About the position
The Mortgage Loan Processor represents the company in customer service and evaluation of loan applications. This role involves verifying the accuracy of information on loan applications through outside sources, reviewing debt-to-income and loan-to-value ratios, and assembling and submitting a fully documented file to automated underwriting systems. The processor is responsible for reviewing appraisals, scheduling and facilitating loan closings, and ensuring that all necessary documentation is included in the loan file to support underwriting decisions and loan closings.
Responsibilities
- Maintain caseload in a timely and responsible manner, meeting or exceeding market expectations.
- Maintain open communication with applicants throughout the processing period, assisting with questions and notifying them of additional information needed.
- Promote excellent customer service through various contacts with Realtors, builders, applicants, and others.
- Daily monitor and act upon incoming mail and documentation needed for approval or closing.
- Maintain log and event tracking in the computer to keep staff aware of status, lock expiration dates, and anticipated closings.
- Review file and submit to automated underwriting systems for approval.
- Issue approval/conditions checklist and review appraisals for conditions or issues.
- Monitor compliance alerts in LOS and resolve with urgency, following procedures for TIL tolerances.
- Complete final evaluation and analysis of the completed loan package and prepare the file for closing.
- Provide status reports to applicants, Realtors, and loan officers at key stages of processing.
- Act as a backup to the closer, scheduling and preparing documents for loan closings.
- Prepare adverse action notices and 30-day notices when required.
- Participate in creating good working relationships with staff and customers.
- Answer customer calls quickly and efficiently.
- Assist team members when workflow requires.
- Assist in training new staff members in loan processing.
- Assist in maintaining and updating procedure manual.
- Comply with State and Federal Regulations.
- Utilize manuals and handbooks to increase knowledge and effectiveness in the position.
- Fulfill responsibilities with honesty, integrity, and professionalism, maintaining confidentiality.
Requirements
- High School Diploma or Equivalent.
- Specific knowledge related to mortgage documents and regulations, including Freddie Mac, Fannie Mae, FHA, Rural Housing, and MSHDA.
- Preferably two years of experience in mortgage processing.
- Familiarity with the provisions of the Bank Secrecy Act and USA PATRIOT Act.
- Ability to complete all required reports related to compliance acts.
