Who is the better point of contact: the loan officer or the loan processor?

Asked by BB, Los Angeles, CA Wed Apr 29, 2009

Hi--I'm a first-time buyer and am near the end (I hope) of the mortgage process. I have been talking to both the loan officer and the loan processor, and sometimes I get different answers. Who is the better person to speak with about the status of my loan? It's a little confusing, and I'd rather just have one person to contact. If it makes any difference, I'm with B of A, formerly Countrywide.

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Sally W. Hamby’s answer
Sally W. Ham…, , Atlanta, GA
Fri Jun 12, 2009
Each company operates differently. My people would always need to rely on me. The question is how experieced is the loan officer. The processor and I work closely with each other. I may have negotiated a rate price and a loan detail item with the underwriter that the processor may not know about when you call. Therefore I am always the contact person. If the LO appears to be totally flaky go with the processor.

I am a hands on loan officer. There are some who do nothing but take the application. I know every detail of every loan.

Sally W. Hamby
Pine State Mortgage-Atlanta
0 votes
Yanni Raz, Mortgage Broker Or Lender, los angeles, CA
Fri Jun 12, 2009
The processor is the person that is really taking care of your file, loan officers just make sure they have all the correct information.
If you have access to talk to the processor than leave the loan officer aside and talk directly to the processor.
I was a loan officer for 5 years believe me.

Good Luck.
Web Reference:  http://homesinsale.com
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Wed Apr 29, 2009

In your situation, I would say the following to your loan officer: "X, I am not getting 100% clarity on the answers to my questions. There can be differences from what you tell me and what your processor tells me. From this point forward, who will be accountable for the last word on my home financing? This is the person to whom I'm going to address my concerns."

If your loan officer respects you and your business, he/she will not hesitate to step up and be responsible. And you will have this person on record for saying so.

First time buyer or not, you deserve that level of service.

Best of luck,

Rob Spinosa
0 votes
I am a REALTOR in Los Angeles. Trying to get the status of loan on behalf of my buyer or seller client can often be frustrating. I like the answer you gave by making someone responsible for what they say.
Diane Katz
John Aaroe Group
Flag Sat Jan 5, 2013
Mike B, , Raritan, NJ
Wed Apr 29, 2009
The Loan Processor handles the day-to-day points of a loan, while the LO manages the client, in my opinion. I personally process my own loans.
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