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The loan processor’s job also includes verifying information provided by the applicant. For instance, the loan processor may contact an employer listed by the applicant to confirm employment.
Loan origination. Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process.
Loan officer. Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. [1] Most loan officers are employed by commercial banks, credit unions, mortgage companies, and related financial institutions. Mortgage loan officers must be licensed. [1]
Mortgage origination is the process through which the lender creates your loan. Steps in the mortgage origination process include getting preapproval, applying for the loan, waiting for loan ...
Ellie Mae Inc., originally named Electronic Mortgage Affiliates, is a software company that processes 35% of U.S. mortgage applications. The services are based on a software as a service model (SaaS), and specializes in originating and funding new mortgage loans and facilitating regulatory compliance.
A mortgage point could cost 1% of your mortgage amount, which means about $5,000 on a $500,000 home loan, with each point lowering your interest rate by about 0.25%, depending on your lender and loan.
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