What are the responsibilities and job description for the Mortgage Loan Processor position at Exponential Mortgage Inc?
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A mortgage processor, or loan processor, is responsible for assembling, administering and processing your loan application paperwork before it gets approved by the loan underwriter. They play a key role in getting your mortgage loan request to the final close.
What Is A Mortgage Loan Processor?
A mortgage processor, also known as a mortgage loan originator or loan processor, sets up the borrower with the proper documents for the loan program they want to use. They guide the borrower through the first step of loan processing. Once the paperwork is finalized, the mortgage processor then passes it through to the underwriter.
Mortgage Processor Defined
- Mortgage processors streamline the mortgage loan process by compiling loan application documentation for the borrower.
- Loan originators work with both the loan underwriter and loan officer to push through the mortgage loan request.
What Does A Mortgage Loan Processor Do?
The main benefit of a loan processor is that they help streamline the process of applying for a home loan. The steps can be quite complex, but the loan processor helps you find the right loan for your budget and needs.
Here are some of the core tasks a mortgage processor performs:
- They collect your financial documents. Collecting and ensuring that financial documents are in order is the most important duty a loan processor has. This step includes confirming that the correct documents are present and contain the accurate information needed for the underwriter. They compile documentation that includes tax returns, W-2s, salary income, proof of insurance, bank statements and evidence of assets and debts.
- They analyze your credit report. Loan processors order and examine your credit report by looking for any inaccuracies, late payments and collections. From there, they collect letters of explanation from you for further understanding. Having a good credit score increases your likelihood of getting approved for a home loan. The loan processor looks to see how you’ve handled paying past bills to confirm you’ll be able to pay off future mortgage payments.
- They track your deadlines. Your processor keeps track of certain deadlines of your mortgage application timeline to ensure you close on your house on time and avoid any unnecessary fees. The timeline includes finding a home and making an offer, the home appraisal and completing the mortgage underwriting and final loan.
- They work with the loan underwriter. Loan originators work directly with the underwriter to finalize the application process. They’re responsible for transitioning all of the correct compiled loan documentation to the underwriter for final approval.
Job Type: Full-time
Pay: From $40,000.00 per year
Benefits:
- 401(k)
- 401(k) matching
- Dental insurance
- Health insurance
- Referral program
Schedule:
- Monday to Friday
Supplemental Pay:
- Bonus pay
Ability to commute/relocate:
- San Jose, CA 95131: Reliably commute or planning to relocate before starting work (Required)
Education:
- Bachelor's (Preferred)
Experience:
- Fair Housing regulations: 1 year (Preferred)
- Customer service: 1 year (Preferred)
Work Location: One location