A mortgage processor is a financial professional who is responsible for processing mortgage applications. He or she gathers and verifies the materials associated with a mortgage application to create a package which can be sent to an underwriter for evaluation to determine whether or not the applicant is a good candidate for a mortgage. Mortgage processors can work for banks, mortgage brokers, and other financial institutions which offer mortgages and lending services. Their rates of compensation vary, depending on their level of skill and where they work.
Some mortgage processors learn their skills on the job from a supervisor with experience in handling mortgage applications. It is also possible to attend training courses at trade or technical schools, or to take in-house classes offered by some financial institutions for new hires. In all cases, the training familiarizes mortgage processors with the procedures involved in getting a mortgage, and with issues like client confidentiality, how to handle financial information, and how to deal with clients, as mortgage processors may need to contact clients directly for various needs.
When a mortgage application is opened, it usually goes to a mortgage processor. The mortgage processor reviews the application, runs a credit check on the applicant, and generates a list of supporting documents and verifications needed, ranging from forms signed by employers to confirm claimed income levels to verification of child support payments. Verifications will be required for many of the entries on the applicant's credit history, especially if there are ongoing disputes on the credit history, and the mortgage processor also sends out forms required by the lender, including rate disclosures, discussions of how borrower information is used, and consent forms to do background checks.
Mortgage processors may work directly with borrowers, calling them or writing them to let them know about necessary paperwork, or they may forward information requests to a loan officer who interfaces directly with the client. After several weeks or months, the mortgage processor should have a complete package of information which can be reviewed by an underwriter to determine mortgage eligibility.
This type of work usually requires computer skills, because a mortgage processor typically works with digital files and tracks client digitally for convenience. It generally takes place in the office, rather than out in the field, and it is common for mortgage processors to have set working hours, and to be expected to adhere to company dress codes, even if they never see customers in person. A keen eye for detail, good organizing skills, and interpersonal skills are critical for a mortgage processor.