Mortgage Loan Processor The Mortgage Loan Processor is responsible for the processing of a mortgage loan application from origination to closing. Gathers all important data from client (income, assets, debts, REO documentation etc.). They verify and evaluate loan documentation such as debt-to-income ratios, credit reports, credit history, income sources, and property documents. They prepare and submit detailed loan applications to the credit department for a credit decision. Work closely with loan applicants and loan officers to gather financial information and verify the accuracy to determine creditworthiness and complete the mortgage loan application. Have thorough knowledge of the banking regulations. Need excellent communicative and interpersonal skills to be successful in the position. Should have at least 4+ years' experience in mortgage loan processing.
Essential Responsibilities:
Reviewing mortgage and consumer loan applications.
Verify customer's offer information given/provided.
Customer credit report analysis/verification/interpretation, including payment history. If needed, for additional information required.
Performs/executes the following verifications to the concerning institutions: employment verification, income statement, banking balance account and history. Evaluating applicant financial information including salary, assets, debts and expenses.
Calculating income by analyzing 1040's, 1120's and YTD Profit and Loss statements.
Appraisals analysis/revision needs to ensure the address matches the subject; the appraisal value and flood zone is accurate in the system.
Submit the interest rate lock and redisclose the LE and Lock-in Agreement.
Act as a liaison between applicants, and loan officers, real estate agents, title companies, and mortgage lending underwriters to help further a loan credit decision.
Maintain detailed documentation of the process in our system - from origination to close.
Submit a detailed loan application package to the Underwriting department.
Keeps customers informed on the loan application final decision. Informs customer on transaction relevant aspects as offer, monthly payments and terms (Mortgage Loan Commitment), or re-negotiate terms/conditions of approvals (Counteroffers). Contacts the customers to follow up on any pending condition.
Order's hazard/wind/flood property insurance as applicable.
Order's Master hazard/flood/H06 insurance as applicable.
Obtains title work documents and clears with the FB Legal department if not a FB approved title company. Schedules the loan closing date and delivers clear approved cases to the Closing Unit for final loan closing
Ensure loan files meet lending and regulatory guidelines and policies.
Competencies:
(Behavior, Equipment Use, etc.): Knowledge and experience in mortgage lending and knowledge of FNMA and FHA guidelines. Also know the guidelines for Conventional Non-conforming. Knowledge of HMDA Regulations (Home Mortgage Disclosure Act) Good written and verbal communication Strong analytical and time management skills Attention to detail and accuracy Expertise on Microsoft Office, Internet, Encompass Mortgage System. Communications and interpersonal relations Work in teams Effort and engagement Problem Solving Fully bilingual, preferable
Interpersonal Communication: Continuous interaction/communication with customers, internal units within the Institution in order to complete necessary information/documents needed on evaluation/decision process for loan application.
Physical/Mental Demands: As a rule, regular working hours with a pleasant environment. As an exception overtime work is required to accomplish with units' goals. Visual accommodations are essentials.
Minimum Requirements:
Associate degree. Courses/Training: Mortgage area and or have thorough knowledge of the Mortgage Industry. Four plus years as an experienced Mortgage Loan Processor. Available to work holidays, some Saturdays, overtime and flexible schedule. Full bilingual preferable. Regulatory/Licensing Requirements: Employee must comply with all requirements related to the CFPB's Loan Originator Rule and the Secure and Fair Enforcement Mortgage Licensing Act of 2008 (SAFE Act) and its corresponding regulations, including, but not limited to, obtain and maintain an active record and a unique identifier within the Nationwide Mortgage Licensing System and Registry (NMLSR), continue to meet said record and associated minimum register standards, including any applicable continuing education courses set forth by the Safe Act.
Disclaimer:
The above statements are intended to describe the general nature and level of work being performed by people assigned to this job. They are not intended to be an exhaustive list of all responsibilities, duties, skills required of personnel so classified. The reporting relationship may not reflect the most recent changes to the corporate reporting structure. Equal Employment Opportunity Employer
