07-05-2004, 05:04 PM
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Ryde or Die
Industry Role:
Join Date: Dec 2002
Location: California-Shanghai
Posts: 19,568
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Quote:
Originally posted by DrewKole
Basically, a processor is an inhouse person, who puts together the file, with all the correct information... in order to:
1) Submit the file to the proper lender/underwriter.
2) Make sure every single issue with the file is dealt with, from prequalification to funding.
Once the LO takes the loan application, its in your hands to get the file completed and done.
Most pay rates, are base salary + commission.
Underwriter, is the person that receives the file from the processor, and has a set of guidelines to go through, to make sure the file is of proper risk to be bought by fannie, freddie, or serviced inhouse.
They're the ones that everyone goes to, to see if a loan will flly.
They have to know their shit, because if they approve a file, that shouldnt have been approved, its their ass.... and its pretty hard to tell someone after they've moved into their house, that the loan was no good.
Just like what it means, an underwriter is someone who approves on the risk of a loan/policy.
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Thanks for all the advice ! |
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