Loan Processor II

Job Description

Job DescriptionDescription:

TITLE: Loan Processor

REPORTS TO: AVP Central Processing Manager/Branch Manager

SUPERVISES: N/A

FLSA: Non-Exempt

BASIC FUNCTION:

The Loan Processor collects and processes supporting documentation for mortgage loan applications. They are responsible for ensuring files adhere to company policy as well regulatory and secondary market guidelines. They answer inquires and keep all parties, including but not limited to borrowers, real estate brokers and loan officers updated on the status of applications. They serve as liaison with service providers and vendors to ensure quality and timeliness of service. The Loan Processor will verify the accuracy of the application, collect documentation and submit the loan to underwriting for approval. They will follow up on any conditions required by underwriting to clear the loan to close. Once the loan is cleared of all conditions, they will schedule the loan with the closing agent, complete the pre-closing function and submit loan to closing.

ESSENTIAL DUTIES:

• Receive new loan application files from assigned loan officers, retrieve and review all program disclosures to ensure that all forms are signed and dated by all borrowers; all appropriate boxes are filled in and/or checked off. Verify that disclosures have been uploaded to the correct Placeholders and clear each disclosure in system. Follow up on any missing disclosures.
• Order case numbers for FHA and VA loans, submit VA appraisal fees and/or lock fees to HOME Accounting Department.
• Ensure Title Agent is approved to do business with HOME, and ensure that File Contacts have been updated so that services are ordered correctly.
• Order all required services including but not limited to: appraisal, preliminary title work, tax transcripts and verifications of employment.
• Complete LDP/GSA and CAIVRS as required
• Review all loan applications to ensure that processing system is complete, accurate, and in compliance with regulatory guidelines
• Review loan application against product specific guidelines, calculate income, review credit and verify borrower has sufficient assets to close.
• Run AUS if applicable and collect all documentation required to submit a complete loan package for underwriting approval.
• Upon loan approval, complete Conditional/Full Commitment letter(s) as needed.
• Work with loan officer on any loan that does not meet product guidelines to request exception, restructured loan or submit for decline if issue cannot be resolved.
• Obtain, review and have all conditions added by underwriter cleared to ensure that loans are complete and saleable when moved to closing.
• Review and clear all conditions designated as “processor allowed to clear” ensuring they meet all policy/guidelines requirements.
• Ensure that all conditions moved to Funding are submitted to underwriting by 12pm the day prior to closing and cleared by underwriter by 3pm. It is the processors responsibility to ensure that funding conditions are cleared by 3pm the day prior to the closing and to reschedule the closing if not cleared on time.
• Manage loan pipeline to ensure that all services are received timely and commitment and closing dates are met. Update pipeline weekly to ensure dates are correct and extended if necessary, and that any nonviable loans have been withdrawn.
• Issue Second Notice of Incomplete Application following established procedures to ensure files meet regulatory compliance requirements.
• Communicate effectively with all parties of the transaction including borrower, real estate broker, loan officers and underwriters.
• Schedule closing and complete pre-closing procedure.
• Act as a mentor to new or less experienced processors.
• Complete all assigned training and regulatory courses on time.
• May be required to perform other job-related functions as requested by manager, subject to reasonable accommodations.

Requirements:

KNOWLEDGE, SKILLS AND ABILITIES:

• Ability to read and understand credit reports
• Ability to determine funds required to close loan and meet reserve requirements
• Ability to calculate income for borrowers paid hourly, including overtime and bonus income.
• Ability to read and understand personal and business tax returns and calculate income according to investor guidelines
• Extensive knowledge of all types of mortgage loan programs including housing agencies, conventional and government loans, construction and construction rehab.
• Ability to read and interpret product and investor guidelines
• Ability to complete tasks timely under variable demand scenarios
• Strong attention to detail with excellent interpersonal and written communication skills
• Excellent time management and organization skills are essential
• Able to work with co-workers, vendors, and all levels of management.
• Ability to identify and resolve problems in a timely manner by gathering and analyzing information.
• Effective oral and written communication with customers, co-workers and all levels of management
• Must be able to interact with customers in a courteous manner face to face, by phone and email
• Team player that is highly motivated and goal oriented
• Be able to work under pressure, meet deadlines and handle a flexible schedule if required
• Computer literate, familiarity with mortgage processing software is a plus

EDUCATION/REQUIREMENTS:

• 2 to 5 years of loan processing experience
• High School diploma or equivalent required

WORK SCHEDULE:

• Ability to work five days a week Monday through Friday from 8:30 am to 5:00 pm and overtime as needed.

PHYSICAL DEMANDS:

While performing the responsibilities of this position, the employee is required to effectively communicate verbally. The employee must be able to effectively operate a keyboard, and clearly communicate on a telephone. The employee is occasionally required to stand, walk and reach with arms and hands and occasionally lift and/or move up to 10-15 pounds. Vision abilities is required by this job includes close vision.

The requirements outlined above are representative, but not all-inclusive, of the knowledge, skill and ability of this position. Reasonable accommodations will be made to enable employees with disabilities to perform essential job function