A mortgage processor is a financial expert who is in charge of completing mortgage applications. He or she gathers and verifies the materials needed for a mortgage application in order to put together a package that can be sent to an underwriter for review to see if the applicant is a good candidate for a loan. Banks, mortgage brokers, and other financial institutions that offer mortgages and lending services may hire mortgage processors. Their pay varies depending on their level of expertise and where they work.
Some mortgage processors learn on the job from a supervisor who has handled mortgage applications before. Training courses at trade or technical schools, as well as in-house classes offered some financial institutions for new hires, are also options. In all cases, the training familiarizes mortgage processors with the procedures involved in obtaining a mortgage, as well as issues such as client confidentiality, financial information handling, and dealing with clients, as mortgage processors may need to contact clients directly for a variety of reasons.
When you submit a mortgage application, it is usually sent to a mortgage processor. The mortgage processor examines the application, conducts a credit check on the applicant, and generates a list of supporting documents and verifications that are required, which can include anything from forms signed employers to confirm claimed income levels to child support payment verification. Many entries on the applicant’s credit history will require verification, especially if there are ongoing disputes, and the mortgage processor will also send out forms required the lender, such as rate disclosures, discussions of how borrower information is used, and consent forms for background checks.
Mortgage processors can either work directly with borrowers, calling or writing to inform them of required paperwork, or they can pass information requests on to a loan officer who will deal directly with the client. After a few weeks or months, the mortgage processor should have a complete package of data that an underwriter can review to determine loan eligibility.
Because a mortgage processor typically works with digital files and tracks clients digitally for convenience, this type of work usually necessitates computer skills. It is more common for mortgage processors to have set working hours and to be expected to follow company dress codes, even if they never see customers in person, because it takes place in the office rather than out in the field. A mortgage processor must have a keen eye for detail, excellent organizational skills, and excellent interpersonal skills.