What does a Mortgage Processor do?
Published 4 min read
A mortgage processor is responsible for collecting and verifying the documentation needed to approve a loan application. This may include income statements, tax returns, and bank statements. The processor will also review the credit report and property appraisal to ensure that the borrower meets the lender's guidelines. Once all of the required documentation has been collected, the processor will submit it to the underwriter for final approval.
Mortgage Processor job duties include:
- Reviewing loan applications and supporting documentation
- Verifying accuracy of borrower’s financial information
- Requesting additional documentation as needed
- Calculating income and asset qualification ratios
- Ordering third-party services such as appraisals and title insurance
- Submitting loan packages to underwriting for approval
- Coordinating loan closings
- Providing customer service throughout the process
- Performing quality control on loan files
- Maintaining updated knowledge of lending guidelines
Mortgage Processor Job Requirements
A mortgage processor is responsible for collecting and verifying the required documentation for a mortgage loan application. They may also be responsible for ordering credit reports, appraisals, and title insurance. A mortgage processor must have excellent communication and customer service skills as they will be interfacing with loan applicants, real estate agents, and underwriters. A high school diploma is typically the minimum education requirement, although some employers may prefer candidates with an associate’s degree or higher. There are no specific certification requirements to become a mortgage processor, but completing relevant coursework can be beneficial. Mortgage processors typically have at least one year of experience working in the financial industry.
Mortgage Processor Skills
- Time management
- Communication
- Organization
- Prioritization
- Multi-tasking
- Writing
- Research
- Data entry
- Microsoft Office
- Customer service
- 10-key
Related: Top Mortgage Processor Skills: Definition and Examples
How to become a Mortgage Processor
A mortgage processor is responsible for collecting and verifying the required documentation for a mortgage loan application. They also calculate the applicant’s debt-to-income ratio and review their credit history. Mortgage processors must have excellent communication and customer service skills to interact with loan applicants, real estate agents, and underwriters.
To become a mortgage processor, you will need at least a high school diploma or GED. Some employers may require postsecondary education, and many processors complete a certificate program in mortgage banking. Mortgage processors must have strong math skills and experience with computer applications such as Microsoft Office. They also need to be detail oriented and able to work under pressure to meet deadlines.
If you have the necessary skills and education, the next step is to find an open position at a bank, credit union, or mortgage company. You can search for job openings on job boards or online job databases. Once you find a few potential positions, submit your resume and cover letter. If you are selected for an interview, be prepared to discuss your customer service experience and why you would excel in this role.
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