Sr. Loan Processor

Magyar Bank, a leader in the community banking sector, is searching for qualified candidates to join our Residential Lending team in the Central New Jersey area as Sr. Loan Processor.

The Sr. Loan Processor will be responsible for processing first mortgage applications and consumer loans in accordance with all applicable federal and state guidelines.

• Process residential first and second mortgage, personal & auto loan applications in accordance with all investor requirements, and federal & state regulations
• Verify and calculate financial information to determine applicant eligibility with respect to the Bank’s risk and salability to Secondary Market. Investigate credit depository and all other financial data
• Request information and followup with all necessary paperwork within established time frames
• Review eligibility of applications received from mortgage lenders. Keep lenders informed of status of loan applications in process. Reviews documents and interacts with customers to process applications. Ensure applications are processed within established time frames. Maintain contact with customers whose applications are in process. Interact with attorneys and realtors as needed.
• Update loan origination computer system and file documentation as needed. Ensure integrity of the data entered into the loan origination system
• Maintain a current knowledge of all Federal and State regulations pertaining to lending, including but not limited to compliance with FNMA, FHLMC, and PMI
• Review and monitor expiration of file documentation. Update documentation and files as needed. Update documents to comply with investors’ aging requirements.
• Function as backup for Sr. Loan Closing Rep and Loan Officer as required

• Maintain compliance while performing all job functions
• Other job duties as assigned

• Minimum of high school diploma or equivalent required. Some college preferred
• Minimum of 5-7 years mortgage loan processing experience required
• National Mortgage Licensing System and Registry (NMLS) required
• Current working knowledge of FHLMC and Fannie/Freddie guidelines essential
• Computer literate, including Microsoft Office and loan tracking systems
• Working knowledge of lending regulations, financial institution products and services required
• Strong customer service skills
• Must be detailed oriented
• Excellent communication skills, both verbal and written
• Ability to multitask in fast paced environment

$29.50 - $37.00 (hourly)

Magyar Bank offers a competitive salary and comprehensive benefit package, which includes medical, dental, life insurance and 401k.

Magyar Bank is an Equal Employment Opportunity/Affirmative Action Employer - M/F/D/V