The main job of a loan processor is to help loan officers during the mortgage loan approval process. It is the loan processor's job to ensure that all of the information in the loan package is correct and verified, and this person is often the main point of contact for borrowers. The first thing the processor usually does is look at the potential borrower's credit history to ensure that they are a good credit risk. The next job in the process is to make sure that everything in the loan package is correct. Making sure all deadlines are met is also important for a loan processor, as this person is often responsible for how fast the entire process goes.
A loan processor is in charge of checking the credit history of potential borrowers. If any credit issues are found, such as bankruptcies, late payments, or problems with property, the processor usually notifies the applicant. This way, they have a chance to provide an explanation of the credit issues, or dispute them if they are incorrect. It is up to the processor to ensure that all borrowers meet the qualifications for the loan, and to make sure that the borrower is likely to be able to pay back the loan on time.
It is the loan processor's responsibility to put all of the borrower's information into the system, but first, he must make sure that it is all correct. The processor needs to make sure that all of the documents required for the loan package are present and in proper order. He also needs to verify all loan documents and double-check all numbers to make sure that there are no accounting mistakes. The processor then sends the information either to the lender or to the loan officer, depending on whether they are working together on the same file.
In many cases, the speed of the entire process relies in great part on the loan processor. This is because he is responsible for meeting deadlines and making sure that the customer meets them, as well. If he can acquire and verify all of the necessary documents quickly, they can be placed into the system and sent to the appropriate party as soon as possible. As long as the processor and borrower stay in touch, and are both committed to creating and processing the loan package quickly, it can often be done quite efficiently. For this reason, it is often claimed that the success of a loan package usually depends on the processor's experience and skill.