About This Role
The Loan Processor is responsible for processing residential mortgage loans, ensuring timely closure and adherence to quality metrics. This role acts as a liaison between the loan officer, borrower, underwriter, and funding, preparing and reviewing loan files for completeness and compliance.
Responsibilities
- Monitor the overall lending process, and identify, resolve and communicate issues that could impact timely closure of loans
- Identify potential issues and communicate to consumer and loan officer
- Request supporting documentation from borrower within required timeframes
- Order and review all third party documentation, including credit checks, title reports, appraisals, tax returns, verifications of employment/assets, etc. to identify and address potential issues
- Check ratios, and verify accuracy of AUS findings and program applicability
- Review and verify documentation integrity to ensure it aligns with findings, completeness and compliance, and submit loan file to underwriting for approval
- Identify qualifying/program issues prior to submission to Underwriting
- Provide options within guidelines and makes recommendations if borrowers may qualify for suitable programs
- Update and verify accuracy of data input into system
- Verify compliance with Company standards, federal and agency regulations, standards, and guidelines, as well as any applicable state-specific and or local regulations, ordinances, etc.
- Stay current with federal and state regulations and industry guidelines
- Obtain and verify clearance of all underwriting conditions and prepare the file for submission to Closing
- Order generation of loan documents
- Use and modify templates to compose professional correspondence and emails
- Provide status updates to Loan Officers and/or borrowers
Requirements
- High School Diploma or equivalent, required
- Minimum two years experience processing conventional loans, with at least one year experience in processing FHA or VA loans
- Ability to build strong relationships with loan officers, production, underwriting, closing and other internal and external partners
- Detailed knowledge of overall mortgage lending internal processes and control, as well as federal, state, and regulatory requirements/guidelines related to consumer mortgage lending for conventional and FHA or VA loans
- Detailed knowledge of conventional and FHA or VA loans, including various product/program guidelines, necessary conditions for approval, and investor specific guidelines
- Detailed knowledge of valid documentation related to processing consumer mortgage applications (e.g., tax returns, financial statements and records, verification of income and deposits, etc.)