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Usually the loan processing takes place between five to twenty days after the application has been submitted and the entire process is handled by the loan processor.
The loan processor does all the loan processing activities. It is his job to review your credit report, verify your credit history, and if you have a bad credit history like late payments, he is suppose to send a notification to you requesting you for a written clarification. Further, the loan processor also checks the appraisal of the property and takes further actions on any other issues that might crop up during the loan processing period.
The main function of loan processor is to ensure that all loans originated by the loan officer is accurately and timely package. It is his responsibility to gather information on each applicant right from the pre-approval stage until the closure of the loan. He is also responsible for complete verification of all loan documents which include credit appraisal and title insurance. He then submits all the application for underwriting.
Usually the documents required by loan processor are as follows:
- Photo identification
- Name, address, and phone number of all landlords in the last 2 years
- Social Security Number
- 2 years tax returns
- Name, address and phone number of all employers in the last 2 years
- Employment contract
- Recent pay stub showing a year to date income
- All W-2 and / or 1099 forms for the last 2 years
- All modes of income other than salary
- Child support, alimony or maintenance proof
- Name and account number of all creditors including other loans, credit cards, student loans and car loans
- Most recent statements for the last one month where funds into your IRA and 401 were deposited
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