loan processor? At wemlo, we are always looking for talented individuals to add to our team. Get in touch with us today!