Mortgage Loan Processor
Responsible for handling a pipeline of real estate loans from the time they are submitted by the Mortgage Loan Originator (“MLO”) or the Financial Service Representative (“FSR”) to the time they are funded and submitted for quality control.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
- Provide administrative support to MLO and FSR including updating loan data in the LOS, validating documents they submit and reviewing the file for accuracy, completeness and compliance.
- Communicate with borrower throughout the loan process to ensure a high quality experience.
- Process loan to include verification of employment, deposit accounts, and all liabilities in order to prepare application package for underwriting.
- Contact third parties to request required documents such as Appraisal, Title, Flood Certification, Tax Transcripts and Mortgage Insurance, if needed.
- Ascertain the need for, and obtain Mortgage Insurance and Flood Insurance.
- Proactively follow up with borrowers and third parties to ensure timely receipt of conditions as established by service level agreements.
- Communicate with MLO and Underwriter to ensure file is meeting expected service level time frames. Keep them inform them of any deficiencies. Hold regular pipeline meetings.
- Obtain, review, and clear conditions within parameters set forth by the Underwriter in order to attain a clear to close.
- Ability to interpret credit report, appraisal, title, and DU findings.
- Basic business math to calculate loan-to-value and debt ratio.
- Manage digital and hard files by scanning and verifying documents in the imaging system.
- Coordinate closings with all pertinent parties.
- Resolve any open conditions.
- Perform Verbal Verification of Employment when required.
- Obtain final Mortgage Insurance Certificate when required.
- Prepare payoff letters when required.
- Obtain copy of current homeowner’s insurance and flood insurance (if applicable) and make sure mortgage clause is in favor of credit union.
- Prepare escrow analysis when required.
- Validate interest rate and ensure any rate locks have not expired.
- Prepare loan closing documents for Mortgages and Home Equities.
- Review and approve HUD from settlement agent.
- Review signed documents and approve loan funding.
- Track signed closing packages for delivery from settlement agents of FSR’s.
- Review documents for accuracy and compliance.
- Process wire transfer.
- Book loan to core system and complete Post-Closing Checklist.
- Scan file to imaging system and prepare the file for Quality Assurance.
3. Perform responsibilities of position in accordance with federal and state regulations as well as credit union policies and procedures.
4. Assist in training new employees
5. Cross-sell credit union products and services as appropriate.
6. Recommend changes to improve workflow, efficiencies and quality.
7. Meet Core Comp Requirements.
8. Performs additional duties as assigned.
Performance is measured against the core competencies as outlined by the position and against goals established by the supervisor.
- Some college preferred
- Two to three years’ experience in Mortgage processing; or a comparable combination of education and experience.
- RESPA and TILA guidelines.
- This position requires that the employee gain a working knowledge of Bank Secrecy Act (BSA) requirements and how they will affect their work. The employee will comply with all requirements of the BSA and cooperate with the designated BSA Officer in assuring compliance.
- Must have excellent communication skills.
- Using PC based software including Microsoft Word, Excel and Outlook. Processing mortgages, preparing closing documents, funding loans; Client experience is preferred.
- Strong attention to detail. Ability to prioritize. Must project a professional appearance and positive attitude at all times. Must be team oriented.
To apply for this job email your details to email@example.com