You’re on your way and making progress in the mortgage application process! Once you’ve finished your application and we’ve ordered your home appraisal, loan processing is the next step. Click on the video below for an overview of the processing during a mortgage loan.
During mortgage loan processing, a loan processor helps organize and gather your application paperwork before your loan file goes to underwriting. During this phase of the application process, the processor works with the loan officer to make sure your financial profile is complete.
The loan processor ensures the right documents are collected and verified so the underwriter has the necessary items to begin underwriting the loan. These documents include everything from your pay stubs to your W-2s, credit report, and bank statements.
During loan processing, the processor reviews your paperwork, double-checks your credit report for inaccuracies, and keeps track of the various home loan deadlines. The mortgage loan processor also might request additional documents or clarifications about items in your application.
It’s important to stay on top of any communication from your loan originator at this stage of the mortgage loan process in case they have a question or need additional information about your application and documents.
The documents you submit during this time must be correct and complete, or it can add delays to the loan application process. For example, with many bank statements, there will be a blank page included at the end — and yes, the processor needs that page, too. Once the processor has verified everything that they need to, your loan file moves from processing to mortgage underwriting.
What information is verified during loan processing?
Once the loan processor has your application and loan documentation verified, they hand off your mortgage file to the underwriter, who will examine your financial and credit history and further analyze and verify aspects of your application as part of the loan approval process.
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