The Loan Processor pre-underwrites purchase and refinance mortgage loans in accordance to agency and investor guidelines. This position communicates with loan originators, underwriters, and borrowers to ensure the file contains the necessary documentation for underwriting approval and closing.
Reasonable accommodations may be made to enable individuals with disabilities to carry out essential functions.
1. Validates the information on the application and confirms the borrowers’ creditworthiness. Verifies income calculations.
2. Communicates with the borrowers, underwriters, and loan originators in a timely manner. Updates the borrowers and loan originators on the status of the file.
3. Requests and reviews documentation, such as bank statements and letters of explanation, from the borrowers and loan originators to receive approval and close the file.
4. Orders tax transcripts, social security verifications, USPS confirmations, LDP/GSA reports, FHA case numbers, VA case numbers, VA certificates of eligibility, USDA conditional commitments, appraisals, final inspections, surveys, bank verification’s of deposit, flood certificates, and title work as well as obtains homeowners insurance policies.
5. Consults external employers to verify borrowers’ employment and earnings.
6. Perform Mavent reviews and MERS reports to confirm files are eligible and compliant.
7. Updates information, such as closing dates and borrower details, in Encompass and on reports.
8. Meet the service-level agreements to ensure loans close on time.
9. Maintains current knowledge of Fannie Mae, Freddie Mac, FHA, VA, and USDA guidelines as well as state and federal regulations.
Competencies include but are not limited to the following:
1. Analytical Thinking
2. Customer Service
3. Communication Proficiency
4. Organizational Skills
5. Time Management
6. Detail Oriented
7. Computer Proficiency
This job operates in a professional office environment. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets and fax machines.
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 occasionally required to stand; walk; sit; use hands to handle objects, tools or controls; reach with hands and arms; and talk or hear.