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The purpose of the Loan Processor position is to process loans originated by Mortgage Loan Originators. Processors work closely with the MLO's and borrowers to ensure the application is thoroughly complete and adheres to company, investor, and industry standards. Processors are detail oriented, able to multi-task and prioritize to achieve their goals in a timely manner. Processors are responsible for upholding the company's commitment to quality, checking for accuracy from application and submission through underwriting and even post-closing. Processors are supervised by the head of Operations.
Responsibilities
Preparation of Loans for Submission
Manage the pipeline on a daily basis, concentrating accordingly on older or expired loans
Communicate regularly with the MLOs and borrowers regarding the loan status
Notify the MLOs and borrowers in the case of a credit or lock rate expiration
Maintain the stacking order of each file and set deadlines for any preliminary documents needed
Print and mail out verifications, when applicable
Pre-underwrite files verifying the accuracy of the documents and data, confirming that they reconcile accordingly to the initial application and up-to-date program guidelines
Submitted File Management
Review commitment and send to the borrowers
Clearly communicate to borrowers items that are outstanding and assist in addressing questions
Update the Conversation Log in the Loan Origination Software with all activity on the files
Order title and appraisal once conditionally approved by the assigned Underwriter
Reconcile file conditions and contact necessary parties within 24 hours for needed information
Verify accuracy of conditioned documents received
Submit appraisal, contract of sale and conditions to the Underwriter
Obtain a preliminary closing date from the MLO and borrowers
Contact the Closing Department, then coordinate with the MLO, borrowers and other parties to setup closing once all 'Prior to Approval' and/or 'Prior to Document' conditions have been cleared and title has been reviewed
Loan Correspondence
Notify the MLO and borrowers in the event of a counter-offer
Send written counter offer and declination to the borrowers
In the event a counter-offer is accepted, obtain additional information required for commitment
In the event a counter-offer is not accepted, notify the MLO for re-structuring
In the event a loan is denied, notify the MLO to communicate this to the borrowers
Ensure letters of denial are sent out to the borrowers accordingly
Qualifications
Excellent interpersonal and communication skills (verbal and written)
Self-starting, self-reliant, highly motivated and dependable
Efficient in time-management and ability to organize and prioritize tasks
Technological savvy and comfort in learning new computer systems and programs
Working knowledge of lending guidelines and a thorough understanding of the process and procedures
High school diploma required, college degree preferred
Minimum of 5 years of mortgage industry experience
Encompass experience a REQUIREMENT
Bi-Lingual-Spanish speaking required
