The gap between you applying for a mortgage loan and you receiving a confirmation/denial is known as the ‘processing time’, which means that there is a loan processor at work.
Now it may be confusing for you to understand the importance of this position between the loan officer and you. After submitting all documents and records, the decision should be really easy to make. The presence of a loan officer is to point out exactly how many elements go into deciding the credibility of a client asking for a loan, by the inspection of the following aspects.
1. Data Collection and Verification
The loan processor is entrusted with the task of reviewing all the documents you submit and make the decision of granting the loan to you. This means that the cross-checking of the information you provide online with the documents you submit, contacting your former employers/accountants/professional acquaintances etc. Your bank may also be contacted by the processor for further confirmation of your credibility as an entity that can be entrusted with the amount and its return.
2. Demands Documents
The insurances you hold and the properties you own are just two examples of the many elements that go into ensuring you get the loan. The processor has the authority to ask for any documents which may be needed to confirm the deal.
3. Managing Schedule
Closing the deal is not just a matter of handing over the amount to the individual in question. The process involves the details of the transactions involved along with a detailed timeline which he/she must follow for the return of the money along with the mortgage interest rate. Quite a dazzling and important job now that you think about it.
Will You Ever Meet Your Loan Processor?
This is a question which is really important to address because the job of this individual is to work entirely behind the screen for scrutinizing your application as critically as possible. That being said, it is not entirely a bad idea for you to meet him/her.
A good relationship can in fact not only assist you in getting the loan but also in the difficulty that lies ahead in paying it. Financial crashes are an example of how some organizations may not consider your application seriously. According to them, you may have lost any ability to pay back the amount that you may have initially possessed. By being in a formal relationship with your loan processor, however, you can use a different professional appeal to highlight your credibility as a client.
How Can You Make Your Meeting Better?
There are two traits you need to absolutely focus on to make sure that your attempt at a formal relationship does not backfire; patience and preparation.
Sometimes the demands of your officer may seem out of the way, for example asking you for a bank statement from a year ago. Be patient in such times.
Preparation will then assist you in knowing exactly where to go when you need the statement so that your passive efficiency reflects well on your ability to pay back the loan.