Mortgage Loan Processor
About The Position
To process first mortgage loan applications for all residential and land loans to ensure compliance with secondary market and Virginia Credit Union (VACU) corporate policies and procedures. This role involves providing quality member service, assisting mortgage loan officers, and communicating with members regarding application status. The processor will handle full documentation loans, review and prepare loan documentation, and maintain an understanding of investor and VACU requirements, as well as state-specific loan and closing traditions. They will also update the mortgage loan origination system and assist with the preparation and scheduling of residential loan closings. Compliance with various regulations (B, C, X, Z, FACT, FDPA) is crucial, as is ensuring data integrity and accuracy. The role also includes assisting with system testing, investigating audit exceptions, and supporting post-closing documentation. Teamwork and contribution to departmental goals are expected.
Requirements
- High School graduate.
- Prior residential mortgage origination experience (conventional and government) preferred.
- Prior experience that demonstrates proficiency in processing conventional mortgages, including refinances and purchase.
- Working knowledge of conventional residential mortgage guidelines, products and terms.
- Knowledge of government related mortgage guidelines is preferred.
- Strong oral and written communication skills.
- Ability to make sound decisions.
- Ability to work in a deadline oriented environment.
- Strong problem solving skills.
- Excellent organizational skills.
- Good problem solving skills.
- Stress management skills.
- Excellent organizational skills.
- Detailed oriented.
- Team player.
- Ability to interpret VACU and FNMA origination policies, products, and an understanding of Rate Lock policy.
- Computer experience preferred but not required.
Nice To Haves
- Prior residential mortgage origination experience (conventional and government) preferred.
- Knowledge of government related mortgage guidelines is preferred.
- Computer experience preferred but not required.
Responsibilities
- Provide quality member service to meet the standards set by Mortgage Lending management and the Member Experience team.
- Assist mortgage loan officer with member communication from initial application through closing to ensure a smooth mortgage process.
- Communicate with the member regarding application status, (approval, denial, additional documentation, etc.).
- Prepare and mail loan documents including approval letters, etc.
- Communicate with mortgage loan officers, underwriting, and closing about file status and issues/concerns with the loan.
- Process all full documentation loans (purchase and refinance) specializing in Fannie Mae, conventional mortgages.
- Review, calculate and prepare loan documentation necessary to prepare the loan for underwriting.
- Maintain an excellent understanding of investor and Virginia Credit Union (VACU) requirements for a variety of loan products including conventional (traditional and non-traditional) and government lending.
- Maintain an understanding of state specific loan and closing traditions to insure that loans close on time.
- For converted pre-approval loans, prepare files for submission to underwriting and closing to ensure that the application meets secondary market standards or VACU guidelines.
- Update mortgage loan origination system on a timely basis.
- Assist with the preparation and scheduling of residential loan closings.
- Comply with Regulations B, C, X and Z regarding the completion, preparation, issuance and delivery of required disclosures.
- Insure data integrity and accuracy of all loans as measured by the number and severity of audit exceptions reported monthly by external and internal audit teams.
- Comply with all published enterprise level policies and procedures including, but not limited to, Risk Management policies.
- Complete all required, ongoing enterprise level training including, but not limited to BSA, OFAC, and Information Security.
- Report all Risk Management Policy violations in accordance with policy.
- Maintain excellent working relationships with Sales, Processing, Underwriting, and Closing team members.
- Assist with testing the mortgage loan origination system new product and program releases and updates/upgrades as needed.
- Assist management to investigate audit exceptions and formulate responses.
- Assists Post Closing in obtaining outstanding documentation for all closed mortgage loans.
- Contributes towards team and departmental goals.
- Other duties may be required and assigned.
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
Education Level
High school or GED
