The Loan Processor


As a loan officer, the loan processor will be your best friend. If you haven't made best friends with the loan processor, you're making a huge mistake. This person assembles the borrower's documentation for the loan application. The processor will collect things such as paycheck stubs, bank statements, or income-tax returns from the borrowers. This person will also cover your rear end when, not if, you make a mistake.

The processor will also interact with every other player in the approval process. He or she will collect information from the insurance agent about insurance coverage for the property. The processor will talk to the title company to get the report on title.

The processor will have a checklist of all the things needed to close the loan and will order them. If something hasn't arrived, the processor will track it down and get it.

Your processor is your partner doing the paperwork while you're out getting new business or making sales calls. It's a lot of work and sometimes thankless. The loan application itself doesn't get to an underwriter until the file is completely documented.

The processor is your face to the rest of the world-he's the one who talks to your clients nearly every day while keeping track of all of your loan files in process. He works on loan conditions, fixes mistakes on applications, and works on anything else required to close the loan. It's much like spinning plates sometimes. And if there's one person you must absolutely be nice to all the time, it's the loan processor.

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This article was sent to us by: Dr. Melson at 05312010

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