Mortgage Loan ProcesserCloser

Job Description

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* Position:
Full-Time Mortgage Loan Processer/Closer -- Grade 7**

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* Location:
Oak Brook Operations Center
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* Reports to: VP Team & Group Team Lead, Residential Mortgage Lending
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* Hours:
Monday through Friday 8:00-5:00
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* Mortgage Loan Processor/Closer
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* Summary: As a member of the Mortgage Loan Operations team, this position is responsible for preparing, processing, assembling, verifying, and closing residential mortgage loans in accordance with Bank and investor guidelines. Processing will constitute approximately 70%, with Closer responsibilities the other 30% for this position.

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* Essential Duties and Responsibilities include the following:**

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* Processing Responsibilities:**

• Review loan application packages for completeness and accuracy, reconciling application information against system input and confirming individual data fields. Perform quality control on loan packages to ensure all required dates, signatures, URLA/1003 documents, and disclosures are complete.
• Verify and validate supporting income, asset, and liability documentation to confirm the accuracy of submitted information and alignment with automated underwriting decisions.
• Verify income, assets, liabilities, and appraisals in accordance with established departmental procedures.
• Review appraisals, credit reports, title insurance, flood certifications, and tax certificates for accuracy and completeness.
• Prepare and submit timely, accurate loan files in compliance with applicable local, state, and federal regulations, including but not limited to RESPA, Regulation Z, and CFPB requirements.
• Demonstrate working knowledge of Freddie Mac and Fannie Mae underwriting guidelines and systems, including LP and DU.
• Utilize Encompass software effectively to support mortgage loan processing activities.
• Obtain and review documentation to ensure acceptability and satisfaction of underwriting conditions.
• Submit credit packages to the correspondent lender for underwriting review and provide all required underwriting conditions in a timely manner.
• Complete final quality assurance reviews, including reverification of employment and review of any additional debt.
• Coordinate closely with the Mortgage Loan Consultant and correspondent lender, while keeping the department and other relevant stakeholders informed of file status.
• Establish and maintain effective working relationships with Mortgage Loan Consultants, investors, attorneys, title companies, Realtors, and developers.

Closing Responsibilities:

• Prepare closing documents in accordance with final underwriting approval, ensuring quality, accuracy of closing fees, and satisfaction of all closing conditions to support loan salability.
• Work with title companies to coordinate and confirm loan closings, validate and transmit final figures, and approve funding.
• Review HUD-1 statements and related reports for accuracy.
• Prepare closing packages using IDS and complete the TIL test.
• Manage wire activity, including ordering wires, tracking incoming wires for purchased loans, and providing wire breakdowns to Bank staff.
• Work with correspondent lenders to prepare and deliver loans for sale and provide final documentation, including loan registration and transfer through MERS to the new lender.
• Resolve all post-closing deficiencies in accordance with investor requirements.
• Maintain strong working relationships with Mortgage Loan Consultants, investors, attorneys, title companies, insurance companies, Realtors, and developers to support efficient operations, provide updates and documentation, and respond to questions or issues related to the mortgage loan process.
• Utilize Laser Pro effectively to support closing functions.

Additional Responsibilities:

• Support a collaborative team environment by cross-training in a variety of mortgage operations functions and stepping in as needed to assist team members, including file opening and support for Mortgage Loan Consultants.
• Perform other duties and responsibilities as assigned.

Qualifications:

• Strong knowledge of mortgage loan processing and closing, including an understanding of the end-to-end mortgage lending process and the technical skills required to support it.
• Knowledge of TRID and Closing Disclosure requirements.
• Intermediate proficiency in Microsoft Office applications.
• Intermediate proficiency in Encompass and Laser Pro.
• Experience with FiServ DNA is helpful.
• Excellent verbal and written communication skills, with the ability to interact effectively with a broad range of…