About This Role
This role involves guiding potential borrowers through the mortgage process, from initial consultation to loan closing, while ensuring compliance with all regulations. The officer will also actively build and maintain business relationships to generate new lending opportunities.
Responsibilities
- Meet with loan applicants to discuss viable mortgage options, counsel on credit and budget, develop a roadmap and process for mortgage approval, and assist with the loan application process
- Achieve productivity goals as set forth by manager
- Prequalify loan applicants by examining all borrower information and documentation, assessing creditworthiness, adequacy of income, credit and collateral, and calculating repayment risk
- Determine the maximum purchase price/loan amount based on borrower data
- Approve or deny real-estate loan applications that do not meet pre-qualification standards, and explain reasons for denial
- Gather and review necessary data to complete the loan review process including credit bureau reports; verifying debts and estimating monthly payments for any outstanding debts not listed on the application and ensuring they are added to the application
- Comply with all federal and state mortgage regulations and disclosure requirements
- Prepare mortgage loan application and documentation for underwriting and closing
- Ensure that each real-estate loan is processed accurately, troubleshoot any issues that may arise during the processing period, and maintain communication with the borrower throughout the processing period, as needed
- Develop mortgage loan business through continual identification, development, and maintenance of a quality network of business relationships that serves as a recurring source of referrals for new mortgage lending opportunities
- Oversee responsibilities of Mortgage Loan Assistant, if appropriate
- Perform other duties as may be deemed necessary
Requirements
- High School Diploma
- 2 years of experience in mortgage, banking, or other relevant experience
- Ability to represent Self-Help in networking functions and to develop and maintain key realtor and other relations that generate attractive loan/borrower referrals
- Strong analytical and quantitative skills and ability to independently handle loan applications and assess borrower ability to successfully repay loans
- Ability to consistently follow guidelines for file quality
- Ability to consistently meet productivity goals
- Ability to secure and maintain NMLS certification
- Ability to work collaboratively on a team
- Sensitivity to issues of low-wealth borrowers and a desire to work in a racially and socially diverse organization
