Mortgage Processor

Mortgage Processor Role From Application To Home Closing

Gustan Cho Associates are mortgage brokers licensed in 48 states
  • The first stage is the pre-approval stage
  • This stage is hands down is the most important stage in the mortgage process
  • The main reason why home loans get last minute mortgage loan denials is due to sloppy pre-qualifications done by loan officers
  • The mortgage processor is the most important person in the mortgage team
  • The mortgage processor is the person who makes sure loan file is complete with no missing documents
  • Role includes all documents provided by borrower is legible, complete, and have no missing pages
  • Unfortunately, not all mortgage loan processors are created equally
  • A professional AAA mortgage processor will prep a file so complete that it might take a mortgage underwriter less than an hour to issue a conditional loan approval with very little mortgage conditions

In this article, we will discuss and cover the role of a mortgage processor during the mortgage process.

Who Is Trisha Mangiaracina?

Trisha Mangiaracina, a senior veteran mortgage professional who is an example of a mortgage industry professional who sets the standards of how to be the best of the very best mortgage professional.

  • As a real estate investor and mortgage loan officer, I have met hundreds of mortgage processors
  • Have never ever met such a professional mortgage processor like Trisha Mangiaracina
  • Trish is a three dimensional mortgage processor who is an expert in her field, knows all aspects of the mortgage approval process, and goes well beyond the call of duty
  • Trisha does have one major fault:
    • She cares way too much about clients like family
    • She takes every mortgage applicant under her watch personally
    • All of Trisha’s borrowers become her lifelong friends

Mortgage Loan Process

There are several stages in the mortgage process.

  • Borrower needs to submit documents and an executed real estate purchase contract in order for the mortgage process to proceed
  • The following documents needs to be gathered and reviewed:
    • two years tax returns
    • two years W2s
    • paycheck stubs 
    • two month’s bank statements
    • asset documents such as 401k, IRA statements, investment accounts
    • release paperwork in the event if the borrowers have had a prior divorce, bankruptcy, foreclosure, or short sale
    • other credit and financial documentation the clock start ticking
  • Loan originator then reviews all the information
  • Runs a credit check and make sure the borrower qualifies with respect to income and credit as well as debt to income ratios
  • The signed completed application then goes to the processing department and is assigned a mortgage processor.
  • The mortgage processor’s job is to make sure the loan application is complete
  • All of the documents submitted is complete and check for errors and get the loan application package ready for the underwriter to start reviewing it
  • The extent on how thorough a processor reviews the documents provided is up to the individual mortgage processor
  • With our Trisha Mangiaracina, she realizes that any incomplete documents or missing documents could mean a delay in the mortgage process
  • So she will analyze and review every single page of each documents provided and double-check that the loan officer did not overlook anything
  • For example, one of the main reasons why mortgage loans get denied by mortgage underwriters is because of overdrafts in bank statements
  • She will not just submit 60 days bank statements but will thoroughly review every page for irregular deposits and bank overdrafts
  • Many processors will assume that the loan officer already reviewed the bank statements
  • They normally just submit the bank statements to underwriting
  • But not Trish
  • She will go over the bank statement with a fine tooth comb
  • She makes sure that she has every page of the bank statements and/or bank print outs
  • This applies to all other documents including the following:
    • tax returns
    • rental verification
    • bankruptcy paperwork
    • short sale paperwork
    • asset accounts
    • divorce decrees
    • partnership agreements
    • title paperwork

Reasons For Delays In Mortgage Process

An incompletely processed mortgage loan file submitted to underwriting means delays, delays, and then delays because the underwriter will kick it back.

Trisha Mangiaracina of Gustan Cho Associates takes every condition that the underwriter conditions on a conditional loan approval personally and does everything possible to avoid this.

  • Trisha Mangiaracina likes her 100% on time closing ratio
  • Takes her job extremely seriously
  • Trish Mangiaracina of Gustan Cho Associates realizes that a mortgage approval affect many lives
  • She realizes her borrower’s are counting on her and letting down a borrower is not an option in her DNA’s

Mortgage Loan Underwriting And Mortgage Underwriter

Which means Underwriting Mortgage and Underwriter Mortgage

The key is to get the processing complete and without any errors to make the file completely comprehensible to the mortgage underwriter.

  • If an mortgage underwriter seems confused with a particular item on a mortgage file that is being underwritten
  • It gets kicked back to processing and/or the file will be in suspense until the clarification or documentation is corrected and resubmitted
  • The problem with this is the fact that the file gets kicked back to square one and this ultimately causes a delay which can be a week or more
  • This is the main reason why mortgage loan approvals and closings get delayed
  • The mortgage processor is one of the most, if not the most important professional in the whole mortgage approval process

Experienced Mortgage Processor Is Key To Close Home Loans On Time

Throughout the years, I have worked with dozens of loan processors and have the utmost respect to all processors.

  • However, I am extremely blessed to be working with the best mortgage processor in this planet, Trisha Mangiaracina
  • Many loan originators feel that their own loan processor is the best of the best
  • I respect that
  • However, Trish is a veteran mortgage processor who truly takes her job personally
  • She cares about applicants who she is responsible
  • She realizes one mistake by her processing department will mean a delay in getting a mortgage approval
  • This can ultimately lead a delay in closing
  • All of our mortgage processors realize home sellers can be unreasonable and buyer’s earnest money can be at risk once the mortgage contingency period expires
  • Why does Trisha stand out from other professional mortgage processors?  
  • There are too many reasons to list on this article
  • But the bottom line is she treats everyone better than she wants to be treated

Experienced Mortgage Processor

Every client of mine know who Trish:

  • They most likely have gotten emails and conditions requests from her after hours and on weekends
  • Trisha does not believe in a 40 hour work week
  • For most processors and underwriters, as long as the 5:00 pm corner rolls by, the day is over for them and the time clock stops
  • Not with Trish
  • Every client of mine have witnessed her contact them as early as 5:30 am and as late as midnight as well as weekends and holidays
  • She is an individual who takes her job extremely seriously
  • She cares for every client that she gets assigned to
  • She even calls me late evenings and weekends if  we did not get certain documentations from our clients
  • She catches errors that I have overlooked such as an overdraft on a clients bank accounts
  • She catches it prior to submitting to underwriting
  • Trish also catches little gaps on the two year work history that an underwriter will catch and kick it back to me where it will delay the mortgage approval process
  • Documents such as foreclosure recording papers borrowers do not submit or have a hard time locating
  • She will take the leadership role and contact the county where the foreclosure was initiated and will get the paperwork

Clearing Conditions For Clear To Close By The Mortgage Processor

She will argue with the underwriters in the event if the conditions the underwriter is requesting seems unreasonable and ridiculous:

  • Also, due to how much respect these underwriters have for Trish, underwriters take Trisha’s request for a review very seriously
  • She will also quarterback the closing and make sure that she gets a clear to close way prior to the tentative closing date
  • She will deal with attorneys from both sides as well as the title companies
  • She also contacts the insurance company of our clients and make sure client has sufficient coverage to close
  • Will also will remind my borrowers that they should make sure they schedule a final inspection

CTC And Home Loan Closing

At closing, Trisha makes sure that the HUDs are correctly completed:

  • Makes sure lender signs off on the HUD in a timely manner
  • Makes sure the title company gets the lenders package in a timely manner so both sides do not have to be camped out at the title company for hours
  • And last, but not least, Trisha makes sure the wire gets sent by our funding department to the title company
  • This is done so that the funds gets dispersed and the borrower is officially a homeowner and gets the keys to move in

Our Support And Operations Team

I like to thank our support and operations team for being our brains and being part of Gustan Cho Associates.

  • Please remember that our operations staff is always appreciated
  • Every closing amazes me more and more
  • Our support and operations team are irreplaceable
  • We are blessed to have a quality team and all of our clients appreciate our licensed and support personnel
  • Our support staff is the reason our team, our branch, and Gustan Cho Associates is successful and get daily referrals from happy realtors, attorneys, clients, and other professionals

Our support and operations team are an inspiration to all mortgage industry professionals, fellow processors, underwriters, and management.

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