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How Smooth Your Loan Closing Will Be Is Directly Proportional to How Long Your Loan Officer and Your Loan Processor Have Been Working Together.

Loan processors are a loan officer's right hand. And left hand. Heck, good loan processors save more deals than their loan officer might know about. I've been originating loans for a long, long time, and I can tell you that behind every good loan officer is a damn good loan processor. Good loan officers can't be good loan officers without stellar loan-processing help. Your loan processor documents your file by collecting the documentation required to get your loan approved and your loan papers drawn up. You'll probably spend more time with your loan processor than with your loan officer, especially if you've already decided on what type of loan you want.

That said, finding good loan processors is an ongoing process for top loan officers. If a loan processor has trouble closing the loan officer's loans, gets negative feedback from customers, and finds it hard to "spin plates" throughout the loan closing, then you can bet that the loan officer is out looking for new help.

Loan officers trust their loan processors with their income. I've personally closed more than 1,000 loans. I've worked with many loan processors through the years, and there are two that I would stake my loan life on. Their names are Teresa and Elizabeth.

If your loan officer and your loan processor have been together for more than a couple of years, then you must realize that they've closed more than their fair share of loans. They know each other, they know how to handle files, and they communicate so well that each knows what the other is doing, without even asking.

As your loan moves closer and closer to closing, you'll be working more and more with your loan processor. If you find out how long your loan officer and your loan processor have been working together, you'll also find out how smooth your loan approval will be.

The last very important person in the loan process is the underwriter. You may never meet this person, or even know his name. The underwriter is the individual who establishes that everything you have provided in the form of documentation and loan qualification conforms to the appropriate lending guidelines.

Are you getting a Fannie Mae loan? Then it's the underwriter who makes sure that everything in the file that has been presented to him meets Fannie Mae guidelines. Whatever is needed for loan approval must be physically checked off by a person, and that person is your underwriter.

There are many more people involved in your loan, many of whom you'll never know about or hear from. But your loan officer, your loan processor, and your underwriter are the three towers when it comes to loan approval.

 
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