Loan Processing Specialist

About the role

The role involves obtaining, preparing, and processing all necessary documentation for mortgage loan files through approval. It also entails ensuring customer service standards are met when responding to inquiries and ensuring loan processing complies with bank, regulatory, and investor guidelines.

Responsibilities

• Prepares loan files for submission to underwriting by inputting information into the system, completing processing sheets, and prioritizing documents in the file.
• Mails all required loan disclosures.
• Reviews and verifies each file to ensure all information is correct and current, receiving general instructions on routine work and new assignments.
• Orders credit reports, title commitments, surveys, and appraisals from the appropriate party and reviews for acceptability before submitting for approval.
• Acts as a liaison between customers and all parties involved in the transaction, communicating with customers if any items are needed for loan submission, and keeping them posted on loan status.
• Sets up files for automated underwriting for approval and completes loan packages for the appropriate underwriter for final approval and validation.
• Prepares approved loans for closing, coordinating with lenders, borrowers, and title companies for the reconciliation of money collected and disbursed, and the completion of data on the HMDA screen.
• Attends seminars, in-house training sessions, and/or reads mortgage publications to stay updated on new loan product guidelines and processing procedures, including credit guidelines and underwriting requirements.
• Sends verification for deposits, employment, installment loans, mortgages, and rentals as required, and provides loan origination services as needed for customer call-ins.
• Requests additional information from title companies, builders, Realtors, and others by phone, fax, or letter when needed, and prepares and mails Adverse Action Notices.
• Updates Loan Origination System (LOS).

Requirements

• High School Diploma or equivalency.
• One to three (1 - 3) years of mortgage processing or two to three (2 - 3) years of clerical, administrative support, or related experience.
• State Licensing may be required by some states.
• Understanding of FNMA and Freddie MAC guidelines.
• Knowledge of VA and FHA preferred.
• Understanding of loan processing and closing policies, procedures, documents, underwriting requirements, governmental and agency requirements, terminology, and automated processing systems.
• Understanding of credit policies and approval processes.
• Working knowledge of general office equipment.
• Strong analytical and problem-solving skills.
• Good interpersonal skills to work well with loan officers and customers.
• Excellent verbal and written communication skills.
• Excellent organizational and time management skills.
• Able to manage multiple tasks/projects and deadlines simultaneously.
• Able to work well under pressure.
• Able to type at least 60 WPM accurately.
• Able to work under sometimes demanding conditions while maintaining professionalism and enthusiasm.
• Able to lift 10- 20 lbs. of files or other loan documents.
• Able to sit for long periods of time preparing and processing mortgage loan files.

Qualifications

• High School Diploma or equivalency.
• One to three (1 - 3) years of mortgage processing or two to three (2 - 3) years of clerical, administrative support, or related experience.
• State Licensing may be required by some states.
• Understanding of FNMA and Freddie MAC guidelines.
• Knowledge of VA and FHA preferred.
• Understanding of loan processing and closing policies, procedures, documents, underwriting requirements, governmental and agency requirements, terminology, and automated processing systems.
• Understanding of credit policies and approval processes.
• Working knowledge of general office equipment.
• Strong analytical and problem-solving skills.
• Good interpersonal skills to work well with loan officers and customers.
• Excellent verbal and written communication skills.
• Excellent organizational and time management skills.
• Able to manage multiple tasks/projects and deadlines simultaneously.
• Able to work well under pressure.
• Able to type at least 60 WPM accurately.
• Able to work under sometimes demanding conditions while maintaining professionalism and enthusiasm.
• Able to lift 10- 20 lbs. of files or other loan documents.
• Able to sit for long periods of time preparing and processing mortgage loan files.

Skills

• Loan processing and closing policies, procedures, documents, underwriting requirements, governmental and agency requirements, terminology, and automated processing systems.
• Credit policies and approval processes.
• Office equipment.
• Communication skills.
• Time management.
• Problem-solving skills.
• Interpersonal skills.
• Typing skills.
• Physical abilities.

Benefits

• Competitive overall compensation package.
• Work/Life balance.
• Employee engagement activities and recognition awards.
• Years of Service awards.
• Career enhancement and growth opportunities.
• Ledership Academy and Mentor Program.
• Continuing education and career certifications.
• Variety of healthcare coverage options.
• Traditional and Roth 401(k) retirement plans.
• Lucrative Wellness Program.

Pay

Competitive overall compensation package.

Schedule

Work/Life balance.