These guys are on your side, making sure every thing you need is in orderApplying for a home mortgage can be stressful for numerous reasons. Even those with the highest credit scores and most stable income history often worry that their loan request will not be approved by underwriting. More than that, however, is the physical aspect of going through the loan process. A loan processor generally is designated to each loan request, and you may find that developing a great relationship with your loan processor (sometimes through you loan officer) helps you to close your loan request more quickly and with less stress.

What Is a Loan Processor?

You may already be working with a loan officer as you get your mortgage loan application started. A loan officer helps you to find a great loan program that fits your needs and that you are most likely to be approved for. A loan processor works in conjunction with a loan officer to help your loan file proceed more smoothly through underwriting. A skilled loan processor will collect all of the necessary paperwork from you, and he or she may also anticipate additional needs underwriting may have based on prior experience with other loan requests. In addition to gathering required paperwork from you, the loan processor may also coordinate third party reports such as the appraisal, title report and other similar reports.

How Your Loan Processor Works With You

After your loan request has officially been submitted, your loan processor will begin contacting you in an effort to gather the information required for underwriting. In many cases, a loan request cannot proceed to underwriting before certain items are collected from you. Therefore, by working with a loan processor and providing necessary information to him or her in a timely manner, you can effectively speed up your loan request. Those who wish to close on their loan as quickly as possible will respond to requests for information and will respond to questions, phone calls and more from their loan processor quickly. At times, your loan officer and loan processor may work together to overcome specific challenges that may be unique to your file. Together, these two professionals form a team that work together to close your loan.

The role of a loan processor is to facilitate the loan process so that closing can occur as quickly as possible and the loan file can be approved with less stress on you. The loan processor plays an important role in your loan request, but he or she cannot complete tasks associated with your loan request without your assistance and cooperation.

Visit Paramount Equity® and talk to a Financial Specialist.