Loan Processor

Job Summary

Under the direction of the Branch Manager, Operations Manager and/or Processing Supervisor, evaluates all information supplied on the mortgage loan application, verifies the validity of the information and assembles a completely documented file to Underwriting and Closing. Acts as the primary liaison between the loan officer, loan officer assistant, realtors, builders and the customer(s).

Essential Functions

1. Maintains knowledge of all policies and modifications to the guidelines and standards of the company, federal housing programs, investors, and private mortgage insurers.
2. Maintains and updates loan application information within loan origination software and other applications.
3. As applicable, orders appraisals, title, survey, verifications, and any other items required for loan approval; conducts regular follow-ups with outside sources regarding outstanding documents.
4. Verifies the data collected, analyzes, and decides whether it meets guidelines or if other documentation is needed; documents communication through the conversation log; ensures loan application is in compliance with underwriting, investor, RESPA, and HMDA guidelines.
5. Calculates income, reviews assets and liabilities.
6. Reviews all disclosures for completeness and compliance.
7. Completes final evaluation and analysis of completed application packages and submits eligible files specifying any applicable conditions.
8. Monitors rate lock for data integrity and expiration dates; communicates discrepancies to the Loan Officer.
9. May maintain accurate pipeline to ensure proper projections, closings, and regulatory compliance with Company, Federal, and State standards.
10. May prepare, when applicable, "Declination Letters." Ensures accurate disclosure of the reason(s) for the adverse action as soon as it is determined that applicants do not qualify.
11. May schedule closing appointments with respective parties (title companies, closing attorneys, corporate closing department and customers) Meets customer service standards as outlined by management.
12. May facilitate training of junior or newly hired processors regarding specific Prime operations including file flow, loan origination software, and other applications.
13. Updates loan officer, loan officer assistant, realtors, builders and customers on loan status.
14. Maintains communication with customers throughout the loan process, assisting them with any questions and notifying them of any additional requirements.
15. Maintains a professional image and adheres to standards consistent with company policies and procedures.
16. Other functions as needed.

Job Requirements

• High school diploma or equivalent.
• Minimum of 1 year mortgage banking experience as a processor.
• Must have working knowledge of Fannie Mae/Freddie Mac and FHA/VA policies and guidelines, as well as, Regulatory Mortgage Compliance, state, federal, local government, private investors and insurers.
• Must have working knowledge or ability to learn all operating systems and ability to facilitate training.
• Proficient in Excel, Word, Outlook, with the ability to learn other mortgage-related programs.
• Excellent written and verbal communication skills.
• Excellent organizational and time management skills.
• Demonstrated ability to interact effectively with branch, regional and corporate personnel, as well as realtors, sales agents, builders, appraisers, title companies, etc.
• Demonstrated judgment and decision making ability.
• Must be available to work all regularly scheduled hours; arriving at scheduled reporting time and at the prescribed time after any breaks or lunch periods.
• Must be able to work overtime, as required.