What Does Your Client’s Processor Do?

Buying a home is one of the biggest financial decisions of your client's life. It's an exciting time that also comes with a lot of uncertainty. This series "What does my client's _____ do?", aims to provide some clarity on the people your client will work with throughout the homebuying process.

In this edition, we'll look at what the processor does for your clients.

A Processor is essentially the liaison of communication between you, the underwriters, and the closers. The Processor’s goal is to gather all required documentation, obtain your “clear to close” approval quickly, and handle any conditions so your file can move along to closing.

Some of the important duties a Processor is responsible for include the following:

• Review documents
• Calculate and verify income
• Order appraisal if it hasn’t been done already
• Order title paperwork
• Order evidence of homeowners insurance
• Request flood certification and flood insurance if necessary
• Gather tax certification from title company 

Once they’ve received the required documents, they’ll submit the file for an initial underwriter review. After they receive the reviewed file, they’ll work to gather any other items required for underwriting from the borrowers. Then they resubmit for a final review by the underwriter. If approved, then the underwriter submits the file for closing.

After closing, the borrower can finally get the keys to their new home! Which is what we love to see. Clearly, the Processor plays a significant part in the entire mortgage process, and it may take considerable effort to collect all the information they need to do their job. We find once people know what a person does, it creates a better expectation for a time frame to anticipate toward their efforts.

Other installments in this series take a look at the appraisal desk, disclosure desk, and closer's roles in the process, so check those out to learn more about the different people that help make homeownership possible for your clients.

Our team is always looking for energetic and high-performing mortgage professionals! Visit our mortgage sales careers page for more information.