What does a mortgage loan processor do?

A mortgage loan processor assembles and manages a home loan application file before the underwriter approves it. Typical duties include gathering financial documents such as tax returns and bank statements, analyzing credit reports, verifying employment and account details, ordering appraisals and title work, and tracking deadlines. Processors do not approve loans: a supervised processor working at the direction of a licensed loan originator does not need an MLO license, while an independent-contractor processor must be state-licensed.