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SalaryDescription:The Residential Loan Processor position performs the administrative tasks related to Residential Loan origination and application submission, including providing loan officers and underwriters with borrower data, inputting application information into automated underwriting systems, calculating debt-to-income and loan-to-value ratios, verifying borrower information through third-party resources, and the handling all third party and customer communications from time of submission to closing.
Sample duties include but are not limited to:
Processes and reviews Residential Loan applications for accuracy and ensures that loan specifics meet investor guidelines and PTC product guidelines (as applicable).
- Prepares early disclosures (Residential Loans).
- Reviews income, asset and credit for qualification.
- Orders documents from third parties (flood determination, appraisals, credit reports, mortgage insurance certificates, title reports, loan payoff statements, etc.).
- Reviews automated underwriting reports for accuracy to meet investor guidelines (DU, GUS, PTC)
- Prepares loan files for underwriter review.
- Once approved, monitors loan file conditions to prepare for preset closing.
- Contacts customers to request documentation needed, coordinate meeting and closing times, and set customer expectations for the process.
- Gathers and reviews conditions related to income, asset credit and collateral per the Residential Underwriting Guide – Appendix of Conditions (Processor Approval Authority)
- Responsible for Mavent Compliance Report. (Residential Loans)
- Monitors loan process for timing; converses with borrower, lender or department manager as needed to provide the most efficient loan processing time possible.
- Acts as liaison between customers, realtors, attorneys, appraisers, third parties, underwriting, and the lender/originator to ensure a successful loan closing.
- Prepare and apply for Subordinations; State of VT, Other Banks, Private Note Holders
Prepares loan files for closing to insure that bank is fully protected and secured.
- Insures file has meets applicable regulatory guidelines (Correct forms, timing, and signatures as appropriate)
- Insures file has final approval to close.
- Verifies all conditions have proper authority to approve, sufficient lending authority, and file documents any waiver of fees and discounts to rate.
- Prepares loan closing documents and provides for second review of peer Processors in a timely manner.
Reviews, prepares, and sends adverse action notices for residential transactions, preparing modification documents, and subordination requests.
Requirements:
This position requires qualification and registration with the national Mortgage Licensing System and Registry (NMLS). Please refer to http://mortgage.nationwidelicensing.org for more information
This position requires qualification with Regulation Z Loan Originator requirements to maintain financial responsibility, character and general fitness to operate honestly, fairly, and efficiently. Subject to criminal background checks and credit report reviews as needed
This position requires 1-2 years of mortgage loan operations or lending experience. Basic working knowledge of compliance Banking/Lending regulations and investor guidelines. Utlization of Encompass/EllieMae software is preferred.
Pay: $20.00 - $27.64 per hour
Schedule:
- 8 hour shift
Work Location: Hybrid remote in Saint Albans, VT 05478
