What is the difference between a loan processor and a mortgage underwriter?
Also, what can cause a closing date to get changed on a mortgage?
Answers:
The loan processor is the one that collects the documentation. The underwriter (me) approves, counter offers or decline the loan. They make the loan decision and add tons of conditions (ask any loan officer).
Any new or unexpected documentation can metamorphose a closing date due to delay.
RM's answer is the closest to being correct, except for the fact that mortgage processors lone work for mortgage brokers.
Mortgage underwriters DO NOT work for brokers at all...b/c the broker never approves loans, they SHOP loans with other lenders for funding and THEIR underwriters approve the loans.
Places resembling Countrywide, Bank of America, these are direct lending banks...they are not brokers, so they also draw on both mortgage processors as well as mortgage underwriters.
A processor is usually your second contact other than the loan officer. Most companies will not contract you to speak to the underwriter, though this is rapidly changing. Source(s): former mortgage underwriter
Loan processor works for a mortgage broker. They convey in items to the lender to get the loan approved and cleared to close.
An underwriter evaluates the items sent within by the loan processor and decides if the borrowers are qualified for the loan. They add conditions to the record, which the loan processor must satisfy.
Reasons to change a closing date:
1. Scheduling conflict near the closing attorney or closing company
2. Sellers and/or buyers can't make it
3. Loan processor sends in items which require the underwrite decision to be re-evaluated
4. Closing company screws up the closing the first time, and borrowers enjoy to come in a do it all over again
5. Sooo copious others... Source(s): Mortgage underwriter
loan processor processes the loan application - they shop it to various mortgage companies (lenders) to find a deal that's right for you and them (they get a commission). closing dates are set by agreement between the buyer and vendor and can be delayed by the loan processing/escrow processes. if you're worried about moving on a certain date, it's best to enjoy some flexibility built in so you are left surrounded by limbo. if moving out of a rental unit they can't make you stir until you're ready and you'll have to take-home pay for the extra days you stay. if you've sold and have new relations moving in, they'll have to dally. don't let anyone strong arm you.
IDK
A loan processor orders adjectives documents needed for the loan, like appraisal, employment verification, etc. An underwriter approves or decline a loan.
A closing date to be changed is very common & it could be several reason, like slow underwriting time, not have all needed documents etc.
The loan officer is the personality who helped you fill out your loan application. She get paid the big money. It is her job to clear sure that your loan is being moved along quickly. THe processor is the one who sits contained by back and makes $28,000 a year. She sends out your employment verifications and get the phone updates on your loan. She is the "worker bee".
In the old days, banks have loan committees of 5 people who met to approve all loans. Now it is a moment ago one person. We call her the underwriter. She looks at your loan and make the final decision. YES or NO.
A closing date gets delayed when you loan have been rejected by the underwriter but no one is honest enuf to bring up to date you. They never tell the truth. If it gets delayed for more than 2 days, move your loan to a different company. Pay the vendor some money to buy an extension./
Related Questions:
I have need of a Mortgage loan ASAP. go Bankrupt something like 3 years ago. Please help out?
please help me. i really want to keep my house. where on earth can i get a loan, extreemly bad credit! :( You articulate you want to keep your house - do you already have a...
Answers:
The loan processor is the one that collects the documentation. The underwriter (me) approves, counter offers or decline the loan. They make the loan decision and add tons of conditions (ask any loan officer).
Any new or unexpected documentation can metamorphose a closing date due to delay.
RM's answer is the closest to being correct, except for the fact that mortgage processors lone work for mortgage brokers.
Mortgage underwriters DO NOT work for brokers at all...b/c the broker never approves loans, they SHOP loans with other lenders for funding and THEIR underwriters approve the loans.
Places resembling Countrywide, Bank of America, these are direct lending banks...they are not brokers, so they also draw on both mortgage processors as well as mortgage underwriters.
A processor is usually your second contact other than the loan officer. Most companies will not contract you to speak to the underwriter, though this is rapidly changing. Source(s): former mortgage underwriter
Loan processor works for a mortgage broker. They convey in items to the lender to get the loan approved and cleared to close.
An underwriter evaluates the items sent within by the loan processor and decides if the borrowers are qualified for the loan. They add conditions to the record, which the loan processor must satisfy.
Reasons to change a closing date:
1. Scheduling conflict near the closing attorney or closing company
2. Sellers and/or buyers can't make it
3. Loan processor sends in items which require the underwrite decision to be re-evaluated
4. Closing company screws up the closing the first time, and borrowers enjoy to come in a do it all over again
5. Sooo copious others... Source(s): Mortgage underwriter
loan processor processes the loan application - they shop it to various mortgage companies (lenders) to find a deal that's right for you and them (they get a commission). closing dates are set by agreement between the buyer and vendor and can be delayed by the loan processing/escrow processes. if you're worried about moving on a certain date, it's best to enjoy some flexibility built in so you are left surrounded by limbo. if moving out of a rental unit they can't make you stir until you're ready and you'll have to take-home pay for the extra days you stay. if you've sold and have new relations moving in, they'll have to dally. don't let anyone strong arm you.
IDK
A loan processor orders adjectives documents needed for the loan, like appraisal, employment verification, etc. An underwriter approves or decline a loan.
A closing date to be changed is very common & it could be several reason, like slow underwriting time, not have all needed documents etc.
The loan officer is the personality who helped you fill out your loan application. She get paid the big money. It is her job to clear sure that your loan is being moved along quickly. THe processor is the one who sits contained by back and makes $28,000 a year. She sends out your employment verifications and get the phone updates on your loan. She is the "worker bee".
In the old days, banks have loan committees of 5 people who met to approve all loans. Now it is a moment ago one person. We call her the underwriter. She looks at your loan and make the final decision. YES or NO.
A closing date gets delayed when you loan have been rejected by the underwriter but no one is honest enuf to bring up to date you. They never tell the truth. If it gets delayed for more than 2 days, move your loan to a different company. Pay the vendor some money to buy an extension./
Related Questions:
I have need of a Mortgage loan ASAP. go Bankrupt something like 3 years ago. Please help out?
please help me. i really want to keep my house. where on earth can i get a loan, extreemly bad credit! :( You articulate you want to keep your house - do you already have a...