Definition
Loan processing is the administrative work after application submission—ordering appraisals, verifying employment, gathering documentation. This typically takes 3-5 business days and involves frequent contact between processor and borrower requesting documents.
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Loan processing occurs after application submission and involves ordering appraisals, verifying employment and assets, ordering title reports, and gathering all required documentation. Processors communicate with borrowers to request additional documents and keep the file organized. This typically takes 3-5 business days.
Pro Tip
Respond quickly to processor requests for documentation to avoid delays in moving to underwriting and closing.
Example
A processor requests recent pay stubs, employment verification forms, and updated bank statements to complete the loan file for underwriting.