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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 ...
Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. 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 to value is a ratio of the loan amount to the value of the property. In addition, the combined loan to value (CLTV) is the sum of all liens against the property divided by the value. For example, if the home is valued at $200,000 and the first mortgage is $100,000 with second mortgage of $50,000, the LTV is 50% while the CLTV is 75%.
Loan servicing is the process by which a company (mortgage bank, servicing firm, etc.) collects interest, principal, and escrow payments from a borrower. In the United States, the vast majority of mortgages are backed by the government or government-sponsored entities (GSEs) through purchase by Fannie Mae, Freddie Mac, or Ginnie Mae (which purchases loans insured by the Federal Housing ...
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 ...
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 ...
During this process, borrowers must submit various types of financial information and documentation to a mortgage lender, including tax returns, payment history, credit card information and bank balances. Mortgage lenders use this information to determine the type of loan and the interest rate for which the borrower is eligible.
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