Once you are moving forward on a home purchase that you plan to finance using a mortgage, you will quickly get to know a number of people who work in that process. There is realtor, loan officer, and a loan processor to name a few key people. Who is a loan processor and how are they different from your initial loan officer?Verify my mortgage eligibility (Jul 12th, 2020)
Paperwork, paperwork, and more paperwork
Getting from a purchase contract to closing, where you officially buy your new home and receive the keys, is a long process with A LOT of paperwork. Fortunately for you, the buyer, there is a dedicated person who will keep all the paperwork organized and submitted for you. This person is the loan processor.
Before loaning you money to purchase your home, your lender wants to know more about your finances. You will need to submit proof of gainful employment. Such as a W-2 tax form. The lender also needs information about your outstanding debts. These may be things such as car loans or student loans. The loan processor collects these documents, makes sure that they are complete. They also identify any additional information or explanation that the mortgage company may require.
Loan officer and loan processor
The loan officer is the person who is supervising the overall mortgage process. They are most likely the initial person that you talked to who told you what terms (rate, approval amount) you could expect from the lender. You can always reach out to them with questions at any point in the process. But it is helpful to get to know the loan processor as well. They are the ones compiling the overall package and keeping track of your paperwork.
Purchasing a house is a big step and financial investment. It takes a team of individuals to help you make your dream of owning a home into a reality. The loan processor is a critical member who will help get you to closing and get those keys in your hand.