Residential Loan Processor

Under the direction of the Head of Mortgage Operations, the Residential Loan Processor is primarily responsible for processing loan files.

 

ESSENTIAL FUNCTIONS 

  • Prepares all regulatory disclosures ensuring compliance with all federal, state, bank, and investor regulations and guidelines. 
  • Stacks files in proper order, reviews signed disclosures for completeness and follows up on corrections or missing documents. 
  • Reviews file to ensure all vendor orders have been placed. 
  • Activates 4506-T and follows up on outstanding vendor documents. 
  • Communicates with customers and loan officers to meet financing timelines. 
  • Obtains and reviews documents as required by the underwriter and/or investor. 
  • Manages pipeline to meet all rate lock, commitment and closing dates. 
  • Performs all validation requirements for the loan file including reviewing documents, validating that documents have not expired, and performing final verbal verifications of employment within the prescribed timelines. 
  • Calculates income and reviews assets before submission to underwriting and/or investor, if applicable. 
  • Expedites the loan process by providing Loan Officers with current pipeline status and information relevant to the transaction. 
  • Perform a thorough review of borrower’s credit, employment, income and assets as required by the particular loan program before submitting to underwriting
  • Review the complete loan package to ensure proper order for underwriting:
  • Verify all required documentation (pre-underwrite) in the file;
  • Complete the required loan checklist;
  • Verify that an application is complete and accurate; and
  • Identify any potential issues that may arise in underwriting
  • Other tasks as may be assigned by management.

JOB QUALIFICATIONS 

  • Ability to multitask and work independently. 
  • Ability to prioritize and work under time constraints. 
  • Desire to take personal responsibility to complete tasks and solve problems. 
  • Excellent oral and written communication, customer service and organizational skills.  
  • Able to use various types of office equipment and computer software such as Microsoft Office applications. Prior experience with Lending QB is preferred. 
  • One to two years related mortgage banking experience. 
  • Familiarity with residential lending regulations.