Loan Processor-Lic

General Summary

The Loan Processor takes ownership and is responsible for timely processing of Conventional, FHA, VA, USDA and Bond mortgage loan files. The Loan Processor ensures completeness of mortgage loan applications and works to satisfy requirements for advancement of loan files to Underwriting and Closing, while meeting department service and quality standards. This includes obtaining, reviewing, and assembling documentation, along with preparing and submitting files, demonstrating a knowledge of current rules and regulations. Loan Processors work closely with customers, originators, as well as internal and external partners, providing a high level of professional service. This position may also provide an opportunity to become a licensed loan originator, which may include completing additional state licensing requirements.

Duties and Responsibilities

The primary job duties and responsibilities of this position include but are not limited to:

• Promote Envoy's products to referral sources while assist with call backs to prospects that require phone consultations
• Review new files within 48 hours of receipt and verify that compliance documents were issued within proper time frame. Notify the appropriate staff member if additional documentation or information is needed
• Review mortgage loan applications for accuracy and ensure LOS is updated appropriately
• May work directly with borrowers answering questions and assisting in guiding them through the loan process
• Confirm and validate loan application information by ordering all necessary documents to satisfy AUS (Automated Underwriting System) findings, investor and agency requirements
• Validate loan in automated underwriting systems (DU, LP or GUS)
• Use documentation to perform functions, such as calculating verified income or verifying assets, and update Encompass accordingly
• Coordinate all third-party services such as survey, appraisal, title, homeowner's insurance, etc.
• Review all loan and verification documents for accuracy and update information in LOS (Encompass)
• Utilize Government sites for VA and FHA files to place orders and obtain case numbers
• Pull credit, order disclosures, appraisal, title, insurance and Verification of Employment (VOE) for loan files
• Compile and review documentation (i.e., income, assets, liabilities, employment, etc.) received within 24 hours of receipt and follow up in the event of discrepancies or omitted data. Immediately notify Originator or appropriate staff if any discrepancies are identified
• Receive appraisal and supporting documentation and notifies MLO of approval
• Upload all relevant documentation received to Image Flow for validation
• Prepare loan disclosures according to TRID regulations
• Prepare and submit loan files to Underwriting (UW) for pre-approval decision and requests additional documentation to clear conditions
• Review loan approval and ensure all tasks are completed and loan is on target to meet expected closing date
• Send pre-approval letters and prepares files for closing
• Proactively communicate loan status or updates to the Borrower(s), Originator and Third Parties
• Assist with the clearing of post-closing conditions received to avoid any financial loss
• Update various systems of record with critical loan information
• Collaborate with title, valuation, underwriting, closing, technology, and other operational teams
• Prepare mortgage loan commitment and denial letters, as applicable
• Upon Clear to Close (CTC), submit loan files to Underwriting (UW) for final approval before submittal to Closing
• Continue to stay abreast of underwriting and compliance guidelines and well as current regulatory lending laws and requirements
• Maintain a focus on enhancing customer service skills and knowledge
• Be a team player: actively seek training opportunities, solutions to various loan file issues and share best practices with team members
• Review and manage pipeline of up to 25+ loans concurrently
• Assist other Processors, Underwriters and Closing team members as needed
• Maintain regular attendance during regular office hours, plus potential overtime, as necessary
• Additional duties as assigned

THIS JOB DESCRIPTION IS NOT INTENDED TO BE ALL-INCLUSIVE. THE INCUMBENT WILL ALSO PERFORM OTHER REASONABLY RELATED BUSINESS DUTIES AS ASSIGNED BY MANAGEMENT.

Qualifications include:

• High School Diploma or Equivalent required
• 5+ (five) years related experience as a processor, underwriter or equivalent
• Thorough working knowledge of real estate documentation, underwriting policies, compliance, and procedures
• High level of proficiency with mortgage loan processing and underwriting systems, such as Desktop Underwriting (DU), Loan Prospector (LP) and Guaranteed Underwriting System (GUS). Experience in Encompass is preferred
• Familiarity with TILA / RESPA Integrated Disclosure (TRID)
• Knowledge of Freddie Mac, Fannie Mae and FHA/VA guidelines as well as federal and state mandated consumer disclosure requirements
• Strong PC skill with experience in MS Office including Word, Excel, and Outlook are required
• Demonstrated ability to pre-underwrite a loan file
• Excellent customer service skills and high standards
• Excellent written and oral communication skills to effectively communicate with people at all levels and from various backgrounds
• Acute attention to detail with strong organizational, problem-solving, multi-tasking and analytical skills
• Ability to work independently and handle multiple priorities under stringent timelines
• Sound judgment and decision-making skills with the ability to make timely and sound decisions
• Proven ability to handle multiple loans and meet closing dates
• Must be able to speak, read, write, and understand the primary language(s) used in the workplace
• Must have an active, applicable State(s), NMLS license

Physical Requirements

• The employee must occasionally lift and/or move up to 25 pounds
• Specific vision abilities required by this job include close vision
• While performing the duties of this job, the employee is regularly required to sit, use hands to finger, handle, or feel; reach with hands and arms; and talk or hear
• The employee is occasionally required to stand; walk; climb or balance and stoop, kneel, crouch or crawl