Assumption Processor II

Cenlar FSB•Ewing, NJ

About The Position

The Assumption Processor is responsible for evaluating initial assumption applications for eligibility based on investor guidelines, including VA, FHA, Fannie Mae, Freddie Mac and private investors. The processor works primarily with borrowers and applicants to receive and review loan applications, send/receive disclosures, pull credit, calculate debt-to-income ratios, obtain conditions, and submits complete packages to underwriting for a credit-qualifying review.

Requirements

Bachelor’s degree or equivalent experience
3+ years of prior processing experience
Strong analytical skills and attention to detail
Strong commitment to Excellent Customer Service
Advanced knowledge of Excel and spreadsheet proficiency
Excellent written and verbal communication skills
Ability to problem solve with solutions

Nice To Haves

Knowledge of Calyx preferred

Responsibilities

Reviews assumption requests for eligibility based on client and investor guidelines
Prepares and sends new assumption applications to eligible parties
Serves as point of contact for all assumption questions; walks borrower/applicant through assumption process and set expectations around processing, underwriting and closing timelines
Reviews incoming applications to determine completeness; works with borrowers/applicants to obtain missing documentation, such as bank statements, pay stubs, processing fees, property tax bills, etc.
Ensures NMLS certification is completed annually to maintain active LO status
Prepares various TRID disclosures, including Loan Estimates, at the onset of the assumption process to ensure compliance with investor and regulatory requirements
Submits complete applications to underwriting
Works with applicant to obtain any conditions as determined by the underwriter
Maintains knowledge of investor guidelines; i.e. – required credit score, DTI, ratios
Provides direct contact for applicant, borrower and client status inquiries
Pulls credit reports, property reports and verification of employment for review, as needed
Assists with other projects as assigned by Special Products Management
Appropriately assess risk when business decisions are made, include but not limited to compliance and operational risk. Demonstrate consideration for Cenlar’s reputation as well as our clients, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.