Mortgage Loan Processor

About the role

The Mortgage Loan Processor plays a crucial role in the mortgage lending process, supporting loan originators and underwriters. They are responsible for ensuring loan applications are complete, accurate, and compliant with regulatory standards.

Responsibilities

• Review and validate loan documentation provided by loan originators.
• Request and obtain additional documents as necessary to support loan applications.
• Ensure loan files comply with product guidelines and regulatory requirements.
• Verify deposit and employment documentation provided by independent third parties.
• Order appraisals and run loan underwriting through automated systems.
• Update loan origination system with new documents and DU/LPA findings.
• Monitor for valid change of circumstances requiring redisclosures.
• Communicate with borrowers, lenders, realtors, and closers in a timely and professional manner.
• Prepare loan files for underwriter review and issue weekly updates.
• Schedule closings with title agencies and prepare closing disclosures.
• Calculate fees and escrows, balance numbers, and deliver closing instructions.
• Create and deliver properly executed loan packages meeting regulatory and investor guidelines.
• Submit wire transfers for loan funding and manage post-closing conditions.
• Attend closings and verify proper execution of closed loans.

Requirements

• High school education or equivalent.
• At least 6 months to 2 years of similar or related experience.
• In-depth knowledge of mortgage lending guidelines and regulations.
• Interpersonal skills, including trust, credibility, and diplomacy.
• Ability to communicate effectively with customers, direct and indirect reports, and outside vendors.
• Mathematical skills, including ability to calculate figures and amounts accurately.
• Reasoning ability to apply common sense and understanding to perform tasks.
• Physical demands: Sedentary work with occasional lifting up to 50 lbs, ability to climb/descend stairs, operate office equipment, and work extended hours.

Qualifications

• Professional appearance and attire.
• Teamwork and collaboration with colleagues and external vendors.
• Attention to detail and accuracy in financial calculations.
• Composure under stress and ability to handle confidential matters.