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This question is about what a processor does and processor.
What is an example of a processor?
An example of a processor is a mortgage loan processor. A mortgage loan processor is responsible for assembling, administering, and processing your loan application paperwork before it gets approved by the loan underwriter.
A mortgage loan processor may be the most important person on your team when selling your home. They can handle much of the application process.
The processors are the ones who pull all the pieces together - they may order open escrow, appraisals, and inspections, pull credit reports, verify your income and document your assets. Processors submit your application package and follow up on requests from the underwriter.
The primary function of the loan processor is to ensure the timely and accurate packaging of all loans originated by loan officers. You can usually expect a mortgage loan processor to be involved throughout the application process: from pre-approval to closing.
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