Example SOPs: Mortgage Processor

We’ve made it easy for you to build your Mortgage Processor SOPs. Add the example SOPs to our SOPs template and then customise them to suit your specific systems & processes.

Need help setting up your Mortgage Processor SOPs library? Speak to our team about our SOP starter templates that are tailored to your specific industry.

Mortgage Processor SOPs

Creating Standard Operating Procedures for your Mortgage Processor work can be difficult and take time. That’s why we’ve created these example Mortgage Processor SOPs so you can jumpstart your SOP creation process. We want to help you set up your Finance systems and processes by taking these sample SOPs and building out your own SOPs template library. By having all your Finance procedures in one place, your team will have the information they need at all times. Let’s look at some Mortgage Processor SOP examples.

Mortgage Processor SOP Examples

1. Loan Application Processing: The purpose of this SOP is to outline the steps involved in processing a loan application. It includes gathering all necessary documentation from the borrower, verifying the information provided, and ensuring compliance with regulatory requirements. The scope of this SOP covers the entire loan application process, from initial submission to final approval. The Mortgage Processor is responsible for following this SOP, and it may reference other SOPs such as Document Verification and Compliance Review.

2. Document Verification: This SOP details the procedures for verifying the authenticity and accuracy of the documents submitted by the borrower. It includes cross-checking information with reliable sources, such as employers, financial institutions, and credit bureaus. The purpose of this SOP is to ensure that all documents are legitimate and support the loan application. The Mortgage Processor is responsible for executing this SOP, which may reference the Loan Application Processing SOP.

3. Compliance Review: The purpose of this SOP is to ensure that all loan applications comply with relevant laws, regulations, and internal policies. It involves conducting a thorough review of the loan file to identify any potential compliance issues, such as predatory lending practices or violations of fair lending laws. The scope of this SOP covers the entire loan application process, and the Mortgage Processor is responsible for adhering to it. This SOP may reference other SOPs, such as Loan Application Processing and Document Verification.

4. Credit Analysis: This SOP outlines the procedures for analyzing the creditworthiness of loan applicants. It involves reviewing credit reports, assessing credit scores, and evaluating the borrower’s payment history and debt-to-income ratio. The purpose of this SOP is to determine the borrower’s ability to repay the loan and assess the level of risk involved. The Mortgage Processor is responsible for following this SOP, which may reference the Loan Application Processing and Document Verification SOPs.

5. Appraisal Review: The purpose of this SOP is to establish guidelines for reviewing property appraisals. It includes verifying the qualifications of the appraiser, assessing the accuracy of the appraisal report, and ensuring compliance with industry standards. The scope of this SOP covers the evaluation of property values for loan purposes. The Mortgage Processor is responsible for executing this SOP, which may reference the Loan Application Processing and Compliance Review SOPs.

6. Closing Coordination: This SOP outlines the procedures for coordinating the loan closing process. It includes communicating with various parties involved, such as the borrower, title company, and attorneys, to ensure all necessary documents are prepared and signed. The purpose of this SOP is to facilitate a smooth and timely closing of the loan. The Mortgage Processor is responsible for following this SOP, which may reference the Loan Application Processing and Compliance Review SOPs.

7. Post-Closing Review: The purpose of this SOP is to establish guidelines for reviewing loan files after closing. It involves conducting a comprehensive review of all loan documents to ensure accuracy and completeness. The scope of this SOP covers the post-closing phase of the loan process. The Mortgage Processor is responsible for executing this SOP, which may reference the Loan Application Processing and Compliance Review SOPs.

8. Quality Control: This SOP outlines the procedures for conducting quality control checks on loan files. It includes random sampling of loan files to ensure compliance with internal policies, regulatory requirements, and industry best practices. The purpose of this SOP is to identify any errors or deficiencies in the loan process and take corrective actions. The Mortgage Processor is responsible for following this SOP, which may reference the Loan Application Processing, Compliance Review, and Post-Closing Review SOPs.

9. Customer Service: This SOP establishes guidelines for providing excellent customer service throughout the loan process. It includes promptly responding to borrower inquiries, addressing concerns, and providing regular updates on the loan status. The purpose of this SOP is to ensure a positive customer experience and maintain customer satisfaction. The Mortgage Processor is responsible for adhering to this SOP, which may reference the Loan Application Processing and Closing Coordination SOPs.

10. Record Keeping: The purpose of this SOP is to outline the procedures for maintaining accurate and organized loan records. It includes creating a system for storing and retrieving loan documents, ensuring compliance with record retention policies, and safeguarding sensitive borrower information. The scope of this SOP covers the entire loan process, from application to post-closing. The Mortgage Processor is responsible for executing this SOP, which may reference other SOPs such as Loan Application Processing and Compliance Review

 

Mortgage Processor SOP Templates

Looking for SOP templates for your Mortgage Processor work? We’ve got you covered. You can build out your company SOPs using the sample SOP information above (added to our template) or our team can put together a starter SOPs template based on your Mortgage Processor work. Get in touch if you’ve got questions about the quickest way to build out your Finance SOPs library.

Category: Tag: