| A Quick Look at the Job of a Mortgage Processor | | | | who is working on a contractual basis in the United |
| Basically, it is the job of a mortgage processor to | | | | States, you might need to comply with the requirement |
| process mortgage loan applications. Part of the job | | | | filed as the SAFE Mortgage License Act that you |
| involves gathering and verifying materials associated | | | | need to be licensed by July 2010. |
| with a mortgage application. Once the initial paperwork | | | | This new law affects those who do not yet have their |
| is processed, they are sent to an underwriter for | | | | Mortgage Loan Originator (MLO) licenses - which are |
| evaluation who determines whether the applicant is a | | | | actually quite costly to get. If you are looking for |
| good candidate for a mortgage or not. | | | | options to obtain a license in the state where you |
| Depending on the experience and network of business | | | | process loans, here are the three options that you can |
| contacts that a mortgage processor has, he or she | | | | choose from: |
| can work for a bank, a mortgage broker, a lender and | | | | 1. Become a W-2 employee of just one mortgage |
| other financial institutions offering mortgage loans. The | | | | company and process mortgage loans for them |
| compensation of a processor also depends on the | | | | exclusively. Although this is not a desirable option for |
| length of experience and level of work handled. | | | | mortgage processors who work in multiple states, but |
| Now, if you are applying for a mortgage loan, the | | | | it is an inexpensive route to take for new contract |
| mortgage processor will review your application. Your | | | | mortgage processors. |
| credit score will be determined by running a credit | | | | 2. Obtain an MLO license in each state that you want |
| check, and the supporting documents required to file a | | | | to process loans in. After obtaining the MLO license, |
| loan will also be put together. After the verification | | | | you can have your primary customer sponsor the |
| process and background checking, it will be determined | | | | mortgage loan originator licenses - where a few |
| whether your loan application will be approved or not. | | | | requirements need to be fulfilled. |
| The mortgage processor usually works for the | | | | 3. Obtain a mortgage license and MLO in each state |
| company, but indirectly works for you as well. He or | | | | that you will be working in. Your last - and probably the |
| she will let you know about the additional requirements | | | | best option out of the three - is to obtain a mortgage |
| needed and in general will be very helpful to get a | | | | license and MLO license in each state that you plan to |
| completed application package put together that will | | | | work in. Despite the costs involved, the potential work |
| pass underwriter muster. The mortgage processor | | | | that you will get might outdo the expenses. |
| works closely with your officer to spot any problem | | | | As you can see, there are a good number of options |
| areas after which your eligibility for the mortgage loan | | | | on how you can obtain a license as a mortgage |
| applied for will be determined. | | | | processor. Take your pick from these three so that |
| How Contract Mortgage Processors Comply with | | | | you can continue working in the field of real estate, |
| State Requirements | | | | without violating any state-wide requirements. |
| On the other hand, if you are a mortgage processor | | | | |