Mortgage Processor

Mortgage Processor

NACA makes the dream of affordable home ownership a reality for many who have been subject to systemic racism and other factors. This includes access to NACA's Best Mortgage in America and a streamlined mortgage process. NACA works with Members (i.e., home buyers) from the initial educational workshop, individual counseling, purchase process, and mortgage process.

The Mortgage Processor is the primary point of contact and is responsible for managing the loan from loan submission through (NACA Counselor is the point of contact from initial counseling to loan submission). The Mortgage Processor is assigned Members they are responsible during the mortgage process through closing. The NACA standard is to close loans within 22 days from the executed Purchase & Sales Contract.

Extended time would be needed for delayed seller repairs or a Rehab Escrow.

Virtually every loan submitted to the lender should be closed with virtually no denials. This is because Members come to the Mortgage Processor after they have been working NACA for a significant period of time and have been NACA Qualified and Credit Access Approved with full documentation underwriting.

The Mortgage Processor is responsible for ensuring that the timelines and turn times are met. S/he directly communicates with the Member and addresses any lender conditions. This includes working with the lender, Settlement Agent, R.E. Agent, NACA Counselor, HAND, and others to ensure the timely resolution of conditions and adherence to closing timelines. These are the final steps in the Member's home ownership journey consisting of Members loan approval, funds for closing, scheduling the closing, closing, and post-closing processing.

To accomplish this, the Mortgage Processor is responsible for the below major items and additional responsibilities.

Each Mortgage Processor would be responsible for 50+ files to provide high level Member services in completing the below and other responsibilities as determined by NACA management.

• Calls the Members the day the file was submitted to the lender introducing themselves as the Members's primary point of contact during the mortgage process through closing. Also send text and email of what was said and provide contact information.
• Explains conditions to the Members and convey the urgency and requirement for Members to respond and submit appropriate documents within 24 hours. If Members do not respond within 24 to 48 hours, engage their NACA Counselor and R.E. Agent.
• Provide regular status updates to the Members, R.E. Realtor and NACA Counselor, including any remaining items needed to meet deadlines.
• Contact Members at least twice weekly to provide updates and more often if no Clear-to-Close within 14 days of P&S Contract or within ten days of contract close date.
• Constant communication with the Members includes returning calls, texts, and emails the same day using NACA's Zoom accounts.
• Communicates with Members, R.E. Agents, and NACA Counselor to provide updates on file status, lender review timeframe, and answer any questions or concerns by phone, text, and email.
• Monitors the Closing Inbox to address concerns including collaboration with other NACA departments.
• All communications and interactions with the Members and others are described in the file narratives.

• The lender provides all the conditions for the file to be Clear-to-Close ("CTC") for the Mortgage Processor addresses these conditions for the file to be CTC.
• Hold the lender accountable for providing all the conditions after initial underwriting and meeting the timelines.
• Review all conditions and decline/reject conditions not required per NACA/Lender Contract. If a condition is declined, resolve the issue directly with the lender without Members involvement.
• Submit complete responses with necessary documentation addressing the conditions that fully resolve each condition without creating more conditions. All appropriate lender conditions must be addressed within 48 hours of receipt. If there are additional conditions, the review and approval cycle would be repeated. It should not need more…