Cast of Characters - Part III
Loan Processors are the workhorses of the mortgage broker team. They look at a loan file objectively and dig deep into the details. After the Loan Officer originates the loan and determines what bank or banks to send the loan to, that is when the Processor gets involved.
She will stack the file so that all the information and documentation that you gave to your loan officer can be easily read and organized. It will then be sent to the Underwriter at the selected lender for review. Then, we wait.
When Underwriting is complete and they have created the list of stipulations it is the processor's job to collect the necessary documents to close the loan. Sometimes the processor will call you directly and ask for these papers from you. Often, the processor will tell the loan officer what they need and the loan officer will contact you directly. Each mortgage brokerage is set up differently.
Because of the nature of the Processor's job, the Loan Officer and Processor work very closely throughout the process. In my office, my Processor sits about 15 feet away from where I sit. We meet twice a week to talk about each of our files. A great relationship between your Loan Officer and Processor is critical.
So, how can you use this information to help in the speed of your loan process? The Processor is one of the people in the process that you may or may not ever meet. I suggest that when you stop in at the office (which I suggest strongly that you do), ask to meet the person that will be processing your loan.
The people coordinating your loan and moving it towards closing are constantly staring at documents with your name on them. It's a great idea to give them a face and personality to match with the name. Your loan team is human and they will be apt to work on something more often and more diligently when they have a personal attachment to it. Just be careful not to take too much of your loan team's time. Their time is extremely valuable and they are usually trying to coordinate many loans simultaneously. When a problem arises close to a closing the mortgage office can look more like an Emergency Room after a major accident. It can get pretty intense. Let your Loan Officer know that they can tell you when they just can't be disturbed and you'll gladly stop by or call back at a later time.
To help expedite your loan process your best effort should be made to cooperate with your loan team. I've seen bad communication and unwillingness to cooperate destroy peoples' dreams to become a homeowner. You should make sure your Loan Officer has multiple ways of contacting you and let him know that you are comfortable talking to the Processor as well. Creating a positive impression on these two characters and displaying a willingness to help will cause your loan to glide right through the process to closing.