A mortgage processor processes mortgage applications, verifying materials and assembling a package for underwriters to evaluate. They may work for banks, brokers, or other financial institutions and can learn on the job or through training courses. The job requires computer skills, attention to detail, and good organizational and interpersonal skills.
A mortgage processor is a financial professional responsible for processing mortgage applications. It assembles and verifies the materials associated with a mortgage application to create a package that can be sent to an underwriter for evaluation to determine whether or not the applicant is a good candidate for a mortgage. Mortgage processors may work for banks, mortgage brokers and other financial institutions that offer mortgage and loan services. Their pay rates vary depending on their skill level and where they work.
Some mortgage processors learn their skills on the job with a supervisor who has experience handling mortgage applications. It is also possible to participate in training courses at technical or commercial schools, or take in-house classes offered by some financial institutions for new hires. In all cases, the training familiarizes mortgage processors with the procedures involved in obtaining a mortgage and with issues such as customer confidentiality, how to handle financial information, and how to deal with customers that mortgage processors may need to contact directly with customers for various needs.
When a mortgage application is filed, it usually goes to a mortgage processor. The mortgage processor reviews the application, runs a credit check on the applicant, and generates a list of supporting documents and required verifications, ranging from forms signed by employers to confirming claimed income levels and verifying child support payments. Checks will be required for many of the entries in the applicant’s credit history, especially if there are ongoing disputes in the credit history, and the mortgage processor will also submit forms required by the lender, including fee disclosures, discussions about how the borrower’s information are used. and consent forms to do background checks.
Mortgage processors may work directly with borrowers, calling or writing to inform them of required documentation, or they may refer requests for information to a loan officer who interfaces directly with the client. After several weeks or months, the mortgage processor should have a complete package of information that an underwriter can review to determine mortgage eligibility.
This type of work usually requires computer skills because a mortgage processor typically works with digital files and tracks the customer digitally for convenience. It usually takes place in the office rather than the field, and it is common for mortgage processors to set working hours and are expected to adhere to company dress codes, even if they never see clients in person. A keen eye for detail, good organizational skills and interpersonal skills are essential for a mortgage processor.
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