I see a lot of questions about this in processor and originators groups alike. There is no official list of
tasks that are in one column or another. It is up to the processor as to what services they would like to
offer to originators. It is up to the originators if they like these services or if they need to find a
processor who does more for them.
I find it disappointing that there are “prima-donna” processors out there who are upset when they are
asked to do too much on the file and think the originator is “lazy” or “demanding”. Unfortunately, this
is the norm in our industry. I think the loan officer is looking for a processor to make their life easier
and the processor is paid to make this a reality.
When we started 30 years ago, I surveyed 130 Loan Officers on why or why not they would use me.
There were so many variables and hardly any common denominators. I decided then that we needed to
be able to do everything we can to support the loan officer. With experience in secondary markets,
operations and U/W, this was an easy role for me to take on. This includes talking to realtors,
borrowers, explaining guidelines, fighting lenders on nonsense conditions, etc. Its second nature to us.
Of course, there are some legal rudiments the LO needs to handle (such as disclosing rates, etc.). Also,
we feel the LO needs to monitor the market and their locks. Otherwise, the rest of the duties fall on us
to undertake.
The golden rule should be “The easier the processor can make that LOs life, the better”.