Real Estate Loan Processor

Mission Fed•San Diego, CA

21h•$26 - $31

About The Position

The Real Estate Loan Processor assists members with completion of loan applications; processes refinance first mortgage loans and second mortgage loans. Interprets Desktop and Loan Product Advisor findings so that all possible loans can be approved while assuring a proper credit decision can be made. Determines required supporting documentation; analyzes basic income documentation, analyzes credit reports, credit scores; works with title, escrow and PMI companies and maintains communication with members and others involved; reviews loan documents for accuracy; ensures timely submission of loan applications to underwriting and closing. Keeps abreast of investor guidelines. Provides support to Loan Representatives and the Branches Network with file needs assistance, pricing and system issues.

Requirements

Associate degree or equivalent is required. Two years of related experience may substitute for every one-year of education.
A minimum of two years mortgage loan file processing or equivalent experience and basic knowledge of PMI rules and industry regulations is required.
Completion of registration with the NMLS (National Mortgage Licensing Registry) including a satisfactory result from a Federal – Level background check is required.
Effective communication (verbal and written) skills that foster positive working environments, organizational skills.
Ability to convey a positive, professional influence in all situations, including challenging or flexibility and adaptability to change.
Ability to multi-task and possess strong relationship building skills.
Must be able to effectively work within team and individual capacity.
Working knowledge of 2014 CFPB compliance guidelines within Section 43 of Regulation Z. This includes the Ability to Repay Rule, Qualified Mortgage Rule, Higher Priced Mortgage Loans as well as HOEPA Section 32 tolerances.
Microsoft Office Suite, Internet, FNMA Desktop Underwriter, FHMLC Loan Product Advisor, All Regs Black Knight Empower system, Symitar, On Base, PMI websites are a plus.
Constant sitting.
Frequent repetitive use of the hand involving simple grasping.
Occasional lifting & carrying 0-25 lbs.

Responsibilities

Pre-qualifies borrowers and establishes loan application eligibility. Understands differences in programs and products to ensure file set up is within guidelines. Supports the Loan Representative in calling out approvals, ordering appraisal and structuring the loan amount per guidelines.
Analyzes the income documentation requirements for the loan file. Knowledgeable in different sources of acceptable income. Researches guidelines to assist with accurate and relevant collection of income documentation.
Requests necessary documents from borrowers, reviews title reports and prepares verifications. Orders and reviews appraisals, title reports, credit reports, and escrow instructions.
Ensures files are in full compliance with Regulation B, Regulation Z, MDIA, CFPB and TRID regulations. Ensures the Intent to Proceed is present in the file before any production orders. a. Run Regulatory Assist PredProtect or like systems and review finding. Correct and/or update fees required on loan estimate and closing disclosures, as well as ensure proper disclosure with acknowledgement if required are executed accordingly.
Verifies accuracy of information received and updates computer, e.g. VOE, VOM, VOD appraisal date and all pages of the URLA. Ensures property type is accurate as per title, order correct insurance accordingly, ensures sufficient cash assets required for closing. Submits loans through Desktop Underwriter (DU) or Loan Product Advisor (LPA) and interpret findings. Submits Early Check system or AIM Check and address corrections to be made. Submits Compliance testing and addressing issues. Address property in a flood zone by obtaining signed acknowledgements, and sufficient flood insurance policies.
Develops and presents recommendations to underwriter for approval/denial of loan files.
Works with all parties to collect documentation to satisfy file conditions.
Locks in loan rates. Accurately prices all 2nd mortgage products. Works with Secondary to extend locks when necessary, before expiration.
Establishes close of escrow deadlines on refinance transactions. Ensures loans close within lock and commitment dates. Meets close of escrow as established by purchase contracts.
Maintains timely and professional communications with members, title companies, escrow companies, and appraisers. Assists borrowers during the loan process and provides information on different programs and options. Calls out loan denials to members.
Assists in the daily administrative department duties such as opening, reviewing, and logging in mail to the virtual filing system, and assisting with the phone queue to ensure member service levels are met.
Verifies receipt of missing documents, takes action in system of record, and scans/uploads/sorts items when received.
Keeps abreast of investor underwriting changes.
Looks for opportunities to cross-sells Mission Fed products and services.
Accesses valuation tools to generate property data.
Ensures that projects assigned are completed on time and that stated objectives are met.
Performs some tasks as they relate to TRID to assist the Loan Representative with timing and delivery in accordance with federal regulations.
Maintains in-depth knowledge of and complies with all Mission Fed, departmental and security policies and procedures, as well as federal regulations applicable to the position, including BSA requirements. Completes all required compliance training as assigned.
Performs other duties as assigned.