There are other professionals involved in the processing of mortgage application. One of these is a mortgage processor. Small lenders may also act as
Washington DC mortgage processors themselves if there are no other employees hired to perform the processors duties.
Mortgage processors work with banks, credit unions, and other financial institutions that engage in analysis of a borrowers financial health and processing of contracts. Take a look at the duties of a mortgage processor.
Pre-Application Processing
In this stage, a mortgage processor talks to the applicant regarding the applicants mortgage needs. Borrowers may ask the processor regarding the requirements and types of mortgages offered by the lender. The processor will have to provide the applicant the necessary information and advice to determine which
Washington DC mortgage programs suit the applicants needs. Initial calculations for the loan can be performed by the processor during pre-application.
Application Filing
Once the applicant decides to pursue the application, the processor will now assist the applicant in filing the requirements. The applicant will have to submit necessary documents such as pay stubs, identification cards, employment verification, tax returns, and others. Other information supplied by the applicant must be inputted in the computer and printed for the lenders to review. The processor will inform the applicant if there are any problems regarding the requirements submitted.
Processing and Verification
After collecting all the documents needed for review, the processor will verify all the information in the documents. The credit reports and employment records will be checked by calling third parties, such as the applicants employer, for verification. Processing and verification is part of the review which may also be conducted by the lenders themselves. Processors may demand any explanation from the applicant if there are inconsistencies or deficiencies found in the requirements being reviewed.
Completing the Application
Completing the application means requesting title work and appraisal from third parties. Processors may work with other professionals such as real estate agents in obtaining contracts and information regarding the property to be financed. As soon as the processor has all the requirements, including the title work and appraisal, he will forward these to an underwriter.
Finishing the Process
If all the requirements forwarded by the processor are approved by the underwriter, the processor will now schedule a closing date and prepare the closing documents. He will coordinate with all the parties involved, ensuring that the paperwork is processed by the closing department and sent to the company that will service the loan. Customer service issues raised by the borrower will be handled by the processor until the closing date of the
Washington DC mortgage.
