A mortgage processor keeps the file moving between application, underwriting and closing. Much of the day is spent getting documents from the right people and making sure the file reflects what came back.
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. Missing pages, unreadable scans and conflicting information create another round of follow-up.
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 performs those document and condition tasks inside your LOS. When it cannot settle an item, the item goes to your processor with the reason.
