Mortgage Loan Processor

Tower Federal Credit Union • Laurel, MD

117d • $31 - $39

About The Position

The Mortgage Loan Processor (MLP) is responsible for processing first mortgage loans by ordering, gathering and analyzing documentation required to facilitate the movement of loans through to underwriting and closing as efficiently and timely as possible. The MLP is responsible for timely communication with all appropriate internal and external parties associated with the mortgage loan transaction ensuring an accurate exchange of information to achieve successful and timely closings of the mortgage loans in their pipeline. The MLP must make certain loans meet all guidelines, and regulatory/ compliance requirements. The MLP has the responsibility to submit quality loans with all relevant information to underwriting for a loan decision.

Requirements

• At least 2-3 years of experience as a mortgage loan processor with an emphasis on conventional real estate loan products.
• Experience with DU or LP automated underwriting systems.
• Possesses a thorough knowledge of conventional and private investor loan programs and demonstrates an understanding of the necessary documentation requirements for processing and obtaining underwriting approval.
• Has a thorough knowledge of real estate lending practices, including federal regulatory requirements, state regulations, FNMA/FHLMC guidelines and MI guidelines.
• Successful registration, including compliance and maintenance of registration, with Nationwide Mortgage Licensing System and Registry in compliance with Secure and Fair Enforcement Licensing Act (SAFE Act).

Nice To Haves

• Prefer a B.A. or B.S. in business.
• Knowledge of VA and private investor guidelines.

Responsibilities

• Process first mortgage loans from completion of loan set up by the Loan Advisors and/or Web Applications through to Clear to Close ensuring that all requirements and conditions have been met while maintaining compliance with state and federal regulations.
• Timely and accurate ordering and collection of all documentation required to complete the processing of the loan file in preparation for submission to underwriting.
• Verify and analyze documentation received to include but not limited to credit report, paystubs, W-2s, personal tax returns, business tax returns, bank statements, retirement statements, property appraisals, AUS findings and any other documents necessary to determine adherence to FNMA/Tower FCU/MI/other Investor guidelines and overlays.
• Price and lock in loans as necessary working closely with the members and Loan Originators ensuring accurate pricing to include the interest rate, origination fee and discount points.
• Collection of all applicable fees from the members to include but not limited to the Application Fee, Condo Certification Fee, etc.
• Thorough review and analysis of documentation obtained throughout the process in order to determine continuous loan eligibility and an update of the data in the LOS to ensure data integrity.
• Resubmission of loan to FNMA Desktop Underwriter as review and analysis of documentation obtained during loan processing dictates the updating of data related to the loan characteristics.
• Disclosure of Loan Estimate in accordance with all federal regulations set forth by the CFPB, RESPA and Reg Z including the updating of fees within acceptable parameters and tolerances.
• Maintain regular and timely contact, obtaining and disseminating appropriate information, with appropriate internal and external parties.
• Perform a careful in depth examination of the appraisal report and collateral for the loan.
• Submission of quality loan files to underwriting that includes current accurate data and information within the LOS and all required documentation necessary for underwriting to conduct a thorough review of the loan file.
• Work closely with the Loan Closer and the Title Company to assist in the preparation of the Closing Disclosure in accordance with all federal regulations.
• Timely delivery of the Closing Disclosure to the member with thorough communication and explanation.
• Diligent monitoring of individual pipeline to ensure timely movement of files in order to meet deadlines.
• Recommend loans for denial to Senior Real Estate Underwriter, Manager of Real Estate Lending or VP of Lending when applicable.
• Maintain a thorough knowledge of all Tower FCU product guidelines, policies and procedures.
• Access Member personal and financial information only as required by the job.
• Perform other duties and assignments as requested by the Manager of Real Estate Lending Department.

Benefits

• $1000 Signing Bonus effective 1/20/2024
• Option of $0 out-of-pocket premium cost for Employee Only PPO
• Exceptionally low premiums for all other PPO coverage levels

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Industry: Credit Intermediation and Related Activities
• Education Level: Bachelor's degree