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