This guide covers the role of a mortgage loan processor. We will discuss the important role processors undertake during the mortgage process. Mortgage processors are the backbone of a lender. Processors are the quarterbacks and the professionals who make the loan to the closing table. Ami Thakkar of Gustan Cho Associates is one of the top processors in the industry. We will cover Ami in this guide due to the little recognition she gets for her very hard work for Gustan Cho Associates.
Gustan Cho Associates handles many files, and over 80% of our borrowers have gotten a last-minute mortgage loan denial. Or are you going through a stressful mortgage process and need to get your loans transferred to Gustan Cho Associates? The mortgage processor is one of the most important people on the mortgage loan team.
Due to the mortgage processor, a borrower gets timely approval from the mortgage underwriter and closes the loan on time. The mortgage loan processor must ensure that the borrower’s file has been processed immaculately with no missing documents and pages. The mortgage loan application process is a process that has multiple stages, and the person in charge of this is the mortgage loan processor. In this article, we will discuss and cover the role of mortgage processors in the loan application process.
The Start of The Mortgage Process
The first stage is for the mortgage loan borrower to complete and sign an official mortgage application and submit documentation such as two years of tax returns, two years of W2s, two month’s bank statements, and asset documents. Examples of documents required to process a mortgage loan are 401k, IRA statements, investment accounts, release paperwork if the borrowers have had a prior divorce, bankruptcy, foreclosure, short sale, and other credit and financial documentation.
What Is The Role of a Mortgage Loan Processor
The mortgage loan originator then reviews all the information and runs a credit check. The processor ensures the borrower qualifies concerning income, credit, and debt-to-income ratios. The signed, completed application goes to the processing department and is assigned a mortgage processor. The mortgage loan processor’s job is to ensure the mortgage loan application is complete. It is the processor’s job that all of the documents submitted are complete. The mortgage processor checks for errors and prepares the mortgage loan application package for the underwriter to start reviewing it.
The Role of a Mortgage Underwriter
The key is to complete the processing without errors to make the file completely comprehensible to the mortgage loan underwriter. Suppose a mortgage underwriter seems confused with a particular item on a mortgage file that is being underwritten. In that case, it gets kicked back to processing, and the file will be in suspense until the clarification or documentation is corrected and resubmitted. The problem with this is that the file gets kicked back to square one, which ultimately causes a delay of a week or more. This is the main reason why mortgage loan approvals and closings get delayed. The mortgage loan processor is one of the most, if not the most, important professionals in the mortgage approval process.
Mortgage Loan Processor: Ami Thakkar of Gustan Cho Associates
Throughout the years, I have worked with dozens of mortgage loan processors and have the utmost respect for all mortgage loan processors. However, I am extremely blessed to be working with the best mortgage loan processor on this planet, Ami Thakkar of Gustan Cho Associates.
Ami Thakkar is the lead mortgage processor with over ten years of experience as a mortgage processor and loan officer. Many mortgage loan originators feel that their mortgage loan processor is the best, and I respect that. Ami Thakkar is a veteran mortgage loan processor who takes her job personally and cares about the mortgage loan applicants she has assigned.
Ami realizes one mistake by her processing department will mean a delay in getting a mortgage loan approval which can ultimately lead to a delay in closing. Ami Thakkar realizes many sellers can be unreasonable and that the buyer’s earnest money can be at risk once the mortgage loan borrower’s contingency period expires. Why does Ami Thakkar stand out from other professional mortgage loan processors? Too many reasons to list them on this BLOG, but I will cover a few key elements of why Ami Thakkar of Gustan Cho Associates is hands down the best mortgage processor.
How Mortgage Processors Make Loans Close on Time
Every client knows who Ami Thakkar is and has most likely gotten emails and condition requests from her after hours and on weekends. Ami Thakkar gets paid for only a 40-hour work week and does not get any overtime or concession/commission per file.
For Ami, as long as the 5:00 pm corner rolls by, her time clock stops. Ami Thakkar of Gustan Cho Associates is unpaid until the 9:00 am time clock rolls around. Every client of mine has witnessed Ami contact them as early as 5:30 am and as late as midnight.
Ami is an individual who takes her job seriously and who cares for every client she gets assigned to. She even calls me late evenings and weekends if I screwed up and did not get certain documentation from my clients. She catches errors that I have overlooked, such as an overdraft on a client’s bank account, and catches it before submitting it to underwriting.
Importance of Years of Experience For Mortgage Processors
Ami also catches little gaps in the two-year work history that an underwriter will catch and kick back to me, which it will delay the mortgage approval process. Documents such as foreclosure record papers that mortgage loan borrowers do not submit or have difficulty locating. Ami will take the leadership role, contact the county where the foreclosure was initiated, and get the paperwork. Ami Thakkar of Gustan Cho Associates will argue with the underwriters if the conditions the underwriter is requesting seems unreasonable and ridiculous.
Mortgage Loan Process Taking The Leadership Role To Get Loans Closed on Time
Ami will also quarterback the closing and make sure she gets clear to close way before the tentative closing date and will deal with attorneys from both sides and the title companies.
Ami Thakkar makes sure the wire gets sent by our wholesale mortgage lender to the title company so that the funds get dispersed, and the borrower is officially a homeowner and gets the keys to move in.
Ami contacts the insurance company of my borrower and makes sure that my client has sufficient coverage to close and will remind my borrowers that they should make sure they schedule a final inspection. At closing, Ami makes sure that the HUDs are correctly completed. She makes sure that the lender signs off on the HUD on time. She also makes sure the title company gets the lender’s package promptly so both sides do not have to be camped out at the title company for hours.
What It Takes To Be a Great Mortgage Loan Processor
Thank you, Ami, for being my brain and part of my life. Please remember that you are always appreciated, and with every closing we do, you amaze me more and more. You are irreplaceable, and I am blessed to have you on my team, and all of our clients appreciate what you do. Here is a statement shared by all of our loan officers at Gustan Cho Associates:
You are why I am successful and get daily referrals from happy realtors, attorneys, clients, and other professionals. Thank you for keeping our 100% closing record. You are the best mortgage loan processor on this planet. You are respected and appreciated, and your experience is priceless. Keep up the phenomenal work, Ami. You are an inspiration.
Ami Thakkar will no doubt be one of the bosses at a national mortgage company, and I am so blessed for Ami to be assigned to take charge of all of our mortgage loan files for my team of mortgage loan originators. We are so blessed to have Ami. Ami Thakkar takes charge and is a natural-born leader. Ami goes beyond duty and takes every file with extreme care and passion. Her borrowers do not just respect Ami but are loved by them, and all of her borrowers become her lifelong friend. Thank you, Ami, for being the best of the very best; we all appreciate you.