PROCESSING THE LOAN             The Mortgage Processor plays a significant role in the mortgage loan process. The processor is the liason between the borrower and the bank as well as the broker and the borrower. Once a loan is assigned to a processor, there are various tasks that he or she must perform in order to facilitate the mortgage loan transaction. See the list below to get a true understanding of a processors responsibilities. › Order appraisal and title › Order payoff and subordination agreement (if necessary) › Verify disclosures are accurate and complete › Review credit report, bank statements, pay stubs & W-2's › Submit loan package to lender › Clear lender conditions › Contact hazard insurance company for new mortgagee clause › Prepare fee sheet for review by broker, then submit to lender › Coordinate closing schedule › Follow up to confirm closing was successful › Assemble a Post Closing loan package and deliver to broker › Keep the broker informed throughout the loan process Click here to view a sample letter that a processor from Discount Funding Associates would normally send a borrower at the beginning of the mortgage loan process.                         Copyright ©2008 MortgagesRock.Com. All Rights Reserved. Website designed and maintained by Hi-Design Concepts