In a nutshell, the loan originator hustles to bring in new borrowers and the loan processor hustles to get the loans funded, while both may irritate the underwriter in the process. : ) Loan Processor FAQ. Do loan processors need to be licensed? Some independent processors might need licenses, but those working for licensed mortgage lenders or.
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I’ve already covered the mortgage underwriter’s role, so let’s take a look at what “loan processors” do seeing that they’re also key to getting your loan closed in a timely fashion.. Once a loan is originated by the mortgage broker or loan officer, the corresponding paperwork is sent along to a loan processor.. The loan processor is responsible for prepping and organizing the file.