Get a free, personalized salary estimate based on today's market. Knowing this number will help your lender determine what your new monthly payment amount will be. Must have mortgage license. Loan Processor - Mortgage Loan Processor. W2s, pay stubs and a phone call to your employer will be needed. Wages For Related Jobs.
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Sellers tend to focus on the path of least resistance: During the pre-approval phase, one of the best things to do is to gather up documents needed for mortgage pre-approval. Anything you can do, to prepare in advance, will reduce the stress when you find the right home and make an offer. Being ready is a solid move! You may have already started shopping online via real estate portals like Zillow or Trulia. Shopping for houses online is convenient, easy, and fun. First, none of the real estate portals price homes accurately.
The accuracy can drop even further when drilling down to specific towns and neighborhoods. Zestimates can be high or low. Second, listings on big real estate portals are not always up-to-date. Only a Multiple Listing Services MLS , used by real estate agents, reflects the most up-to-date inventory in a given market.
There are only two ways to get accurate pricing, up-to-date information, and all the agent-listed inventory in a given market: Your real estate agent will know the ins-and-outs of how to structure it. It will include contingencies or conditions that must be satisfied before the deal is complete.
Here are a few common ones:. It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise or be obligated to complete the purchase of the property described herein, if the contract purchase price or cost exceeds the reasonable value of the property established by the Department of Veterans Affairs.
The funds are released from escrow and applied to your down payment at closing. Some of the information will be gathered online or over the phone. The lists below will help you keep track. Your loan officer will also indicate which items will not be needed and also help you prioritize which items to send in first. Your real estate agent will be able to grab some of the harder-to-find items such as property taxes.
Be prepared to explain any missteps in your financial background. If you are applying for a VA loan you will need proof of your military service. Your lender will be able to pull it for you. If you want to get it yourself, you can do so via the eBenefits website. All the documentation from above is pulled together to produce the Loan Estimate. The Loan Estimate describes the terms and predicts the costs associated with your loan. By law, you must receive it within three days of your application.
The Loan Estimate includes closing costs, the interest rate and monthly payments principal, interest, taxes and insurance. It also includes information about any special features such as pre-payment penalties or if the loan balance can ever increase in spite of you paying on time called negative amortization. Most types of loans — but not all — use the Loan Estimate at the application stage.
The underwriter is the key decision-maker. They closely evaluate all the documentation prepared by the loan processor in the loan package. They cross check to see if the borrower and property match the eligibility requirements of the loan product for which the borrower applied.
The collateral the property is also weighed into the decision. They verify information and double check for accuracy. Sometimes underwriters approve the loan with conditions.
Interest rates trade up and down every day that bond markets are open for business. This is also the time to make sure that all the offer contingencies have been satisfied. Once any conditions are satisfied, the closing is scheduled. One of the documents worth calling attention to is the Closing Disclosure. It should look somewhat familiar. Think of it as the companion to one the first documents you received in the mortgage loan process, the Loan Estimate.
The Loan Estimate gave you the expected costs. The Closing Disclosure confirms those costs. You have the right to review the Closing Disclosure three days prior to the closing meeting. This quite period gives you a chance to review all of the terms of the loan. The countdown has begun.
Most of the time, everything goes as planned. Small things in the loan docs are allowed to change, like typos. You have the right to a final walk-through of property 24 hours before your closing meeting. You can make sure the seller has vacated property. A checkbook will come in handy for any small differences in the estimated balance owed and the final amount. Be sure to read all documents. The very last closing items happen in the background; the title company will complete the recording and funding.
Federal law provides an opt-out or cancellation of some types of mortgage transactions called a Right of Rescission. You have until midnight of the third business day after signing the closing docs to rescind cancel the following:. There you have it, the six distinct phases of the mortgage loan process! Hopefully, you feel a little more educated about each step and feel more comfortable about what to expect along the way. Virtually all loan decisions involve computers, recordkeeping and information processing.
The share of your work that doesn't include computers will likely involve interacting with customers, which will require you to present a courteous and professional demeanor.
You could advance your career by moving laterally into other areas of financial services. For some positions, you might have to earn a bachelor's degree or master's degree. You could also accumulate enough years of experience to become a senior loan processor; however, this again could require earning a bachelor's degree. If you've already earned an associate's degree, you should be able to find a suitable bachelor's degree transfer program.
When it comes to managing monetary transactions many bill and account collectors share some of the same clerical duties as loan processors. Loan processors are also tasked with many of the tasks completed by bookkeeping, accounting and auditing clerks. Though dealing less with money, information clerks may complete some of the same tasks loan processors do, as they are tasked with keeping records, collecting data and sending information.
To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below:. Strayer University responds quickly to information requests through this website. Ashford University responds quickly to information requests through this website.
Kaplan University responds quickly to information requests through this website. The University of Scranton responds quickly to information requests through this website. Colorado State University Global responds quickly to information requests through this website. Grand Canyon University responds quickly to information requests through this website.
Seton Hall University responds quickly to information requests through this website. Queens University of Charlotte responds quickly to information requests through this website. Keiser University responds quickly to information requests through this website. Southern New Hampshire University responds quickly to information requests through this website. Home Articles Videos Academic Scholarships. What Does a Loan Processor Do?
Earn a Degree Some employers prefer to hire candidates who have an associate's degree in a relevant subject, such as banking and finance. Obtain Employment Your potential employers include banks, credit unions and mortgage lenders. Obtain On-The-Job Training Knowledge of specialized computer software and effective interpersonal communication can be obtained through on-the-job training. Advance Your Career You could advance your career by moving laterally into other areas of financial services.
Or, learn more about the subject by reading the related articles below: The schools in the listing below are not free and may include sponsored content but are popular choices among our users. Tuition and costs will vary across programs and locations.
Be sure to always request tuition information before starting a program. Find Schools, Degrees or Programs Choose your subject: Choose your degree level: Recommended Schools The schools in the listing below are not free and may include sponsored content but are popular choices among our users. Strayer University Master in Business Administration: Finance Bachelor in Business Administration: Finance What is your highest level of education?
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Open Mortgage Loan Processor Jobs
It is the processor’s job to work with the loan originator, title and escrow companies, and various others to get all the necessary paperwork to fulfill those conditions; and things can get very complicated in no time at all. Flexible & Telecommuting Loan Jobs Welcome to our Loan telecommuting jobs! The opportunities can vary from full-time, part-time, freelance, and contract work; and often include job titles such as Senior Tax Searcher, Client Processing Specialist, and . Written By: Stacey Sprain, NAMP®-CALP Mortgage Loan Processor Job Description: The primary function of the Loan Processor is to ensure the timely and accurate packaging of all loans originated by our loan officers. Forum (For Work-at-Home Processors) Forum (Licensing Requirements) Forum (For Underwriters) What Does a Mortgage Loan.