What Do Mortgage Loan Processors Do?

Mortgage loan processors play a vital role in the mortgage loan application process. Many people do not know what these individuals do, but they do have an impact over mortgage applications. Here are the basics of what a mortgage loan processor does.

Responsibilities

Depending on the financial institution, a mortgage loan processor can do a variety of things. They are in charge of gathering all the appropriate documents from the customer in order to provide them to the mortgage underwriter. They are also in charge of verifying the application and making sure that everything is accurate. They will double-check everything and make sure that all of the figures are added correctly.

Recommendation

Even though the ultimate decision as to whether to approve your loan is made by the underwriter, the loan processor has some say in this matter. He or she will talk with the loan underwriter before the underwriter gets the application and recommend whether to approve the loan. 

Impact

The loan processor has a big impact on you as a borrower. He or she is going to make sure that everything is right on your application and will influence the underwriter's decision in some cases.