A loan processor is an individual who works under the instruction of a loan officer or mortgage broker and
performs only clerical functions such as gathering and requesting information, word processing, sending correspondence, or assembling files.Often it will be the processor who calls you for items the lender needs.
A good and experienced loan processor is excellent training ground for a new loan officer. It's good to have a "good processor", but a "good and experienced" loan processor can take months and years of trial and error off of a "coachable" new loan officer.
A good loan processor will know what things an underwriter will look for in a file in determining whether to make the loan or not.
Loan processors can make or break the deal. If they send a package in with a document that should be in there sometimes you cannot reverse what the underwriter has already seen. Such as income documentation that says something different than what the borrower is claiming.
A loan processor typically works behind the scenes and doesn't have direct contact w/ the clients. Many mortgage brokers hire processors so they can focus more on originating loans while processing handles many of the verifications and contact w/ underwriting.
