What is a mortgage processor? What does a mortgage loan processor really do on a daily basis? Job duties? Work hours? Skills? Salary range? How much do mortgage processors really make? Are there any work from home jobs to process loans from home?
A mortgage processor is a key professional in the home loan process who prepares and organizes a borrower’s loan file for underwriting. The mortgage processor job function can be a rewarding career. In fact, most borrower settlement statements in the United States contain a line item entitled: “Processing Fee”. And behind this processing fee is a mortgage processor — which means there is an ongoing need for mortgage processors.
Here’s how their role fits in:
Purpose
A mortgage processor’s main job is to collect, verify, and organize documentation to ensure the loan application is complete and ready for the underwriter’s review. They act as a bridge between the loan officer, borrower, and underwriter.
Key Responsibilities
Review loan applications for accuracy and completeness.
Collect documentation such as pay stubs, W-2s, tax returns, bank statements, and homeowner’s insurance.
Order services like credit reports, title work, and appraisals.
Verify employment and assets through written or verbal verifications.
Update the loan file to meet investor or agency (FHA, VA, USDA, Fannie Mae, Freddie Mac) requirements.
Communicate with the borrower about missing or updated items.
End Goal
Once everything is verified, the processor submits a fully documented loan file to the underwriter, who makes the final decision on loan approval.
MORTGAGE PROCESSOR TRAINING
Obtaining mortgage processor training is essential for anyone seeking to build a successful career in the mortgage industry. A well-structured training program equips professionals with a solid understanding of loan documentation, regulatory requirements, underwriting guidelines, and workflow management from application through closing. It also enhances accuracy in verifying borrower information, calculating income, and ensuring compliance with federal and investor standards, such as those set by Fannie Mae, Freddie Mac, FHA, VA, and USDA. Moreover, proper training reduces costly errors, improves loan quality, and fosters stronger communication between loan officers, underwriters, and closing departments—ultimately ensuring faster approvals, higher borrower satisfaction, and long-term career advancement.
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Written By: Bonnie Wildt
I have said it before and I will say it again and that is, do not believe everything you hear or read for that matter. In this particular instance I am referring to AUS Findings. I have had countless conversations with processors and loan officer who want to know why I am asking for documentation that the AUS findings have clearly stated wasn’t needed or worse, they can’t believe I am turning a loan down that has an Approve/Eligible. So here it is again and pay particular attention to the details because just because you have an Approve/Eligible or Accept doesn’t necessarily mean you have a done deal.