Mortgage Loan Processor

SUMMARY

A Mortgage Loan Processor provides professional support services to a Mortgage Loan Originator by assembling a completely documented residential mortgage loan file in preparation for submission of the file to the underwriting department where the decision is made to grant or deny the loan.

ESSENTIAL FUNCTIONS

• Verifying personal and financial information provided by the loan applicant to the MLO during the application interview.
• Updating the LOS system to record any changes in the loan application status.
• Following up on outstanding documents requested but not yet received from third party sources. Providing timely reminders to loan applicants who have not yet submitted required information.
• Keeps MLO’s informed of any changes that may require additional information from the borrowers. Demonstrates good customer service skills by answering questions from loan officers and customers pertaining to loans in process, potential loan requests and general information.
• Orders appraisal and follows up to ensure order has been received and appraisal will be completed in a timely manner.
• Orders title work from the attorney. Follows up to ensure order was received and will be completed in a timely manner. Reviews title work once received to look for deficiencies such as 2nd liens, encroachments, etc. that could potentially delay or stop closing.
• Prepares and submits the loan to underwriting by gathering supporting documentation and verifying information on the original application.
• Interprets underwriting results and collects information required to clear contingencies for final approval.
• Communicates with loan officers and/or borrowers to advise of closing contingencies.
• Arranges and coordinates loan closing with attorneys, loan officers and/or borrowers and mortgage loan closer.
• Reviews withdrawn files, updating LOS and submits file to the Adverse Action Department.
• Reviews Insurance policies and verifies sufficient coverage for the mortgage loan
• Completes HMDA worksheet to ensure that all fields are accurate in LOS system
• Reviews current pipeline and updates the report information as necessary
• Reviews First Bank approved attorney list to make sure closing attorney is on the list. If not, gather documents from requested attorney and send to legal department to request approval.
• Adheres to all levels of our Service Excellence Culture.
• Completes annual compliance courses.
• Adheres specifically to all corporate policies and procedures. Also adheres to Federal and State regulations and laws; including, the Bank Secrecy Act and the Anti-Money Laundering Act.
• Adheres to all levels of our Service Excellence standards.
• Performs other duties as required.

GENERAL QUALIFICATIONS

Knowledge & Experience : These specifications are general guidelines based on the minimum experience normally considered essential to the satisfactory performance of this position. Individual abilities may result in some deviation from these guidelines.

• High school diploma or general education degree (GED); work related experience should consist of a minimum of 2 years’ experience in processing secondary mortgage loans. Educational experience, through in-house training sessions, formal school or financial industry related curriculum, should be business or financial industry related.
• Has a basic knowledge of related compliance regulations such as RESPA, Fair Lending, HMDA, etc.
• Intermediate knowledge of Bank operations, products and services; related state and federal laws and regulations, and other Bank operational policies and procedures.
• Excellent organizational and time management skills – ability to work with minimal supervision.
• Intermediate skills in computer terminal and personal computer operation; mainframe computer system; word processing, spreadsheet and specialty software programs.
• Exceptional verbal, written and interpersonal communication skills with the ability to apply common sense to carry out instructions and instruct personnel.

Physical Demands/Work Environment: Vision, hearing, speech, dexterity, visual concentration. A valid driver’s license is required. Must have the ability to stand, walk, sit and use hands and fingers. Must have the ability to work the hours and days required to complete the essential functions of the position, as scheduled. The environment is a professional office with standard office equipment.

Cognitive Requirements: Learning, thinking, concentration, ability to exercise self-control, ability to work in a customer relations’ environment. Must be able to pay close attention to detail and be able to work as a member of a team. Must have the ability to interact effectively with co-workers and customers, and exercise self-control and diplomacy in customer and employee relations’ situations. Must have the ability to exercise discretion as well as appropriate judgments when necessary.

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.