Loan Processor II Resident-Consumer Lending

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Lakewood, NJ, US

2 days ago Requisition

Education/Training: High School diploma or equivalent required. Minimum of three (3) to five (5) years of experience in residential mortgage processing or a similar professional office environment required. Basic working knowledge of the mortgage industry and applicable regulations required.

Skill(s): Proficient in English, reading, writing, grammar, and mathematics skills; proficient verbal and interpersonal communication skills; strong time management skills; proficient PC skills including Microsoft Office and Encompass 360 (or comparable LOS); thorough knowledge of Bank products and services; ability to manage multiple tasks in a fast-paced, changing environment with professionalism and courtesy; excellent analytical, reasoning, and organizational skills; detail-oriented with high accuracy;

working knowledge of RESPA, TILA, and HMDA disclosure timing requirements.

Experience: A minimum of three (3) to five (5) years of residential mortgage processing experience required.

Responsible for assembling, verifying, and processing residential and consumer loan applications from application through closing in compliance with Bank policy and applicable regulations; coordinating work within the department and with other departments; complying with operating policies and procedures established for the loan processing function; communicating with appropriate personnel; responding to inquiries or requests for information; maintaining appropriate records and providing assigned reports.

• Processes residential and consumer loan applications from application through closing to ensure a complete, compliant, and investor-ready loan file, of which the following are illustrative:
• Reviews loan applications entered into the applicable lending system for completeness and accuracy.
• Collects and reviews supporting documentation, including income, asset, and credit documentation.
• Examines loan documentation for accuracy and completeness prior to submission to Underwriting.
• Issues Loan Estimates and other required disclosures in accordance with applicable compliance regulations and timing requirements.
• Orders the appraisal upon receipt of a signed intent to proceed.
• Orders flood hazard certifications and IRS Form 4506-T tax transcripts.
• Assists in resolving mortgage application issues with investors, outside vendors, and software providers.

Assists Underwriting in clearing approval conditions and preparing the file for final underwriting decision.

Verifies that required closing documentation is complete and accurate in the file.

Completes flood determination worksheets and verifies flood and hazard insurance coverage to ensure adequate coverage of the subject property.

Coordinates with Closing to create a seamless closing process for the customer.

Oversees and performs certain secondary market functions, including tracking and communicating rate lock information.

Prepares and submits files to the secondary market investor, as applicable.

Provides excellent customer service to Loan Officers, and internal and external customers, while fostering cooperation with other departments to ensure efficient, professional residential and consumer loan processing and closings.

Assists Bank staff and customers with questions regarding residential and consumer loan requirements and processes.

Tracks loans on a monthly basis for Loan Policy Exceptions (LPE), Community Reinvestment Act (CRA) loans, Home Mortgage Disclosure Act (HMDA) loans, and withdrawn and denied loans.

Oversees individual file compliance with FDIC guidelines for RESPA, TILA, HMDA, and other applicable regulatory requirements.

Completes all internal, Bank-required, and investor-required compliance training courses.

2. Abides by the current laws and organizational policies and procedures designed and implemented to promote an environment which is free of harassment and other forms of illegal discriminatory…