WHAT IS A LOAN PROCESSOR?

what’s the disproportion in between a loan military officer and processor

{ 4 comments }

Sheri G January 31, 2014 at 9:20 pm

The processor does the paperwork, the officer makes the decisions.

Mike J January 31, 2014 at 10:03 pm

A loan processor usually takes in the application, enter the information into the computer, and fund the actual loan. Loan officers are responsible for approving/rejecting the application.

MamaBear January 31, 2014 at 10:30 pm

The loan officer is the one that sells you the loan — they talk to you, take your information, and counsel you on various loans available. Basically, they are the salesman.

The loan processor is the one that gathers the paperwork, makes sure that it’s filled out properly and follows up on credit reports, employment verification, certifying funds available, etc., and submits it to underwriting. The undewriter (usually not the loan officer) makes the decision on whether or not to make the loan, depending on the company’s lending guidelines and how saleable the loan is on the secondary market.

Irish Eyes January 31, 2014 at 10:49 pm

MamaBear’s correct.

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