What is a Mortgage Loan Processor?

A loan processor is an employee or an independent contractor whose primary responsibility is to validate the truth and accuracy of information provided for use in the home loan approval process. They may work with many parties to the loan including the borrower, the loan officer, the lender, the employer, the title company, the appraiser, and other third party service providers.

What is an In-House Mortgage Loan Processor?

An in-house mortgage loan processor is an employee of the bank, mortgage lender, or mortgage broker who originates the loans they are assigned to process. They may be paid an hourly wage or a salary. Often times there is a commission or incentive paid for meeting or exceeding production volume goals.

What are some skills that successful loan processors possess?

Many successful in-house mortgage loan processors attribute their success to excellent communication skills and attention-to-detail. Because loan processors communicate with so many individuals, both verbally and in writing, it is essential they they be able to do so clearly and concisely.

What are some of the responsibilities of an in-house mortgage loan processor?

The daily resposibilities of an in-house processor can vary greatly from one company to the next. A loan processor who works for a lender may have a very specific or narrow scope of duties while the loan processor of a mortgage broker may wear many hats. However, in both instances you are likely to find that they both perform standard loan processing functions such as:

• File setup
• Document requests and verifications
• File submission
• Clearing conditions 

There are also many levels of processors such as:

• Processing assistant
• Junior processor
• Senior processor
• Processing supervisor
• Processing center manager

The responsibilities that each one has will vary according to their level of expertise.

Which CMP mortgage training tool(s) do most in-house loan processors start with and why?

Most in-house loan processors with 0-24 months of experience typically start with our self-study guide, Loan Processor In-a-Box for In-House Processors and Loan Officers. Most enjoy having it as a handy reference tool that can be kept on or near the work area. It eliminates the fear and uncertainty that often comes with exploring new territory. It also gives them a sense of independence because they can move to the next phase of the loan confidently knowing that they've covered the essential steps.

What about veteran in-house processors or managers? What CMP mortgage training tools do they get most value from?

Most seasoned in-house loan processors come to us when they're ready to transition to the next level as a contract loan processor or when they're ready to increase staffing levels. Those ready for independence use our contract processor training tools --both self-study and custom sessions. Those who wish to bring on more staff often purchase our guides as a training tool for loan origination and processing staff.