The Mortgage Loan Processor is responsible for the daily loan processing and basic operations for first mortgage loans. In addition, they are required to be knowledgeable of all investor guidelines and inform/communicate with staff as needed. The requirement for knowledge of all investor guidelines is not limited to our investor but also includes all state and federal regulations. This position is also responsible for ensuring compliance with appropriate regulations, investors, title companies and credit union policies and procedures.
The Mortgage Loan Processor provides the member with reliable, accurate, and timely technical information necessary to meet their needs. They must work with the member and the loan originator to develop, execute and meet mutually agreed upon expectations ensuring member satisfaction with their mortgage loan experience. They must maintain a relationship with members throughout the loan process to ensure a smooth transition from application to closing. They are also responsible for ensuring a valid lien on the property secured by a UW Credit Union mortgage.
This position must effectively carry out the essential duties of this position in a manner that consistently demonstrates the core values of the organization in a positive manner.
1) Mortgage Loan Operations & Responsibilities- 60%
a. Process basic to complex loan files for income analysis to include credit bureau, determination of repayment ability, verify income, determine members overall credit analysis at different times throughout the process.
b. Review appraisals of property verification that all investor requirements are satisfied.
c. Evaluate loan applications with complete understanding of findings and compliance requirements.
d. Follow up on any outstanding documentation or services ordered.
e. Analyze the loan application for compliance prior to submission. Submit for approval at various times throughout the process and obtain complete information for all findings as required.
f. Pre-underwrite loan files prior to submission to underwriting and issue commitment letters as required.
g. Analyze new Rapid Refinance loan applications for compliance prior to submission. Submit for approval at various times throughout the process.
h. Communicate regularly with members during the loan application process.
i. Work closely with loan officers to ensure quality service, including the effective handling of telephone and personal inquiries.
j. Assist loan officers in the communication of outstanding documentation to members/realtors.
k. Effectively manage pipeline for outstanding documentation.
l. Consistently meet critical deadlines including but not limited to; commitment due dates, rate expirations and closing dates.
m. Balancing of applicable Mortgage Lending Support branch teller totals.
n. Send title and appraisal order confirmations to applicable vendors.
o. Pay vendors, close out LIP and cancel services for denied/withdrawn loans.
p. Maintain a current understanding and working knowledge of the various mortgage programs offered by the credit union including but not limited to, fixed rate, adjustable rate, government lot loans and rate adjustments.
q. Maintain a current understanding of all investors, state and federal guidelines, which include knowledge of regulations Z (Truth-in-Lending), C (HMDA), and all other regulations that would have implications for the Credit Union’s lending abilities.
r. Maintain a current knowledge of all private investors/FNMA/FHLMA/FHLB/Government Secondary Market underwriting guidelines.
s. Responsible for consistent system data integrity.
2) Member Service- 30%
a. Answer member inquiries involving outstanding conditions, rate, products and loan application status.
b. Communicate regularly with loan originator on status of pipeline.
c. Follow up phone calls to members regarding outstanding conditions for 1st mortgage and Rapid Refinance applications.
d. Provide support to loan origination telephone ACD extension for member inquires.
e. Answer member and co-worker inquiries on Rapid Refinance products on ACD extension.
f. Interface with vendors to ensure third party services are executed accurately and in a timely manner.
g. Answer all calls, inquiries, e-mails from members, vendors and internal staff in a timely manner.
3) Other Duties- 10%
a. Demonstrate the ability to positively and professionally interact with members, staff, and vendors.
b. Maintain and update procedures.
c. Participate in assigned projects and training in a meaningful and positive way.
d. Actively participate in team meetings and activities.
e. Recommend and develop process improvements and procedures for loan processing functions to ensure compliance and member back service levels.
f. Assist in the training of less senior and temporary staff. Direct the activities of less senior and temporary personnel to various functions to ensure timely processing.
g. Maintain quarterly and end of year clean up of HMDA LAR reports.
h. Appropriately respond to monthly clean up of QMAC reports from auditors.
i. Attend monthly dialogues with direct supervisor to review workload and performance.
j. Perform other duties as assigned.
- 2-5 years experience as a Mortgage Loan Processor
- Knowledge of FNMA/FHLMC/FHLB/Government/Secondary Market underwriting guidelines
- Knowledge of the principles and practices of effective real estate lending and processing requirements
- Excellent analytical skills
- Demonstrated ability to work under and meet deadlines
- Demonstrated ability to with multiple priorities
- Demonstrated ability to solve problems independently
- Demonstrated ability to maintain control in high stress situations
- Demonstrated ability to process paperwork accurately and efficiently
- Strong written communication and interpersonal skills
- Demonstrated ability to provide superb customer service
- Ability to use financial calculators