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AutoPal Software vs Mortgage Automator. Margill Loan Manager vs Calyx Point. The Loan Office vs LendingPad. LoanPro vs Turnkey Lender. Loan servicing businesses are inundated by checks and balances, due diligence, and customer and investor communications.
All these tasks would be beyond daunting to take on alone. Luckily, there are many loan servicing software systems on the market offering operation support and automation for loan servicers.
The information included in this post is for informational purposes only and should not be taken as legal or financial advice. You might hear loan processors referred to as loan interviewers or loan clerks.
This gives you a better idea of what the role consists of — interviewing and processing documentation as part of the loan application process. While there may be a few different titles, these three roles have the same duties and requirements. A loan processor has primarily an administrative role, one that is not technically part of the loan approval process.
All of this information is then used by the underwriter to determine whether or not you qualify for a loan. Maybe you want to gain a better understanding of the role of a loan processor to prepare yourself for the loan application process. Or maybe you are considering making it your career.
The primary function of the Loan Processor is to ensure the timely and accurate packaging of all loans originated by loan officers. A loan processor is the person who receives the application from your loan officer, packages it with all your financial documentation, and submits it to the loan underwriter for approval. Generally, the role of a loan processor involves:. Not only do loan processors collect and organize all of the loan documents, but they also order and organize various third-party requirements.
The loan processor makes sure your application can be processed smoothly by carefully checking every part of the process.
They ensure you have the best chance at approval by being the manager of the documentation side of your application. By verifying your income, credit reports, and assets, the loan processor makes sure you are in a financial position to support a monthly mortgage or loan payment.
Loan companies of all sizes often struggle with real-time access to client documentation when operating many branch locations and departments. Treeno Electronic Document Management EDM can help your organization provide high-quality customer services while lowering your operation expenses by enabling authorized users to access client support materials instantly regardless of department or location.
The typical loan processing company handles hundreds of thousands of documents and images each year requiring the allocation of physical space to store client applications, credit documentation, financial statements, loan agreements and correspondence. The majority of this information is handled through manual processes that often require moving paper documents from branch locations to the main office and copying documents multiple times at multiple locations.
Duplication, storage and access contribute to the high costs of client information management. With just a single click, you can retrieve filed documents and automatically file, name and link documents to client transactions within your loan application. Integrated Customer and Vendor Portals.
The Treeno EDM solution seamlessly integrates with your client and vendor portals and allows users with appropriate permissions to access financial documents in an authenticated and secure environment. Treeno also provides a publishing portal to allow selected documents to be securely viewed by an external party.
Access to the Treeno publishing portal is audited and tracked via the Treeno audit table. Loan Origination, Management and Processing.
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