Mortgage Loan Processor

About the position

The Loan Processor acts as a liaison between the loan officer, the underwriter, and the borrower. This position requests, receives, and analyzes borrowers’ financial information in order to prepare documents for underwriting and closing in a timely manner. The Loan Processor ensures application data is complete and complies with the Credit Union procedures and policies as well as Fannie Mae underwriting guidelines.

Responsibilities

• Review new loan applications and initial disclosures for completion and clarify missing or questionable information.
• Ensure interest rates are correct, locked, and proper documentation exists.
• Monitor and manage loans in progress to ensure loans are closed timely.
• Order credit reports, title reports, and requests; analyze and verify employment, income, assets, liabilities, debt ratios, LTV ratios, lending guidelines, and disclosures.
• Resolve loan application problems and high debt ratios; communicate status of loans to buyer, seller, realtor, loan officer, underwriter, and Title Company.
• Comply with FNMA Desktop Underwriting findings and obtain any supporting documents needed to complete the file.
• Submit and follow up on Private Mortgage Insurance requirements as applicable.
• Prepare and send all closing packages to title companies or internal branches; ensuring the accuracy of the loan documents, closing instructions, and sending any and all loan documents missing required signatures.
• Request specific missing documents as noted by the underwriter on the condition page.
• Perform the loan closing internally on HELOC loans that fall within the Real Estate Policy to be closed in-house.
• Ensure that all necessary items are available for underwriting, resolve conditions of underwriting, and submit loans for final approval.
• After the loan closes, review and clear all closing documentation for signatures, notaries, underwriting conditions, and accuracy.
• Complete yearly reporting for HMDA.
• Prepare files for loan funding.

Requirements

• High school graduate or equivalent
• 1-year previous mortgage processing experience for Conventional, FHA, VA, and HELOC loans OR 3 years experience in a consumer/business lending environment.
• Knowledge of mortgage-related regulations, procedures, and underwriting criteria.

Nice-to-haves

• Knowledge of the SAFE Act requirements and registration with the NMLS (Nationwide Mortgage Licensing System).
• Ability to perform due diligence for fraud prevention and security of member’s information.