Mortgage Loan Processing is a crucial of the mortgage process. Mortgage Loan Processing is the middleman and the main point of communication with the consumer from the time that there is a contract until the closing table. Processors oversee ensuring the consumer gets their disclosures in a timely manner and within compliance. They communicate the items that are needed for the consumer to obtain final approval. They also can be in charge of ordering third party docs, such as the Appraisal, the title work, Homeowners insurance, Verification of Employment, and more.
Mortgage Loan Processing Essentials
Communication is so important throughout the process. Without efficient and clear communication, there will be problems that arise. However, every loan transaction can have a few bumps in the road. So if the Mortgage Loan Processor is able to communicate these hurdles along with a plan of how to get around them or overcome them, then all parties will be aware. Efficient communication will also help ensure that the consumer and all parties are aware of what is needed to get to the end goal, the closing table.
Being organized is extremely important. There are many parties involved in a loan transaction. There is a Loan officer, processor, Underwriting, closer, Insurance agent, real estate agent, title company, home inspector, appraiser, etc. Therefore, keeping all the documents that come from all the different parties organized and uploading to one system for the Underwriting to review and clear is essential in Closing on time.
The Loan Processor is in charge of gathering the conditions as required by the Underwriting team. The Processor must not only understand what the condition is asking for but also know how the best and most efficient way to obtain that said condition. There can also be multiple ways to clear the same condition. So understanding your option in case the consumer says they cannot obtain, is Key to ensure a smooth transaction.
Contact us today to see how Priority Processing Mortgage Group can help you Close on Time, Every Time with smooth and efficient Mortgage Loan Processing Services.