What is a Loan Producer?
A loan producer is a bank employee who is responsible for inputting all necessary data and generating loan documents once a lender receives loan approval. A loan producer may also be known in the banking industry as a “loan documenter” or “doc prep specialist.” Terminology varies depending on the financial institution and department.
Loan Producer Duties
Loan producers enter all pertinent information (i.e. borrower, co-borrower, property address, etc.) into document preparation (or “doc prep” for short) software to generate the appropriate closing forms.
Serving as a fail-safe, loan producers also ensure that the loan is documented according to the approval. Additionally, loan producers inspect the loan file to confirm that compliance regulations are being met and everything is present to move forward with the closing. This may include checking a variety of items, such as:
- Title work
- Number of co-signers
- Number of guarantors
Other loan producer responsibilities include sending out the loan documents to be closed and then boarding signed loans into the bank’s core system. Once a loan books to the bank’s core, automated document management systems, such as AccuAccount, can streamline the post-booking process of organizing, tracking, and reporting on documentation that was prepared by the loan producer.
Helpful Resources for Loan Producers
Are you a loan producer? Looking for additional resources to streamline the document management process? Visit our resource library and download free spreadsheets, whitepapers, and ebooks.
Browse our banking definitions page for more terminology.
TicklerTrax™ Exception Spreadsheet Downloaded 1,000+ Times Looking for a free spreadsheet to track your financial institution’s exceptions? TicklerTrax might be the perfect tool for you! We’ve taken some of the basic logic from our top-rated document tracking system and boiled it