About This Role
The Loan Processor performs a variety of clerical and administrative tasks related to processing consumer, commercial, and mortgage loans. This role involves preparing loan estimates, compiling application data, assisting customers with loan questions, and supporting loan closings.
Responsibilities
- Respond to Lending Policy inquiries within scope of authority
- Prepare TRID compliant loan estimates, disclosing all closing costs accurately at application
- Compile, organize, and verify application data, including customer documentation, underwriting data (VOE, VOD, credit reports), ordering appraisal reports and subsequent reviews, following up on documentation, and requesting missing information
- Assist customers with questions regarding loan applications, terms, and product information in the absence of the Mortgage Loan Originator
- Prepare application disposition correspondence, including commitment letters, adverse action notices, and corresponding appeal information
- Maintain status of all applications for accurate preparation of Pipeline Report
- Receive and transmit applicant's commitment to conveyancing attorney
- Compile and organize appraisal reviews, Board presentation reports, and all related documentation for Loan Officer review; ensure accuracy of presentation information and materials
- Assist with loan closings, including preparation of files and documents for attorneys, review of attorney’s documentation for accuracy, disbursement of funds, prepare/update of LAR/HMDA data, closing audits, and quality control of files
- Keep abreast of all loan underwriting, processing, and closing tasks and assist as necessary to maintain smooth and effective workflow
- Assist management with related lending duties, including packaging loans for MI approval and conveyancing attorneys
- Prepare department reporting and participate in special reporting and/or compliance projects, including weekly pipeline report, HMDA data reporting and updates, Board of Investment reports, and record retention
- Keep abreast of residential and consumer loan products
- Comply fully with all federal, state, and local laws and regulations, policies, and procedures, including but not limited to TRID, TILA, RESPA, HMDA, the S.A.F.E. Act and its registration, renewal, and updating requirements
Requirements
- 1-3 years administrative experience or college degree
- Loan processing experience preferred
- Experience using Encompass preferred
- Strong customer service, verbal, and written communication skills
- Must become a registered MLO in accordance with the S.A.F.E. Act
- Knowledge of lending regulations (e.g., TRID, RESPA, HMDA, Safe Act, TILA)
