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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 ...
Existing construction is a property that has been 100 percent complete for more than one year or, if it was completed less than one year ago, it was previously occupied. The FHA appraisal process ...
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 ...
Mortgage underwriting is the process a lender uses to determine if the risk of offering a mortgage loan to a particular borrower under certain parameters is acceptable. Most of the risks and terms that underwriters consider fall under the three C's of underwriting: credit, capacity and collateral.
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 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 ...
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The application is filled out by the borrower, either through self-services or with the help of a loan officer. Processing: loan processors ensure accurate packaging of the loan, which includes ensuring that all loan documentation is complete, verified, and compliant for underwriting. The loan processor then orders services and coordinates loan ...