Mortgage Processor I

Job Overview

PenFed is hiring a (Hybrid) Mortgage Processor I at our Phoenix, Arizona location.

About the Role

The primary purpose of this job is to provide detailed guidance and advice in order to fulfill all loan qualification requirements in a compliant manner while ensuring exceptional member service by ongoing communication to members and business partners. The incumbent is responsible for evaluating and validating all information provided on the residential loan application and communicating to members about any additional requirements. This position will serve as the members and real estate agents' primary point of contact throughout the real estate transaction.

Responsibilities

• Review all loans and registrations for completeness and accuracy.
• Responsible for generating communicating and obtaining the Account Condition Letter (ACL) per Regulation B requirements.
• Act as members and real estate agents' main point of contact throughout the mortgage process, ensuring excellent levels of service by providing guidance/advice/counsel in a detailed and comprehensive manner.
• Evaluate credit history, income levels and assets/liabilities; calculate debt-to-income and loan-to-value ratios.
• Restructure loan requests and recommend adverse action as needed.
• Review and address items involving loan product, credit, occupancy and employment verifications and order verbal verifications of employment (VVOE) for pay-off accounts.
• Request action from Disclosure Desk and other internal partners as required by valid change in circumstances.
• Collect, analyze and ingest document to clear ACL conditions.
• Update loan origination system with the information collected from documents and re-run Desktop Underwriter (DU) as appropriate.
• Maintain a working knowledge of both originating systems for home equity loans and lines of credit.
• Assemble and submit completed file to Underwriting (UW); clear manual conditions, cure title issues, resolve appraisal discrepancies with appraisal review group as needed.
• Clear any prior-to-fund conditions that arise after final UW approval before passing loan to Closing.
• Remain main point of contact with borrower through closing and funding and answer any questions that borrower may have (e.g. questions on the Closing Disclosure).
• Manage and cure any QC loan issues that require borrower communication.
• As required, ensure proper re-disclosures are prepared and delivered to the member within regulatory guidelines based on identified change in circumstances.

Qualifications

• Equivalent combination of education and experience is considered.
• Minimum of one (1) year of experience preferably in residential mortgage lending in 1st Trust Mortgage or Home Equity processing/closing is preferred.
• Outstanding communication and problem-solving skills.
• Strong attention to detail and organization.
• Diligent and resourceful in finding solutions.
• Able to perform quality work and adhere to timeliness standards established by management.
• Able to manage a high-volume pipeline.
• Experience using A.I. tools preferred.

Supervisory Responsibility

This position will not supervise employees.

Licenses and Certifications

There Are No Additional Certifications Required.

Work Environment

While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.

Travel Ability

To travel to various worksites and be on-call may be required.

Pay Transparency

The anticipated starting hourly range for this role is $18.56 - $28.47. This position is eligible for an organizational performance based annual bonus, subject to board discretion and approval. This position includes commission/incentive plan compensation.

Benefits

At PenFed, we offer a robust benefits package designed to support you both personally and professionally. You'll have access to comprehensive health, dental, and vision plans; paid time off; and family-friendly benefits like paid parental leave, care support, and fitness center access. Financial wellness is encouraged through features like a 401(k) match, employee loan discounts, and fully paid life and disability coverage. We also support growth via education assistance, community involvement, and volunteer opportunities.

Purpose

Helping members achieve their dreams since 1935. Pentagon Federal Credit Union (PenFed) is one of America's largest federal credit unions, serving 2.8 million members worldwide with $29 billion in assets. PenFed offers market-leading certificates, checking and savings, credit cards, personal loans, mortgages, auto loans, and a wide range of other financial services, always with members' interests in mind.

Contact

Contact human resources (HR) with any questions or requests for accommodation at Careers@PenFed.org.