Mortgage Processor job description
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What does a Mortgage Processor do?
The Mortgage Processor is crucial in facilitating the mortgage loan application process by ensuring that all necessary documents are collected, verified, and submitted for approval in a timely manner. This position directly impacts the efficiency and success of the lending process.
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What are the Key Responsibilities of Mortgage Processor
- Review and verify loan applications for completeness and accuracy.
- Gather, organize, and analyze borrower documentation.
- Ensure compliance with banking regulations and company policies.
- Coordinate with loan officers, underwriters, and borrowers.
- Maintain accurate and detailed records of loan status.
- Prepare and submit loan files for underwriting approval.
- Monitor approval and closing processes to ensure timely completion.
- Communicate regularly with clients to update them on loan status.
What are the Skills and Requirements for a Mortgage Processor?
- Strong understanding of mortgage loan processes and regulations.
- Proficient in mortgage software such as Encompass and Calyx Point.
- Excellent organizational and detail-oriented skills.
- Strong communication and customer service skills.
- Ability to work under pressure and meet deadlines.
What are the KPIs to track for Mortgage Processor?
Mortgage Processors are evaluated based on their accuracy in document processing, the percentage of loans approved on first submission, and overall customer satisfaction with the loan application process.
Document Accuracy
Maintain high levels of accuracy in loan document processing.
Loan Approval Rate
High percentage of first-round loan approvals.
Customer Satisfaction
Positive feedback and satisfaction ratings from clients.
Reports to
Mortgage Operations Manager
Collaborates with
Loan Officers, Underwriters
Leads
None
Are any specific tools or software required for the Mortgage Processor role?
- Encompass
- Calyx Point
- Microsoft Office
What is the qualification of Mortgage Processor?
High School diploma or GED; 2-3 years of experience in mortgage processing or related field.
