About This Role
The Loan Processor manages the loan application process from submission to approval, ensuring accuracy and compliance with all regulatory requirements. This role suits a detail-oriented and organized individual who is passionate about helping clients achieve their financial goals and thrives in a fast-paced environment.
Responsibilities
- Prepare and review loan closing packages and all associated paperwork
- Ensure the accuracy and completeness of all required documents
- Ensure all closing details comply with state and federal regulations
- Accurately enter loan information on the Customer Information System and perform appropriate file maintenance as loans are originated
- Prepare and send loan commitments to the customer for approved loans
- Double-check title insurance commitment for exceptions and conditions
- Prepare figures, loan closing documents, and disbursement checks as loans are scheduled to close, and forward them to the Loan Officer for closing
- Set up closed loans on the data processing system
- Check homeowner's and flood insurance policies for accuracy in coverage and expiration dates upon receipt, and file policies for future retrieval
- Perform quality assurance review of loan packages prepared by peers
- Ensure accuracy of data as it relates to the Home Mortgage Disclosure Act (HMDA)
- Route documents for recording, request title final, and assure the return of recorded documents to prepare the loan file for inventory
- Calculate payoff amounts, prepare payoff statements, and update the online system with appropriate input as mortgage payoffs occur; take action to cancel PMI
- Work with other operations staff to forward escrowed tax amounts to customers for payment of real estate taxes (Year-end)
- Assist in performing tasks necessary to make rate adjustments to existing mortgages
- Perform other tasks in support of lending operations as requested by the Loan Processing Lead
- Maintain a system to ensure compliance with flood insurance requirements on loans where it is required; take appropriate action when non-compliance is identified
- Review and forward applications for credit life and disability; ensure that policies are issued; handle correspondence; respond to customer's inquiries regarding these products; assist customers in filing claims when death or disability occurs; balance credit life and disability accounts and make remittances to insurers when appropriate
- Daily, review new loan and commitment reports for accuracy and take corrective action when necessary; receive and file final title insurance documentation; quarterly, check IRS reports
- Maintain a portion of files of homeowner's insurance; file updates; ensure that there is current coverage on all loans in assigned files
