Mortgage Loan Processor Interview Questions
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Where at in the processing do you usually run into delays, and what steps do you take to avoid them?
User Submitted Interview Answers
Borrower submitting documents. I usually let them know as soon as the application is needed what is needed and to return these documents as soon as possible.
When we find unexpected debt or unseasoned waiting periods on a previously defaulted mortgage, unexpected debt from a spouse not previously disclosed, make sure we review all documents and verify with what the 1003 says, borrower not always disclose all pertinent information.
Delays occur when borrowers do not return correspondence and the best way to deal with this is to have a schedule of contact as well as advising all options as far as sending and receiving go.
Bankruptcy issues, obtain the paperwork for review, title lack of CO for changes to the property. Address with the title company and the borrowers attorney to clear and obtain.
Cases where I cannot obtain searches so I cant prepare documents.
Waiting on paperwork/reports, income statements, etc. Consistently be organized and follow up with borrowers.
When I requested to third party for certain issue not get any proper solution. So I have skip that step and request to client directly.
Slowness of internet and imaging of documents.
Obtaining all needed documents on time. Continue working with borrowers to obtain them. Set deadlines m.
Getting documents from third party vendors and customers, constant reminders.