processor > define

noun

• A business engaged in processing agricultural products and preparing them for market.
• Someone who processes things (foods or photographs or applicants etc.. )
• Computer science) the part of a computer (a microprocessor chip) that does most of the data processing. (
  • usage: "the CPU and the memory form the central part of a computer to which the peripherals are attached"
  • synonyms: central processing unit, CPU, C. P. U., central processor, mainframe

Processor is a liaison between the loan officer and the funder of a loan. The processor's responsibility is to meet all of the pre-funding conditions of a loan including, gathering all documentation and the clarification of information.