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This question is about what a loan processor does, what a loan officer does, and loan processor.
Loan Processor vs. Loan Officer
A loan processor is a professional who reviews and processes loan applications, while a loan officer is someone who works for a bank or credit union and offers loans.
A loan processor works for a bank or other financial institution to review loan applications and submit them to underwriters for final review. They play a crucial role in guiding a client's loan to the closing table.
A loan officer works for a bank, credit union, or other mortgage lender and offers programs and mortgage rates from their institution. They aim to access the best affordable loan rates for clients at their institution. A loan officer may receive a commission for processing a client's application.
Here are the key differences between a loan processor and a loan officer:
A loan officer meets with loan applicants
A loan processor collects documents from a loan officer
Loan officers answer consumer questions about financial lending products at their bank
A loan processor reviews lending documents and verifies the applicant's information
Loan officers contact consumers with potential loan offers
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