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Loan Processor

USA, California
Processing Pre-Assessment (Please Highlight in YELLOW Your Response to the questions below)
 
Name:
Date: 
 
1. The customer’s ex-spouse is currently vested on title and will need to be removed to complete the refinance. What document will you need from title to remove the ex-spouse? 
  1. Name change request
  2. Nothing, title can update the vesting by getting the divorce decree copy
  3. Quit Claim Deed
  4. Deed of Removal 
 
2. You send the CD out on 10/2, the borrower e-signs the CD on 10/3. What is the earliest date the signing can be scheduled? 
  1. 10/6/19 
  2. 10/3/19 
  3. 10/8/19 
  4. 10/7/19 
 
3. What item below is NOT needed to submit a loan to underwriting for conditional approval review? 
  1. Photo ID 
  2. Complete 1003
  3. Income documents (if using to qualify) 
  4. Signed disclosures 
 
4. How many days do we have as a lender to send a customer a change of circumstance (COC) loan estimate (LE) with a valid fee change? 
  1. 1 business day
  2. 3 business days
  3. 5-7 business days 
  4. 15 business days 
 
5. If the appraisal report findings indicate “subject to” what are the next steps? 
  1. Have customer complete the appraiser request repairs, and order a 1004D 
  2. Tell the customer that no value was given, and cancel the loan 
  3. No further steps needed, the appraisal report is completed 
  4. Have the customer confirm the value is ok, and order a 1004 
 
6. Which of the following types of income can be found on Schedule E of customers tax returns? (Select all that apply
  1. Income or loss from rental estate o Royalties
  2. Partnership
  3. S Corporations 
  4. All of the above
  5. None of the above 
 
7. Which (one) of the following loan types may not require the customer to provide income documents? 
  1. FHA Streamline
  2. Non-QM
  3. Conventional Rate and Term w/ Property Inspection Waiver 
  4. VA Cash Out 
 
8. Which (one) of the following events would require a full redisclosure? 
  1. The appraisal comes back higher than the estimated value and LTV decreases 
  2. The customers DTI increases and the AUS results are Approve Eligible 
  3. The employer address was wrong on the application
  4. The customer opts for a 15 year loan instead of a 30 year loan 
 
9. If the customer is obligated to pay Alimony or Child Support, their monthly obligation should be counted as a liability. 
  1. True 
  2. False 
 
10. If a salaried customer’s bi-weekly pay checks show a gross Income of $1789.22, what is their gross monthly income? 
  1. $3,578.44 
  2. $3,671.67 
  3. $3,678.64 
  4. $3,876.64 
  
ADDITIONAL QUESTIONS ANSWERED
> What is the current pipeline you are managing? 
> What types of loans have they worked with previously – Conventional / FHA / VA? 
> At least 2 years of experience? 
> What does your typical pipeline look like?
> What does your pipeline look like now? 
> Where is the majority of your experience, Retail or Wholesale?
> How many loans did you fund in your last month? 
> Do you know how to run AUS? 
> Do you know how to calculate income? 
> Do you have Full Doc Processing experience?
> Do you have END to END Processing Experience?
 
 
COMPENSATION PLAN
Base Pay = $19.23 / hr. = $3333 per month or $40,000 per year base 
We are allowing high OT due to volume. The current processor averages around 10 hours OT / week, which = about $15,000 annual in OT, or $1250 per month.
($3333 base + $1250 base OT = $4583 Total base per month, which is $55,000 annualized)
 
PRODUCTION COMMISSIONS
Average Monthly Funding’s per Processor = 40
40 Funding’s Pays $375 per = $15,000 production per month (no caps to production or commissions. Some LPS close 70+ per month) 
 
NEW HIRE FIRST 90 DAY PRODUCTION BONUS:
Guarantee – we offer a 3-month guarantee (6 bi-weekly payments) in addition to base pay; based off their years of relevant experience. Below are the tiers for each guarantee payment:
 
Tier 6 Bi-Weekly Yrs Exp
1 $2,155  4+
2 $1,345  3+
3 $655  2+
 
SAMPLE SNAPSHOT OF FIRST YEAR EMPLOYEE
Who works no OT, has Tier 1 Guarantee and hits the Mid-Tier 90-day bonus incentive:
 
Base Pay Minimum = $40,000
Production Commissions = $180,000 annual ($15,000 per month Avg X 12 months) 
=$220,000 Annual Base+ AVERAGE Commissions (high performers will earn more) 
 
Bonus + Guarantee Incentives paid within first 90 Days of Employment:
New Hire First 90 Day Production Bonus = Mid-Tier Bonus Payout of $15,000
Tier 1 Payout of $12,930 ($2155 bi-weekly payments X 6 payment)
=$27,930 Bonus + Guarantee
 
Thank you,
 
 
 

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