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A loan processor is a person who works for a bank or other lender to help prepare and submit loan applications. They review all of the documents and information provided by the borrower to make sure everything is complete and accurate. They also may check the borrower's credit history and verify their employment and income. Once all of the necessary information has been gathered, the loan processor will send the loan application to an underwriter for approval.
Let's say that you want to buy a house and you need to apply for a mortgage loan from a bank. You fill out the application and gather all of the necessary documents, like your pay stubs and tax returns. You submit everything to the bank and a loan processor reviews your application. They check to make sure that all of the information is complete and accurate, and they verify your employment and income. If everything looks good, the loan processor will send your application to an underwriter for approval.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
A loan processor works all day
To help you get a loan to pay.
They check your docs and credit score,
To see if you can pay back more.
Once all the info is just right,
They send it off into the light.
An underwriter will then see,
If you can get that loan, lucky thee!