Loan Processor

General Summary

The Loan Processor takes ownership and is responsible for timely processing of Conventional, FHA, VA, USDA and Bond mortgage loan files. The Loan Processor ensures completeness of mortgage loan applications and works to satisfy requirements for advancement of loan files to Underwriting and Closing, while meeting department service and quality standards. This includes obtaining, reviewing, and assembling documentation, along with preparing and submitting files, demonstrating a knowledge of current rules and regulations. Loan Processors work closely with customers, originators, as well as internal and external partners, providing a high level of professional service.

Duties and Responsibilities

The primary job duties and responsibilities of this position include but are not limited to:

Review new files within 48 hours of receipt and verify that compliance documents were issued within proper time frame. Notify the appropriate staff member if additional documentation or information is needed

Review mortgage loan applications for accuracy and ensure LOS is updated appropriately

May work directly with borrowers answering questions and assisting in guiding them through the loan process

Confirm and validate loan application information by ordering all necessary documents to satisfy AUS (Automated Underwriting System) findings, investor and agency requirements

Validate loan in automated underwriting systems (DU, LP or GUS)

Use documentation to perform functions, such as calculating verified income or verifying assets, and update Encompass accordingly

Coordinate all third-party services such as survey, appraisal, title, homeowner’s insurance, etc.

Review all loan and verification documents for accuracy and update information in LOS (Encompass)

Utilize Government sites for VA and FHA files to place orders and obtain case numbers

Pull credit, order disclosures, appraisal, title, insurance and Verification of Employment (VOE) for loan files

Compile and review documentation (i.e., income, assets, liabilities, employment, etc.) received within 24 hours of receipt and follow up in the event of discrepancies or omitted data. Immediately notify Originator or appropriate staff if any discrepancies are identified

Receive appraisal and supporting documentation and notifies MLO of approval

Upload all relevant documentation received to Image Flow for validation

Prepare loan disclosures according to TRID regulations

Prepare and submit loan files to Underwriting (UW) for pre-approval decision and requests additional documentation to clear conditions

Review loan approval and ensure all tasks are completed and loan is on target to meet expected closing date

Send pre-approval letters and prepares files for closing

Proactively communicate loan status or updates to the Borrower(s), Originator and Third Parties

Assist with the clearing of post-closing conditions received to avoid any financial loss

Update various systems of record with critical loan information

Collaborate with title, valuation, underwriting, closing, technology, and other operational teams

Prepare mortgage loan commitment and denial letters, as applicable

Upon Clear to Close (CTC), submit loan files to Underwriting (UW) for final approval before submittal to Closing

Continue to stay abreast of underwriting and compliance guidelines and well as current regulatory lending laws and requirements

Maintain a focus on enhancing customer service skills and knowledge

Be a team player: actively seek training opportunities, solutions to various loan file issues and share best practices with team members

Review and manage pipeline of up to 25+ loans concurrently

Assist other Processors, Underwriters and Closing team members as needed

Additional duties as assigned

*Unlicensed associates who have borrower contact cannot quote rates, offer or negotiate the terms of a mortgage loan, take a mortgage application, or engage in any other activities that require a mortgage loan originator license.

THIS JOB DESCRIPTION IS NOT INTENDED TO BE ALL-INCLUSIVE. THE INCUMBENT WILL ALSO PERFORM OTHER REASONABLY RELATED BUSINESS DUTIES AS ASSIGNED BY MANAGEMENT.

Qualifications

Listed below are the minimum qualifications required to successfully perform this role. These qualifications are necessary for someone to be considered for this position.

Qualifications include:

High School Diploma or Equivalent required

5+ (five) years related experience as a processor, underwriter or equivalent

Thorough working knowledge of real estate documentation, underwriting policies, compliance, and procedures

Familiarity with TILA / RESPA Integrated Disclosure (TRID)

High level of proficiency with mortgage loan processing and underwriting systems, such as Desktop Underwriting (DU), Loan Prospector (LP) and Guaranteed Underwriting System (GUS). Experience in Encompass and Engen is preferred

Strong PC skill with experience in MS Office including Word, Excel, and Outlook are required

Demonstrated ability to pre-underwrite a loan file

Excellent customer service skills and high standards

Excellent written and oral communication skills to effectively communicate with people at all levels and from various backgrounds

Timely communication and response times according to Department SLA (Service Level Agreements)

Acute attention to detail with strong organizational, problem-solving, multi-tasking and analytical skills

Ability to work independently and handle multiple priorities under stringent timelines

Sound judgment and decision-making skills with the ability to make timely and sound decisions

Proven ability to handle multiple loans and meet closing dates

Physical Requirements

The employee must occasionally lift and/or move up to 25 pounds

Specific vision abilities required by this job include close vision

While performing the duties of this job, the employee is regularly required to sit, use hands to finger, handle, or feel; reach with hands and arms; and talk or hear

The employee is occasionally required to stand; walk; climb or balance and stoop, kneel, crouch or crawl

We are an equal opportunity employer and value diversity. All employment is decided on the basis of qualifications, merit and business need. We are committed to creating an inclusive environment for all employees.