Mortgage Processor Job Description
Mortgage processors compile and evaluate application information for mortgage loans. In terms of workflow, they take over once loan officers have recommended the application for approval, and their main goal is to collect the necessary documents and verify all details before sending the application to underwriters for final approval. This is a laborious process that involves contacting vendors; analyzing income, tax, and property documents; and consulting with and advising applicants. Most mortgage processors work regular business hours inside an office with occasional overtime. The workload can be challenging, as they may process several applications simultaneously and under tight deadlines.
Mortgage Processor Duties and Responsibilities
The type of company a mortgage processor works for greatly determines their job duties. However, there are several common primary responsibilities that all mortgage processors can expect to perform:
It’s up to mortgage processors to gather all of the information needed from applicants to file for loan approval. Aside from interviewing applicants about their credit and financial history, they request documents such as bank statements, pay stubs, and lists of assets.
Input Loan Information
Once applicants have submitted the required paperwork, mortgage processors must check it for completeness and compliance with company guidelines. They then input this data into a computer system for record keeping and processing.
A time-consuming aspect of the process is verifying the data within applications. Mortgage processors go through all of an applicant’s documents, especially those related to income, and may even call employers and other third parties for confirmation. Upon catching inconsistencies or missing information, they notify applicants and guide them through making revisions.
Order Property Documents
Mortgage processors must contact third-party professionals such as real estate agents and lawyers to obtain documents such as appraisals, property abstracts, and signed contracts. They also order a title search to confirm property ownership and ensure that there are no liens, unpaid taxes, or additional legal claims that will complicate the process.
Coordinate with Underwriters
Upon compiling and evaluating all loan application paperwork, mortgage processors move on to the final step, where they submit the application file to underwriters who will make the final decision regarding loan approval. It’s possible that underwriters may relay issues to mortgage processors, who communicate any problems back to clients.
Mortgage Processor Skills and Qualifications
Mortgage processors are meticulous individuals who have working proficiency with mortgage loans. They are comfortable handling significant volumes of data and paperwork in an intense, fast-paced environment. Employers look for a high school diploma at minimum and the following skills:
- Data entry – because mortgage processors may handle several applications in one day, they must be able to input data quickly and accurately. It’s also crucial for them to double-check for errors, as mistakes can cause significant delays
- Attention to detail – mortgage processors must set high standards and verify all details of the application, including calculated credit scores and debt-to-income ratios, to increase the likelihood of approval
- Time management – this role involves multitasking and dealing with heavy paperwork while meeting tight deadlines, so mortgage processors must be organized and efficient
- Customer service – mortgage processors are genuinely committed to helping applicants, taking the time to thoroughly explain application procedures and give recommendations for resolving issues
- Communication skills – it’s crucial for mortgage processors to be good communicators, since they function as the applicant’s main source of information and they work extensively with vendors and underwriters
Tools of the Trade
Mortgage processors rely on the following tools to fulfill their job responsibilities:
- Application documents (tax returns, credit reports, property appraisals)
- Mortgage processing computer systems (BNTouch Mortgage CRM, Capsilon Digital Mortgage Platform, Encompass)
Mortgage Processor Education and Training
The minimum requirement to become a mortgage processor is a high school diploma, but an associate’s or bachelor’s degree, especially in business or finance, is an advantage. While not required, candidates can also apply for certification through the National Association of Mortgage Processors. Employers generally look for those with at least one year of experience in the mortgage lending industry. Formal, on-the-job training is provided.
Mortgage Processor Salary and Outlook
The median annual salary for mortgage processors is around $41,000, according to PayScale. Mortgage processors in the 10th percentile earn around $31,000 annually, while the highest paid earn more than $54,000.
The Bureau of Labor Statistics (BLS) predicts a positive job outlook for loan processors until 2026, with the number of employment opportunities rising 11 percent. The primary reason for this is economic growth, although the decrease in bank branches may be a limiting factor.
If you’re planning to become a mortgage processor, then the following list of resources can help you get started:
National Association of Mortgage Processors – NAMP is the leading provider of certifications, online classes, and training programs specifically for mortgage processors. To obtain certification, candidates must choose from several levels, pass a background check, and do well in an official exam
Mortgage Loan Processing Training Manual – this book is a must-read for anyone who wants to pursue mortgage processing as a career. It explains the basic concepts of loan processing, such as debt ratios and tax proration, and walks readers through the entire procedure, from file gathering to loan approval
National Mortgage News – visit this digital publication for news updates and analysis about the residential mortgage industry, with topics spanning compliance, statistics, and technology. It also features educational videos, white papers, and webinars on a regular basis
Residential Mortgage Lending: Principles and Practices – described by a reviewer as the premier resource for mortgage professionals, this book delves into the fundamentals and practical applications of mortgage lending. In addition, it discusses regulations and business practices within the context of an evolving economy
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