Loan processing is truly the “Name of the Game” in the mortgage lending world. True, the mortgage broker attracts the business, takes the loan application, follows up with everyone involved through the process, and accompanies the borrowers to closing, but while all of this is going on, the processor diligently works through the system of underwriting to dot every “i” and cross every “t.” The processor is your go-between. You willwind up dealing with the processor as often as your loan officer.
It doesn’t take having applied for a loan in the past couple of years to know that the documentation, the paperwork, has increased by a landslide. The new guidelines responsible for this mind-boggling onslaught are called TRID, an acronym for TILA-RESPA INTEGRATED DISCLOSURE. Say what? The term “TRID” has been known to cause adult, mature mortgage professionals to shake, cry, and even leave the business. Your loan officer should know all the new procedures ordained by TRID, but it is the processor who will guide you through it, paving the way, making it as comfortable as possible. You will want to know the processor’s name, favorite color, and favorite flowers and be on your best, polite behavior when delving into sensitive issues. While expediency is the goal of every good processor, we all know there are many levels of expediency. A nice, calm, friendly demeanor will most likely achieve that top level. Get my drift?
All mortgage companies strive to attract the best processors. (Forgive me if I stop here to say thatmy company has the absolute best in this state.) So, what goes in to the making of this top-of-the-mark professional? Educational diligence is the starting line. Highly technical aptitude helps, but study, study, study of the rules and regulations in an ever-changing, complex political world is a must. A proficient processor knows how to deal with those ghost-like underwriters who can be amenable or not. Knowing how to pull information out of a reluctant underwriter or closer or title person is a gift and so necessary in today’s market. A good processor can handle the questions and concerns to the lender’s underwriting representative in a clear, logical way. That will mean the difference between a timely closing and a frustratingly slowone. The loan processor is the glue that binds your loan adventure together, so you can realize your dream.
Just knowthat as important as it is, in choosing a solid-standing mortgage company, you will want to meet the processor right off and establish a rapport. Then offer up the documentation called for, knowing that this seemingly senseless request is demanded by the lender and not just asked for to tick you off and cause huge bills at Kinko’s. Remember that all of you involved in this process have the same goal: to close the loan as quickly and efficiently as possible. With the accomplishment of this goal, you get your home and your Realtor, mortgage broker, processor, and title professional receive their well-deserved commissions. Victory!
Jim Gay was a real-estate broker for 20 years and has been a financial consultant to Fortune 500 companies. He is currently a broker/owner ofThe Mortgage Place (505-986-9080) and can be reached at firstname.lastname@example.org.