Loan Processor

Basic Functions:

The Loan Processor performs a variety of duties related to processing mortgage and consumer loan applications in accordance with policies and procedures established by the Bank. 

Essential Duties and Responsibilities:

1.

Prepares Good Faith Estimate and Truth-in-Lending disclosure in accordance with regulatory requirements.

2.

Submits information required by investors within the deadline to confirm loan pricing.

3.

Sends applicants requests for up front fees.

4.

Sets up new loan files upon receipt from Loan Originator. Reviews files for accuracy, notes missing documentation and coordinates any necessary follow-up with Loan Originator or customer.

5.

Orders verifications, credit reports and flood certificates.

6.

Receives outstanding documentation and checks for compliance with underwriting guidelines.  Verifies income calculation, debt ratios, LTV and assets to close.

7.

Communicates with customers, Loan Originator, attorney, realtors and other interested parties to relay status reports.

8.

Enters and maintains data on loan processing system.

9.

Examines credit report and follows up on further information needed.

10.

Prepares underwriting transmittals prior to underwriting.

11.

Verifies accuracy of purchase agreement and building contracts.

12.

Prepares files for submission to underwriting.  As applicable, assists in obtaining clarification or missing information requested by the underwriting.  

13.

Orders Private Mortgage Insurance as needed.

14.

Obtains FHA/VA case numbers, verifies exclusionary lists and submits files to underwriting or other investors, as required.

15.

Runs files through Loan Processor or Desktop Originator to submit to Underwriting.

16.

Work closely with the Loan Closer to insure timely delivery of documentation.

17

Complies with all polices and procedures. 

18.

Performs other such duties as may be assigned or required for efficient operation of the lending department.

Key Performance Measurements:

1.

Meet established turnaround times (application to commitment, commitment to closing) and quality service benchmarks established by Sr. Management.

2.

Provide accurate, timely responses to customer inquiries.

3.

Issues reported from audit or compliance reviews can be remedied with additional training and do not result in financial loss to the Bank.

4.

Minimal number of complaint calls from customers that are elevated to Loan Manager.

Knowledge and Technical Abilities:

General understanding of the credit application process.

Education Required:

High school graduate with some additional training in a financial background.

Experience Required:

A minimum of one year’s experience in a fast paced office environment is required.  Previous experience as a Loan Processor desired, but not necessary.

Skills/Aptitude:

1.

Must be able to work well in fast paced situations handling multiple tasks at the same time.

2.

High level interpersonal and communication skills required.

3.

Computer literate including ability to use Microsoft Word.

4.

Ability to work independently as well as a team player.

5.

Must be able to meet deadlines.

6.

Attention to detail necessary.

7.

Ability to represent the Bank in a professional manner and maintain confidentiality of borrower’s finances.