What's the difference between a Loan Processor and a Loan Officer?
Answer:
A Loan Officer reviews and approves/denies the loan. A Loan Processor takes the member info and finalizes the loan.
No.
Loan officers help people apply for loans. The loan officer brings borrowers and lenders together for the purpose of loan origination.
A loan processor is responsible for processing the loan by working with multiple lenders. This is the person that has to make sure the paper work is place and all other formats, documents, etc
The Loan Processor processes the loan application that the Loan Officer approved.
Loan processor does all the lowly paper work and officer does the decision making.
Officer decides , Processor Gets the transaction through
What scarlett said.
Scarlett is correct. My wife is a loan processor.
loan officer gets the loans, i.e. the sales aspect of it. getting the clients, laying out the plans, getting people to sign up for loans etc. we do not approve loans, we simply get the loans. it is the lenders that can approve or deny loans based on the clients information.
loan processors facilitate the loan process. they get the verifications, get the paperwork signed, order up the flood insurance or appraisals etc. they do all the grunt work, paper wise, in getting the loan approved and closed
Think of it as an assembly line. The loan officers are knowledgable about what loans their company has to offer you. They will tell you what credit scores you need to get approved, how long you need to be on your job and any other info that will help you get their loans.They get all the initial neccessary paperwork from you like W-2's,. paystubs, credit report etc. together they need to submit to Loan Processor. The Loan Processor does exactly that.they take the info and paperwork they get from the Loan Officer and they process it by submitting all of your paperwork to the underwriter.They are in constant contact with the lender who is going to give you the loan.
a loan officer originates the loan, or let me say simpler: sells the interest rate or money that will be lent by his institution or another institution that has bought a committment of money at a certain interest rate. the loan processor figures the amount of dept to income ratios and obtains all the paper work necessary for what ever kind of loan is being applied for, it is a process of aquiring information about the loan applicant that will be submitted and reviewed for final approval by the underwriters. hows that.
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