Remote Mortgage Loan Processor
SUMMARY: The Loan Processor serves a vital role ensuring that all loan documentation needed for the mortgage loan approval process is completed, documented, accurately verified and complies with industry, corporate and government policy. Loan Processors are responsible for overseeing all documentation required to take each client’s file from pre-approval to closing.
DUTIES AND RESPONSIBILITIES:
The following reflects management’s definition of essential functions for this job, but does not restrict the tasks that may be assigned. Management may assign or reassign duties and responsibilities to this job at any time due to reasonable accommodation or other reasons.
- Collect and review mortgage loan documents to satisfy loan conditions as required by the AUS or manual underwriting guidelines
- Ensure completeness of mortgage loan documentation and meet departmental service and quality standards
- Calculate income from all income sources including Salary, Retirement and Self-Employment while maintaining the data integrity and accuracy of AUS findings
- Prepare mortgage loan file for underwriting review by assessing loan application
- Effectively Communicate with clients, team members and management on outstanding requirements and conditions
- Update all involved team members after new documents are uploaded or status changes occur.
- Provide follow-up on a consistent basis with originators, borrowers, and agents to complete processing.
- Build rapport with our internal and external customers
- Continue to stay abreast of underwriting and compliance guidelines
- Be a team player who actively seeks training opportunities, solutions to various underwriting issues and shares best practices with all team members
- Knowledge of TRID and the re-disclosure process
- Be the point of contact for each customer by answering their questions and obtaining all necessary documents/information to complete the loan application process
- Additional tasks as assigned by management
- Communicate with other professionals, including attorneys, county clerks and title companies
- Ensures compliance with all banking laws, rules, regulations, and prescribed policies/practices/procedures necessary to reduce risk and uphold ethical standards related to and required by one’s duties.
Nature of Supervisory Responsibility:
To perform this job successfully an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill and or ability required.
- Associate degree preferred but not required
- 3+ years of mortgage loan processor related experience with thorough working knowledge of underwriting policies, compliance, and procedure
- Adept in Paperless Encompass Loan Origination System
- Excellent written and oral communication skills
- Proficient in Microsoft Office applications
- Capable of digesting and processing information quickly
- Strong organizational, problem-solving, multi-tasking and analytical skills
- Outstanding customer service orientation
- Ability to maintain positive communications with Operations and Sales staff
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. While performing the duties of this job, the employee is frequently required to do the following:
- Coordinate multiple tasks simultaneously
- Understand and respond to a diverse population
- Perform some repetitive motion activities
- Sit for long periods of time
- Require close vision and the ability to adjust eye focus often
- Required to talk and hear
- Required to reach with hands and arms
- Requires minimal weight to be lifted (not more than 10 pounds) or force exerted on a regular basis.
- Required to communicate electronically
- Occasionally required to stoop, kneel, crouch, and crawl
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of the job.
- Environment Conditions – While performing the duties of this job, the employee does not work in wet or humid conditions (non-weather), work near moving mechanical parts, work in high, precarious places, and/or endure outdoor weather conditions.
- Noise Level – The noise level in the employee’s work environment is usually quiet to moderate.
EVALUATION AND PERFORMANCE METRICS
- Company complaint ratio less than 2% of loan submitted to processing (KPI – Consumer satisfaction survey- made up of complaints submitted to compliance and closing survey results)
- Quality Control error ratio less than 2% (KPI – Quality Control plus Repurchases)
- Ensure 70% all loans are sold within rate lock commitment period with no extension fess.
- 70% of all loans purchased within 20 days or less from closing (KPI – Operational Efficiency)
- 70% of all loans are closed in 45 days or less
- Hit 80% of UNMB Production Goals
- Have a satisfactory result from Employee Satisfaction Survey
- Maintain of Pipeline of 45-55 units and months within normal work hours volume permitting
- Process and close 20 – 30 files/month Volume permitting