What is the difference between a mortgage processor and a mortgage loan officer?

A mortgage loan processor assembles and manages the loan file before underwriting: gathering tax returns, bank statements, and income documentation, verifying application details, and ordering appraisals and title work. A mortgage loan officer (MLO) takes the residential mortgage loan application, offers or negotiates loan terms, and works directly with borrowers on rates and products. Under federal regulation, a processor performs clerical or support duties at the direction of a state-licensed or registered loan originator.

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