What is a mortgage loan processor and what do they do?

A mortgage loan processor performs clerical and support duties for a licensed loan originator: receiving, collecting, distributing, and analyzing loan information, gathering tax returns, pay stubs, and bank statements, ordering appraisals and title work, and communicating with borrowers to move the file toward underwriting. A supervised processor does not offer or negotiate loan rates or terms and is not required to be a state-licensed loan originator. An independent contractor performing processing for residential mortgage loans must be state-licensed.

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