Loan Processor- Banking

About Us

First Federal is a community-based Mutual Savings Bank, owned by our depositors, and has been operating in Yamhill County for 100+ years with 6 full-service banking branches. We are committed to supporting a vibrant community by providing banking solutions and giving back through community volunteerism and corporate philanthropy. In fact, our 87 employees recorded over 2,800 hours of community volunteerism in 2022.

About the Role

Loan Processor I is the entry position in the loan processing support series. Incumbents at this level must possess a thorough knowledge of all consumer and mortgage lending products and all financial and regulatory information required. Incumbent may specialize in mortgage loan processing or perform assignments including both consumer and mortgage loan processing.

Responsibilities

• Organize and complete departmental projects and work assignments while adhering to department and Association policies, procedures, and regulatory guidelines.
• Complete initial review of new loan files for proper forms, signatures, and all initial disclosures, ensuring disclosures are completed within regulatory time frames.
• Set up files and complete initial document preparation, including sending verifications of employment and deposits, and running credit reports.
• Review verifications for errors, discrepancies, and uninitiated whiteout or changes upon receipt.
• Manage a pipeline of loans in process, updating files and documenting activity as it occurs.
• Prepare and send pre-qualification letters if applicable, complete commitment or adverse action letters as appropriate.
• Assemble loan files and complete tasks related to ordering documents required by policy (e.g., flood check, updating commitment log, ordering HMDA information, appraisals, preliminary title reports, CC&Rs, by-laws, articles of incorporation, insurance).
• Send final application and associated loan documents to borrower for signature.
• Work up final loan documents for submission to underwriter/loan officer and manage file to closing.
• Prepare files for QC process and resolve QC issues efficiently.
• Maintain familiarity with requirements of income property lending, including assignments of rent, UCC filings, and unique documentation for different types of borrowers and guarantors.
• Maintain familiarity with documentation requirements for collateral improvements on leased ground, lot loans, loans with balloon payments, adjustable rate mortgages, special disclosures, condominiums, homeowners association agreements, and riders to deeds of trust.
• Complete and obtain signatures for modification, extension, and skip-payment agreements.
• Assist customers and other financial institutions with loan payoff requests.
• Provide back-up support to Loan Receptionist and Loan Servicer as needed.

Requirements

• Degree in Business Administration preferred, or High School Diploma with a minimum of one to three years of loan processing and/or servicing experience (consumer, mortgage, or commercial real estate).
• Knowledge of basic lending and underwriting policies and procedures, including state and federal lending regulations.
• Understanding of secondary marketing practices and requirements (FHLMC, FNMA, etc.).
• Demonstrated knowledge of regulatory guidelines surrounding loan originations and customer loan disclosure requirements.
• Ability to operate various office equipment, including personal computer, printers, fax machine, 10-key adding machine, multi-line telephone, laminator, and copy machine.
• Effective written and verbal communication skills.
• Solid understanding of Microsoft Word and Excel; proficient in the use of Outlook and company loan systems.
• Demonstrated effective time management and organizational skills.
• Effective interpersonal skills to relate to managers, executives, directors, customers, and employees; public relations skills; tact, diplomacy, and patience.
• Ability to work effectively in a team environment as well as accomplish work assignments without direct supervision.
• Notary Public licensing required.
• Ability to manage highly confidential information.
• Ability to use good judgment and make appropriate decisions.
• Ability to work on several projects simultaneously and with a variety of employees, managers, and executives.
• Ability to work under pressure and tight deadlines with constant interruptions.
• Ability to meet bonding requirements for employment purposes.

Licensing Requirements

Employees assigned to have direct mortgage loan applicant/borrower contact will be required to:

• Register with the Nationwide Mortgage Licensing System & Registry and complete a MU4R filing notice.
• Provide fingerprints.
• Authorize a criminal background screen through the Registry in compliance with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act).

First Federal will facilitate the individual registration and pay all applicable registration fees.

Physical Demands

• Duties require the ability to sit for up to 90% of the time, stand and walk for up to 10% of the time, bend/stoop, squat/crouch, kneel, and reach up and down.
• Lift boxes and loan files up to 20 pounds in the performance of assigned duties.

Benefits

• Comprehensive employee benefit package worth $868.00 per month at zero cost to employees for individual coverages, including Medical, Dental, Vision, EAP, Life, and LTD insurance (eligibility starts the first of the month after hire date).
• 401(k) participation after 90 days with a company match.
• Paid federal holidays, paid sick and vacation time.
• 8 hours of paid volunteer time.

Schedule

Full Time - 40 hours per week, onsite in McMinnville, Oregon.