What a mortgage processor does on a loan file

A mortgage processor keeps the file moving from contract through close. The job includes building and checking the package, submitting it to the lender, coordinating the parties, working conditions and keeping every system current.

Before underwriting

A processor reviews what the file needs, requests income and asset documents, and checks that each response belongs to the right borrower and period. Before lender submission, the processor looks for missing pages, unexplained deposits, conflicting income, incomplete assets and other issues that can send the package back.

When the package is ready, the processor uploads the documents, checks the required information, submits the loan and monitors the lender response.

The processor also coordinates with people outside the borrower. Title, insurance, employers, HOAs, CPAs and payoff departments may each owe part of the file.

After underwriting

Once conditions arrive, the processor identifies the document or explanation needed, contacts the responsible party, watches for the response, and checks it before it reaches the file.

An accepted document is filed against the condition it answers. If the response is wrong, the processor explains what needs correcting and asks again. Items that need judgment stay visible until someone resolves them.

What software can take on

Software can handle repeatable parts of this work: send requests, follow up, check basic document details, return incorrect documents, file accepted responses and update condition statuses. A useful evaluation follows the whole loop instead of stopping at a document summary.

Loandock works the file from contract through close. It builds and pre-underwrites the lender package, submits the loan, works the conditions that come back, coordinates the people who owe each item, and updates your systems. Items that need judgment go to your team with the reason.