Contract Processing: Job Duties

Basic Job Duties For A 3rd Party Mortgage Loan Processor

A contract mortgage loan processor is responsible for handling and processing mortgage loan applications from beginning to end. The specific duties of a contract mortgage loan processor may vary depending on the employer, but generally include the following:

Reviewing loan applications and supporting documentation

The processor will review the loan application and accompanying documentation, such as income verification, credit reports, and property appraisal, to ensure that all required information is complete and accurate.

Verifying information

The processor will verify the information provided in the loan application and supporting documentation, such as income, employment, and assets, to ensure that the applicant meets the lender's underwriting guidelines.
 

Communicating with the borrower

The processor will communicate with the borrower throughout the loan process, providing updates on the status of the loan application and answering any questions the borrower may have.
 

Ordering additional documentation or information

If additional information or documentation is needed to complete the loan application, the processor will order it from the borrower or other sources.

Preparing loan documents

The processor will prepare the loan documents, such as the loan application, promissory note, and closing documents, for the borrower to sign.
 

Coordinating with other parties

The processor will coordinate with other parties involved in the loan process, such as the underwriter, title company, and real estate agent, to ensure that the loan is processed in a timely and efficient manner.
 

Reviewing and clearing conditions

The processor will review any conditions that have been placed on the loan by the underwriter, and work with the borrower to clear any conditions that need to be met before the loan can be approved.
 

Submitting the loan to underwriting

Once the loan application is complete, the processor will submit it to the underwriter for review and approval.
 

Reviewing and clearing conditions

The processor will review any conditions that have been placed on the loan by the underwriter, and work with the borrower to clear any conditions that need to be met before the loan can be approved.
 

Coordinating and closing the loan

The processor will coordinate the closing of the loan with the title company and the real estate agent, and will ensure that all necessary documentation is in order for the loan to be funded.
 

Following up on post-closing

The processor will follow up with the borrower and the lender after the loan has closed to ensure that there are no issues and that the borrower is satisfied with the process.
 

Overall, the contract mortgage loan processor plays a critical role in the mortgage loan process, by working closely with the borrower, the lender, and other parties involved to ensure that the loan is processed efficiently and in compliance with all applicable regulations.