Loan Processor

Loan Processor Job Description

Loan processors I are responsible for reviewing and verifying the accuracy of the borrower(s) financial documentation and the mortgage loan application. The loan processor gathers all the necessary documentation that is required to receive the loan approval. This includes the employment verification-Income documentation, bank statements, Liabilities and any other pertain information as applicable. The processors organize and label and update all documents that were provided into the Encompass loan file.

Responsibilities include but are not limited to:

• Act as point of contact to the borrower, loan officer, underwriter, closer and vendors from origination through the close of the mortgage transaction.
  
  
  
  • Confirm signed and returned.
  
  
• Trigger COC's as needed
• Order services and monitor receipt of services including but not limited to:
  
  
  
  • Title
  • Appraisal
    
    
    
    • Requests updates and/or re-inspection as necessary
    
    
  • Transcripts
  • Social Security Verification if needed
  • Flood
  • Fraud ADV 120
  • FHA case numbers
  
  
• Process loan and obtain all documentation required per processing procedures including
  
  
  
  • Obtain Written and/or Verbal Verification of Employment
  • Run and review the AUS Findings.
  
  
• Submit completed loan file to Underwriting for decision
  
  
  
  • If incomplete or not ready for credit decisions, issue and monitor Notice of Incomplete Application to keep within Compliance timeframes
    
    
    
    • Work with the loan officer and the borrower(s) to gather all conditions for the loan decision from the NOIA
    
    
  • Attend weekly Pipeline meetings with the loan officers.
    
    
    
    • Monitor and ensure closing dates are updated in Encompass and notify loan officers on any concerns example: documentation expiration dates, rate lock expiration dates etc.
    
    
  
  
• Work with Loan Officer, borrower(s) and third party vendors to obtain outstanding conditions timely for loan to move to Clear to Close status
• Maintain the e-folder confirming folders are well organized and only contain current version of documents.
• Assist with any Post Closing concerns in a timely manner.

Qualifications

Education:

High School Diploma or Equivalent.

Experience:

1+ year's recent Loan Processing experience in the mortgage industry.

Skills/abilities: Must be detail oriented and demonstrate strong organization, communication and time management skills.

Knowledge of Freddie Mac, Fannie Mae and FHA/VA guidelines. Knowledge of general federal and state mandated consumer disclosure requirements.

QUALIFICATIONS:

• Ability to work independently and leverage relationships.
• Strong ability to prioritize and handle multiple projects and complete them on time.
• Ability to work in fast-paced environment
• Willingness to learn new concepts to grow and advance
• Ability to work collaboratively with loan officers and underwriters
• Adaptability to change.
• Self-starter
• Team player.