1 month ago
Type
Regular Full-Time
ID
2017-1298

Overview

The purpose of the Processor position is to process loans originated by Mortgage Loan Originators. Processors work closely with the MLOs and borrowers to ensure the application is thoroughly complete and adheres to company, investor, and industry standards. Processors are detail oriented, able to multi-task and prioritize to achieve their goals in a timely manner. Processors are responsible for upholding Equity Loans’ commitment to quality, checking for accuracy from application and submission through underwriting and even post-closing. Processors are supervised by the Branch Manager and ultimately report to the head of Operations.

Responsibilities

Preparation of Loans for Submission

  • Manage the pipeline on a daily basis, concentrating accordingly on older or expired loans
  • Communicate regularly with the MLOs and borrowers regarding the loan status
  • Notify the MLOs and borrowers in the case of a credit or lock rate expiration
  • Maintain the stacking order of each file and set deadlines for any preliminary documents needed
  • Print and mail out verifications, when applicable
  • Pre-underwrite files verifying the accuracy of the documents and data, confirming that they reconcile accordingly to the initial application and up-to-date program guidelines

Submitted File Management

  • Review commitment and send to the borrowers
  • Clearly communicate to borrowers items that are outstanding and assist in addressing questions
  • Update the Conversation Log in the Loan Origination Software with all activity on the files
  • Order title and appraisal once conditionally approved by the assigned Underwriter
  • Reconcile file conditions and contact necessary parties within 24 hours for needed information
  • Verify accuracy of conditioned documents received
  • Submit appraisal, contract of sale and conditions to the Underwriter
  • Obtain a preliminary closing date from the MLO and borrowers
  • Contact the Closing Department, then coordinate with the MLO, borrowers and other parties to setup closing once all ‘Prior to Approval’ and/or ‘Prior to Document’ conditions have been cleared and title has been reviewed

Loan Correspondence

  • Notify the MLO and borrowers in the event of a counter-offer
  • Send written counter offer and declination to the borrowers
  • In the event a counter-offer is accepted, obtain additional information required for commitment
  • In the event a counter-offer is not accepted, notify the MLO for re-structuring
  • In the event a loan is denied, notify the MLO to communicate this to the borrowers
  • Ensure letters of denial are sent out to the borrowers accordingly

Qualifications

  • Excellent interpersonal and communication skills (verbal and written)
  • Self-starting, self-reliant, highly motivated and dependable
  • Efficient in time-management and ability to organize and prioritize tasks
  • Technological savvy and comfort in learning new computer systems and programs
  • Working knowledge of lending guidelines and a thorough understanding of the process and procedures
  • High school diploma required, college degree preferred
  • Minimum of 3 years of mortgage industry experience
  • Completion of the Anti-Money Laundering, Fair Lending, and Equity Processing trainings are required

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