What Is The Difference Between A Loan Processor And A Loan Closer?
Posted by admin on November 19th, 2009 at 06:44am
Does loan processor do most of the application work and running numbers, and does the loan closer actually close the loan verbally over the phone or in person? Any loan processors or closers out there. I have a chance to interview for a loan closer position as a temp to perm hire. Also I would like to know if its easy to get started as i have no experience with loans as you already can guess. thx
Tags: Between, Closer, Difference, Loan, Processor
Under Loans
1 Comment for What Is The Difference Between A Loan Processor And A Loan Closer?
1. drinkbee | November 19th, 2009 at 7:28 am
A loan officer or originator meets with the clients and takes the intial application. It then is passed on to the processor, who does the rest of the work- ordering apraisal getting everything ready for underwriting, making sure that they have all the neccasary paperwork ie.. credit, employment verification. The processor, then passes it onto the underwriter, who checks their work, makes sure they have everything they need in the file, double checks everything to verify there is no fraud and then makes the final loan approval. Once it is done in underwiting- I think that is where the closer comes in. They prepare the closing documents and get them over to title, many times they will also do a final verification of everything, they may pull a new credit report, do a new job and income verification- to make sure that nothing has changed and then send the documents to the Title Company. The Title company will do their thing and then send them back to the lender. The closer or funder will then make sure that everything is signed correctly and that they have everything they need and send money to Title- that is when the loan is closed.
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