Mortgage Loan Processor

401k, Dental Insurance, Life Insurance, Medical Insurance, Vision

Our work environment is fast-paced and requires team members to provide excellent customer service, be meticulous, to learn quickly and have strong organizational skills. Most importantly, we want our team members to have a positive attitude and enjoy their job and their co-workers.

Team members are expected to strongly support the Bank's Strategic Plan and to perform their job duties in accordance with, and in the spirit of the Bank's Mission Statement and Organizational Values.

Individuals are responsible for processing daily, weekly, or monthly operational duties as listed.

The Mortgage Loan Processor works closely with loan originators and the underwriter and is primarily responsible for receiving, processing and computer input of information supplied on loan applications, assembling completed documentation files for submission to underwriters and maintaining customer/third-party referrers contact throughout this process.

The goal of a mortgage loan processor is to have a reputation for uploading complete and accurate files so that the underwriter has all the information needed to decide on the loan. It is important to ensure that work will not be delayed due to inconsistencies, inaccuracies, or missing documents within a loan fi le. Therefore, it is imperative that a mortgage loan processor understands documentation requirements, analyzes documents to ensure they meet product guidelines, maintain neat and orderly fi les, understand how to use loan origination system, document loans with complete and thorough notes, communicate with all parties with consistency, transparency, and honesty, document conversations with all parties, develop a system for following up and communicating with the originator and underwriter, use processing and office technology tools efficiently, and be familiar with the websites that provide agency and investor guidelines and documentation requirements.

• Review documentation presented by originators and ensure that it is accurate, complete, and consistent.
• Request additional documents to support the loan application.
• Confirm that the licensed originator provided all disclosures to the borrower within the time required by federal regulation.
• Ensure that the loan fi le meets all product guidelines.
• Obtain verification of deposit documentation provided by independent, third parties, used to verify that the information contained on the loan application is true and accurate such as:
• establishes that the applicant has sufficient cash to meet settlement needs and send requests to financial institutions to verify assets.
• Obtain verification of employment documentation provided by independent, third-parties, used to verify that the information contained on the loan application is true and accurate such as: the applicant's employer to substantiate the employment information supplied in the mortgage loan application, stability of the applicant's source of income, and applicant's ability to repay the mortgage loan.
• Obtain loan documentation which includes documents such as paystubs, W-2s, tax returns, bank statements, and IRS 4506T tax transcripts.
• Order an appraisal according to the loan type and pull the credit report if needed.
• Input appraisals into automated system, inclusive of detailed information for property.
• Run the loan through the automated underwriting system (DU/LPA) for loan approval and documentation requirements, as necessary.
• Update the loan origination system as documents are received and re-running the AUS findings, as necessary.
• Remain alert for valid change of circumstances that trigger redisclosure requirements.
• Ensure that borrower communications and updates are managed in a timely, consistent, and professional manner.
• Provide a complete loan file to the underwriter for efficient validation and underwriting.
• Review underwriting conditions;
  Satisfies all conditions received from the Underwriter and ensures that approval falls within the established lending guidelines.
• Issue weekly updates to borrowers, lenders, realtors, and closers; prepare ECOA to send to customer if loan denied; informs borrowers, realtors, builders and closer of status of loans.
• Schedule closings with title agencies.
• Calculate all fees and escrows associated with closing and balances the numbers.
• Prepare and deliver the closing disclosure in advance of closing.
• Create a properly executed, quality loan package that meets regulatory requirements and investor guidelines.
• Prepare the funding approval of each loan and submits wire transfer to the Servicing department for loan funding.
• Deliver closing instructions, final closing disclosure, and settlement documents to the settlement agent.
• Attend Closings, as necessary.
• Verify proper execution of a closed loan, post-closing, to ensure all documents were correctly signed and filed.
• Satisfy all conditions found post-closing, by an outsourced auditor.