Mortgage Loan Processor Loan Coordinator

Job Description

Loan Coordinator - Loan Processor

Starting pay ranges between $18-$29/hr depending on experience plus bonuses based on production

This position requires the ability to work a hybrid schedule in our downtown Chicago office but work from home opportunities will be available.

The Mortgage Loan Coordinator - Processor position contributes to the mortgage loan process by being a key contact for both borrowers and internal partners within Summit Funding to manage a pipeline of loans from contract to close.

• Receive loan applications, obtain credit information for applicants, and collect all needed documentation for loans.
  • Documentation to include:
    Verifications of Deposit (VOD), Verifications of Employment (VOE), appraisal, title, etc. as appropriate.
• Answer all borrower questions or refer to Loan Officer as needed.
• Verify loans are complete and submit to Underwriting based on Investor and/or Automated Underwriting System (AUS) requirements within 24 hours of receipt of documents.
• Clear any conditions that require communication to title companies, appraiser, employers, surveyors, etc.
• Solve escrow issues without involving the Loan Officer when possible.
• Collect all necessary items needed to prepare the Closing Disclosure (CD) and ensure timely drawing and delivery of the CD in order to meet the expected close of escrow.
• Ensure closing instructions and documents have been released to title 72 hours before closing, and a final settlement statement is issued to the Loan Officer or team 48 hours prior to closing.
• Review all closing statements and compare to signed Good Faith Estimate (GFE) before signings, and correct discrepancies where needed.
• Meet with clients to sign loan documents.
• Send out correspondence including thank you cards, closing cost calculations, etc.
• Maintain a detailed conversation log for each file.

• Minimum of 1 year of recent experience in mortgage, preferably in processing
• Working knowledge of loan program guidelines including conventional, jumbo, condo, DPA (IDHA), government loan programs and NQM (DSCR and bank statement)
• Proficiency in DU/LP/GUS and Encompass or other major LOS
• Ability to calculate income
• Strong verbal and written communication skills
• Creative problem solver with a positive attitude
• Ability to prioritize and multi-task in order to meet deadlines, strong organization skills
• Strong sense of urgency and responsiveness along with the ability to demonstrate professionalism

All your information will be kept confidential according to EEO guidelines.