What Does a Loan Processor Do? What Is Mortgage Processing? 🤔🏠 (Loan Processing 101)

#loanprocessor #homeloan #buyingahome
Clearly, I love doing loans! Need a mortgage or want to chat about your scenario? I am licensed in 46 states for purchase and refinances. Here is how to contact me:
1) Book a call with me: calendly.com/jennifer-beeston​
2) Apply for a mortgage now at www.zerostressmortgage.com If you apply please text me your full name and email address letting me know so I can look for your app:) TEXT 707-478-0637
3) Call me 707-478-0637
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Jennifer Beeston, SVP Mortgage Lending NMLS 247743 at Guaranteed Rate, Inc. NMLS 2611
Branch Address: 4863 Old Redwood HWY, Suite D, Santa Rosa, CA 95403
Equal Housing Lender - For licensing, go to www.nmlsconsumeraccess.org
Top 1% in the nation 2016-2020
More Helpful Content:
Home Loan Basics: www.youtube.com/watch?v=Qfbvd...
Loan Programs: www.youtube.com/watch?v=iSuov...
VA Loans: www.youtube.com/watch?v=qejJO...
Real Estate Breaking News: www.youtube.com/watch?v=FTFXc...
Mortgage Rates/Refinancing: www.youtube.com/watch?v=GUOnv...
www.zerostressmortgage.com
NMLS #247743 Guaranteed Rate NMLS 2611
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www.guaranteedrate.com/licens...
Equal Housing Lender - www.nmlsconsumeraccess.org
State License Numbers: AK - AK247743, AL - 72998, AR - Licensed, AZ - 1007541, CA - CA-DOC247743, CO - 100516570, CT - LO-247743, DC - MLO247743, DE - MLO-247743, FL - LO66900, GA - 70357, HI - HI-247743, IA - 33839, ID - MLO-2080247743, IL - 031.0054184, IN - 41478, KS - LO.0039219, KY - MC717200, LA - Licensed, MA - MLO247743, ME - Licensed, MI - 247743, MN - MN-MLO-247743, MO - MO-247743, MT - 247743, NC - I-189119, ND - NDMLO247743, NH - Licensed, NM - Licensed, NV - 66544, NY - Licensed, OH - MLO-OH.247743, OK - MLO20600, OR - 247743, SC - MLO - 247743, SD - MLO.08498, TN - 205478, TX - Licensed, VA - MLO-40552VA, VT - VT247743, WA - MLO-247743, WI - 247743, WV - LO-247743, WY - 8203
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
Guaranteed Rate, Inc. is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.
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[@ShelbySteele23]

Started processing about 2 months ago and it gets crazy stressful so please treat your processor with kindness and respect. They're only asking because they know it will be needed.

[@JenniferBeeston]

100%. The stress is intense.

[@schaedo0517]

I do this for a living and i feel like you just put my life into words with this video. THANK YOU!

[@sahjulhoque2799]

I have 2 years of experience in loan processing. And it's very interesting job role

[@Marketplacere]

Great video. Now everyone will know how to analyze and scoop up the deals!

[@jmiller3579]

good to hear that your processors are such sociable people :)

[@JenniferBeeston]

They are fun:)

[@Themudohs]

I love when a file is well done. Some processors at my company are really good at what they do, they provide everything I need and are pretty responsive during my review. Some processors simply just do the bare minimum and abandon the file to me.

[@JenniferBeeston]

Yeah a good processor is worth their weight in gold

[@mattjp_91]

This is awesome. I just re-entered mortgage processing. It is stressful but a highly rewarding industry. You’re helping people achieve their goals and that alone should be a great feeling !

[@JenniferBeeston]

Welcome back!

[@moneytalksbylinda1509]

Thank you for this clear video!

[@JenniferBeeston]

Happy to help!

[@rays3812]

Loan officer's rarely review the documents submitted to processing. I've literally rejected loans to underwriting because the DTI is no where near the required threshold. But LO's complain and demand that I submit it anyways! Seriously, wtf! We cannot arbitrarily submit loans to underwriting!!! It's our job to filter out the bad loans from the good ones.

[@JenniferBeeston]

I am sorry you are dealing with rude lo's. It is still alarming how many people are lenders who have no concept of guidelines. and bully processors. It is the reason I have a very small branch lol

[@aiveryjivebenavidez]

I’m currently working as a loan processor, and have LO’s who are providing asset and income documents from 2020 hahahaha like wtf???

[@Xtremeproducts]

I just love your videos

[@jeremybdman]

Loan Processor's favorite thing ever, taking out a car loan two days before closing! My wife has 20 years in the business, currently working as a Processing Manager and I've learned to love and appreciate the loan processor. My wife is so passionate about loan processing I have taken a big interest in what she does. Processors are amazing you guys, Jennifer gets it! A loan officer wouldn't survive without one :)

[@JenniferBeeston]

100% I love my processors. They are the ones who make the clients dreams come true.

[@tonyc416]

Great presentation. Excellent initiative! Very well explained.

[@JenniferBeeston]

Thank you Tony!

[@bhaveshmodi2399]

Very precisely. Informative. 👌👌

[@javidiqbal4056]

Thank you for the information loan processor.

[@itsterri8520]

I love your hair!!

[@JenniferBeeston]

Thank you!

[@chefbrooklyn5140]

Hi Jennifer, I enjoyed your video very informative. I have a question for you. If I decided to buy a home that was not built new but the home had a previous owner or if I decide to buy a new when would it be the best time to hire a home inspector and what other inspectors should be hired and how can I go about checking their credentials. this is for the state of South Carolina . Thank in advance and thank you all you do.

[@JenniferBeeston]

I would 100% speak with a realtor on this as it varies on type of home

[@jonettahanson9989]

I'm sorry but if you don't mind me asking, where did you get that lamp? It's so pretty!!

[@JenniferBeeston]

Thankyou! I wish I knew. I work with a designer who scavenges a lot and it was one of her finds. I think it was like $25. She is the master of stretching a dime

[@jonettahanson9989]

@@JenniferBeeston thank you so much for responding! Really appreciate it! 🤍

[@lolasmith3325]

Hi, I like your videos. Very simple and informative at the same time. Do you have license for NJ state? And how long it takes to get approval from lenders nowadays course of COVID situation? Thanks

[@JenniferBeeston]

I am not licensed in NJ at this moment:(

[@chavonnidaharley9341]

I am looking into take a course in Mortgage Loan Processing. What do these people typically make? Is it per contract or per hour or .... ?

[@brandeewheeler1193]

Any suggestions to someone who wants to break into the mortgage lending industry? I’d love more videos that talk about the careers in the industry and what it takes to be successful!

[@JenniferBeeston]

Hi Brandee I have a video coming out on top tips for loan officers next week:)

[@chimezoh5918]

Hi Jennifer, want to know if you have any advice or recommendations for new loan processors who are just joining the industry considering that it's a busy one and most employers are not willing to train.

[@JenniferBeeston]

Plan to teach yourself a lot and look for a company that will give you a mentor

[@simpleme5719]

KZbin and Google..I understand that question well.

[@user-og2tg3ob5s]

Best way to get a job as a processor? Hard to find a good one that wants to train

[@speerfisher2721]

Hi Jennifer, i have an interview tomorrow for a loan processor job. Im really excited for it, I'm a meticulous person that loves offering great customer service. Any advice for a restaurant manager/server changing career fields? Thanks in advance(if you catch the comment before tomorrow)

[@JenniferBeeston]

Just tell them you love taking to people and are super detailed .

[@silviag298]

Hi, good info, I want to become a loan processor, do you have any advice for me , where to start❓ thanks 👍

[@ciredevon3435]

Nice Info

[@bhaveshmodi2399]

Hello mam, can u come with detailed analysis of 1003 urla and with revised changes for entry level candidates to understand. Would listen from u soon.

[@JenniferBeeston]

The new URLA is a joy (not) we are wading through it right now and its merging with prior app is a cluster to say the least. Top tip for new loan officers. Breathe and reread it 50 times

[@budgetboss_j9920]

I’m scheduled to close this Friday 5/7 and I finally got the loan officer to respond today saying processor is working on your application so she can submit it for a final review. Is it likely I will still be able to close on Friday? I’ve seen videos on closing disclosures where you need that three day waiting period before you can close? The loan officer has had every document same day asked and super early. I’m getting nervous now.

[@JenniferBeeston]

It is possible if you have signed the closing disclosure. Ask your lender if you have signed CD?

[@budgetboss_j9920]

@@JenniferBeeston I haven’t signed it yet. The loan officer called today saying the processor is working on it and will send it at some point tonight. Praying it actually comes.

[@Simplyarlenealvarez]

@@budgetboss_j9920 hey! I’m just curious of the outcome?

[@budgetboss_j9920]

@@Simplyarlenealvarez I ended up closing on 5/10. I came out of pocket a little less than 5,000 to close.

[@mommyandme4978]

Hey i was wondering do you know how long the process is for the processer

[@JenniferBeeston]

To become one? Or the time the spend?

[@lemonandtootsie9897]

I have dealt with a horrible loan processor. How to know. Asks for things one at a time instead of giving you a list of things they k ow they will need. For examples, she asked me for my most recent paystubs since it has been iver 90 days, and then waits a few days and asked me recent bank statements. Another is saying something like I spoke with this and that and they are currently on vacation so its taking longer to process. Then they say oh they had a family emergency so out again another week. Bad communication. Saying that " everything done in our end" when really its not if the insurance for your condo is not obtained and you tell me someone else is working on that, only for 5 days to pass and then you tell me I need to get that when I ask for an update. I got the insurance for my condo and sent it to the bank is literally 40 minutes so why wait 5 days for literally nothing to happen. Omg the list goes and on with the horrible person I dealt with. She still has not even told me that my loan funded, I had to find out from my escrow officer who is way more responsive.

[@JenniferBeeston]

Sorry you went through this. This happens a lot in the industry and is something as a loan originator I am constantly looking out for as even the best loan processors sometimes this occurs.

[@friendliestbug]

Womp womp

[@simpleme5719]

I'm thinking about doing this, I'm scared because of no experience and messing things up.

[@JenniferBeeston]

If you get trained properly and have attention to detail and love people you will do great. If you attention to detail is lacking this is not a good path.

[@simpleme5719]

@@JenniferBeeston I agree..Thank You.

[@apurvprajapati9231]

So loan coordinator and loan processor are same roles??!

[@JenniferBeeston]

Similar role but different tasks at my company.

[@realliving9699]

Is it great that they become friends with your clients?

[@JenniferBeeston]

Yes, I love it. We have the best clients in the world.

[@yaoshi9405]

I’m interested in finding a job as loan processor with 5 years Texas real estate experience, any company recommend or can work from home?

[@JenniferBeeston]

Its really tough right now as most companies are laying processors off as the mortgage boom is over in refinance land. I would check a local credit union

[@Nkrealestate]

Are you still looking to find a job as a processor? My team is growing and will need a new processor.

[@karadenise22]

I want to become a processor. What are the steps to becoming one.

[@JenniferBeeston]

Hi Kara, I am not 100% sure., Hopefully a processor will chime in here

[@ashleyscott2186]

There are online classes. I'm not sure if they're state specific or not. We're looking for processors for FL, TX, OK, AR and CO. My husband is a mortgage broker and we started a processing company earlier this year and currently in the process of extending his license to 4 of the surrounding states

[@AmiaChanel]

I just started loan processing I'm still in training and I'm so confused especially with the calculations and terminology. I NEED MORE HELP I NEED TO START OVER BECAUSE I HAVE NO IDEA WHAT I'M DOING AND IT'S WEEK 4

[@JenniferBeeston]

I would reach out to your processing manager as they should be helping you more

[@afronatural18052]

What company do you work for?

[@AmiaChanel]

@@afronatural18052 boa

[@afronatural18052]

@@AmiaChanelThanks

[@user-um3cl4il1x]

If you are a lender processor you need to do some calculations?

[@dannyyarbrough3409]

The loan processor reached out to me during my refi??

[@JenniferBeeston]

generally yes

[@entreprene1060]

Hi, Where can I get Loan Processing Training? Thanks

[@JenniferBeeston]

We have a lot of people start at Guaranteed rate mortgage as office assistants and then we put them in “GR University” for processor training but that is company specific to where I work. They have a career page and opportunities through out the country.

[@entreprene1060]

@@JenniferBeeston Thank you very much

[@jakegonzalez4794]

How can I hire a loan processor?, I Don’t like the ones from my broker

[@JenniferBeeston]

You would need to talk to your broker as they are the ones who most likely will ultimately pay them.

[@AakashKumar-wz4jw]

Hello I'm starting a new Company , but need some Clients... Can Any 1 help me???

[@willypal5431]

OMG!

[@star_gaz3r33]

Wish my financial advisor was this hot

[@darrenbuttery3527]

I didn't have a mortgage originator or a loan processor. I went through Bank of America (unfortunately) because of the down payment and closing cost grant programs (couldn't pass up 13K in free money). I only ever communicated with one person, Matthew, and his title was "credit solutions advisor". I assume this is the same as a loan processor though because he was the only one I ever sent docs to.

[@JenniferBeeston]

Hmm that is interesting. I haven't kept up on BofA as they were out of the game till this money came to play.

[@ej8780]

The “credit solutions advisor” was your mortgage officer. Processors work behind the scenes and don’t have borrower contact. They get docs from loan officer 😀

[@factvidzent7170]

Do you have a website or email that I can get ahold of you to get a few questions answered please and thank you that would be great 👍🏽

[@JenniferBeeston]

[e-mail]

[@princelytotti2659]

@@JenniferBeeston please do you give training to people who want to become processors? I am soo interested

[@estebansteverincon7117]

Wow, this woman is VERY attractive

[@dragonmybaggage]

Love the info. Hate how she says important. 😆

[@JenniferBeeston]

I have some unique accents. Keeps it fun

[@monkeysx6]

I have a bad one😒

[@GodsOath_com]

You have nice hair color

[@JenniferBeeston]

Thank you!

[@jakeballard7999]

3 home purchases - EVERY TIME the processor asking for unnecessary documents or asking question that are answered in the file - don't get me wrong - I'm sure there are good loan processors out there - yet not in my experiences - Also any good MLO can process there own file and doesn't need to pay a processor a part of the commission

[@DDCastrillo]

Imagine a loan originator being rude to their processors. I've seen it happen.

[@JenniferBeeston]

It is a huge issue in the industry. Loan originators need to understand that if you don’t respect your team they will not respect your clients and then you all fail

[@DDCastrillo]

@@JenniferBeeston strongly agree with you.

[@shannonarmstrong3012]

Are you hiring?

[@JenniferBeeston]

I would check out Guaranteed Rate careers. That’s the company I work at. Not sure what and where they are hiring now.

[@JacobHarry-oq7id]

Love you beautiful girls ❤️ good knowledge

[@renzogamallo314]

You are beautiful and you know what you are talking about.

[@SWFLJetSkiRiders]

Wow what a beautiful 😍

[@coreybrouillette4158]

Shew this sounds horrible who would wanna do this? 🤣🤣🤣🤣 lol jk

[@JenniferBeeston]

lol a glutton for punishment or a sweet angel

[@johns20901]

Jen,'s processors are the sweet angels. They'll guide you along. ( I'm a recent client )