Job Title: Loan Processor
Reports To: Processing Manager
The Loan Processor is responsible for ensuring the timely and accurate processing of all loans originated by loan officers. The Loan Processor reviews files for completeness of submission and adherence to underwriting standards and regulatory compliance guidelines.
- Review files for completeness
- Verify accuracy of system input
- Analyze file; check ratios and program applicability
- Obtain accurate Automated Underwriting System (AUS) findings
- Consistent and effective communication with borrowers, loan officers and realtors regarding
- obtaining the required documentation for loan files and providing current status of loan files in
- process to all parties involved in the transaction
- Analyze credit reports, returned verifications and appraisal
- Prioritize work flow to ensure time sensitive files are handled in proper order
- Submit files to underwriting in a timely manner in accordance with company standards
- Ensure compliance with all regulatory and governmental standards, guidelines, rules and regulations
- Run and review compliance report to review compliance with HPML, High Cost, TILA and all other compliance checks
- Maintain current awareness and understanding of all regulatory compliance responsibilities of the position. Ensure that own work, as well as work of any employees supervised, is in compliance with all applicable laws, regulation, policies and guidelines.
- Ensure proper safeguarding of confidential and proprietary information of consumers and other protected information under the Company’s Information Security Policy.
- Unless properly licensed under the SAFE Act or applicable state laws, and the duties of the position so require, the incumbent will not perform such tasks as taking mortgage applications, offering or negotiating rates or terms of a mortgage loan with the consumer, soliciting, arranging or finding mortgage loans, or counseling consumers about residential mortgage loan rates or terms, as those actions may be defined by applicable laws and regulations.
- Minimum of a high school diploma and 3 - 5 years of related experience or equivalent is required.
- Strong knowledge of Conventional, FNMA, FHLMC, FHA, VA, RD and State Housing lending products, guidelines and requirements.
- Ability to analyze documentation and determine borrower ability to qualify.
- Ability to add, subtract, multiply, and divide in all units of measure, using whole numbers, common fractions, and decimals.
- Ability to compute rate, ratio, and percent and to draw and interpret bar graphs, as well as the ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume.
- Strong communication skills, pro-active approach, able to work independently and ability to multi-task.
- This position has familiarity with Microsoft Word/Excel/Outlook/SharePoint and the Internet.
- The Processor is also proficient in using Encompass and automated underwriting systems (AUS) to include DU/DO, LP and GUS and has in-depth knowledge of mortgage lending and mortgage regulations.