Mortgage Loan Processor

Mayo Employees Federal Credit Union • Rochester, MN

1d • $23 - $25 • Onsite

About The Position

Mayo Employees Federal Credit Union (MEFCU) is hiring a Mortgage Loan Processor to support and provide backup to its Mortgage and Lending Department. The role processes mortgage loan files in preparation for underwriting and prepares and coordinates documentation for loan closings. It ensures activities and relationships comply with the credit union’s mission, goals, and standard operating procedures. The processor must be familiar with the Truth-In-Lending Act and Regulation Z, the Real Estate Settlement Procedures Act, HUD’s Regulation X, and the Home Mortgage Disclosure Act and Regulation C. The role also provides backup support for home equity loan processing and may perform other duties as assigned.

The position is full-time, Monday through Friday, 8 AM to 5 PM, for 80 hours per pay period. It is based onsite at Cascade Lake Business Center in Rochester, Minnesota. The stated pay range is $23–$25 per hour, based on experience. The position is nonexempt.

Requirements

• High school diploma or equivalent.
• Two years of experience working in a financial institution.
• Must be bondable under MEFCU’s insurance policy; continued employment is subject to maintaining favorable bondable status under insurance standards.
• Knowledge of the Truth-In-Lending Act and Regulation Z, the Real Estate Settlement Procedures Act, HUD’s Regulation X, and the Home Mortgage Disclosure Act and Regulation C.
• Knowledge of credit union philosophy and operations, products, and promotions.
• Interpersonal communication, time management, organization, and superior customer service skills.
• Ability to manage time efficiently and perform multiple tasks simultaneously with a high degree of accuracy.
• Ability to be flexible in supporting work volumes, keep current on economic factors that may affect lending, and work independently and as part of a team.

Responsibilities

• Accept initial mortgage loan applications from the Mortgage Loan Officer and order relevant verifications, appraisals, flood certifications, title work, insurance binders, and other required items.
• Ensure disclosures are accurate and delivered to members within federally regulated time frames.
• Maintain orderly loan files and supporting documents while files await underwriting submission.
• Review residential mortgage applications for completeness and compliance with established standards, including mortgage type and amount, borrower assets and liabilities, and employment length.
• Obtain third-party verifications to corroborate application information, such as employment, deposits, and debt obligations.
• Follow up with third parties that do not complete required verifications promptly.
• Obtain written documentation for derogatory credit history.
• Schedule residential mortgage closings in accordance with policies and procedures.
• Respond to questions about closings and servicing from borrowers, settlement agents, real estate agents, and other parties to the loan transaction.
• Review preliminary information from closing agents, including title binders and surveys, for accuracy.
• Ensure closing papers are complete and forwarded to the closing agent promptly.
• Review post-settlement closing papers to confirm documents were received and executed in accordance with closing instructions and secondary-market or third-party investor requirements.
• Ensure funds due to the credit union are calculated correctly by the closing agent and received promptly.
• Provide backup support for home equity loan processing.

Benefits

• Affordable medical plans
• Six paid holidays and accrued paid time off
• Employer-paid life and AD&D insurance, with additional voluntary coverage available for purchase
• Employer-paid short- and long-term disability insurance
• Employer-paid health reimbursement account or health savings account contribution
• 401(k) plan with employer match
• Tuition assistance
• Flexible spending accounts
• Employer-paid identity theft insurance
• Employee assistance program
• Voluntary accident and critical illness insurance
• Discounted pet insurance program

What This Job Offers

• Job Type: Full-time
• Education Level: High school or GED