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What Is a Loan Processor? When applying for a loan, there is a lot of paperwork and documentation requirements. To streamline the process, a loan processor organizes and manages all information ...
A loan processor prepares a mortgage loan application for consideration by the loan underwriter. The loan processor requests credit reports and gathers documents from the applicant as part of ...
The loan processor then orders services and coordinates loan documents. Underwriting : determining if the risk of offering a mortgage loan to a particular borrower under certain parameters is acceptable, and includes verification, appraisal, title search and insurance, flood certification, and surveying.
Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process. Loan servicing covers everything after disbursing the funds until the loan is fully paid off. Loan origination is a specialized version of new ...
Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant's need for a loan and ability to pay back the loan.
Continue reading → The post Loan Processor vs. Underwriter appeared first on SmartAsset Blog. There are many moving parts when it comes to applying for a loan. Each loan application consists of ...
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A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.