Job Description
POSITION SUMMARY:
To process mortgage loans from applications received from Loan
Originators to submitting to underwriting, clearing conditions and
obtaining final approval. Assure compliance with regulatory and
investor guidelines including, but not limited to, RESPA, HUD, FHA,
FNMA/FHLMC, USDA guidelines and Processing standards set by Premier
Members Credit Union. As a processor, you will be expected to
demonstrate a sense of urgency, willingness to work closely with
others and be part of a team. Assume primary responsibility for the
loan process and proactively communicate with internal staff
members, title companies and appraisers and all levels of
interaction with whomever necessary to complete your process of the
loan file. Respond to processing standards and expediently resolve
loan file processing problems. You will be expected to ensure
pricing and fees are accurately reflected on each transaction and
obtain and review all necessary appraisals, title and tax
certificates, credit documents, mortgage insurance, flood and hazard
insurance, HOA certificates, payoff statements, income documents and
all 3
rd
party documents, subordination agreements and other documents
as required. Maintain knowledge of regulatory changes, external and
internal compliance requirements as it applies to the loan process
to ensure loan salability. Loan Processors should adhere to all
Federal and State laws and regulations as it pertains to the loan
process, including the Bank Secrecy Act.
ESSENTIAL FUNCTIONS:
- Obtain and assemble complete loan package in proper order for
underwriting. Verify all required documentation (pre-underwrite) in
the file. Complete required loan checklist.
- Verify the loan file is complete and accurate. Verifies
documentation submitted and identifies any potential issues that may
arise in underwriting.
- Performs a thorough review and analysis of borrower’s credit,
employment, income and assets as required by the particular program
before submitting the file to the underwriter. Prepares a loan
approval summary, the 1008 and the 1003 and ensures the accuracy of
all the information printed on said documents. Responsible to hand
over a completely documented file to the underwriter which is ready
for approval or denial.
- Order Appraisals using a round robin system
- Directly communicate with Loan Originator & Department Manager
in writing and/or by telephone or and in person in order to obtain
initial and missing documentation required to qualify for the loan,
including but not limited to income information, asset information,
credit authorization, trust agreements, purchase agreements, etc.
- Review loans for compliance within RESPA, TIL, HMDA, Reg. B, etc.
(all mortgage related regulations). Prepare proper disclosures as
required by regulations.
- Communicate with various companies to obtain Flood Certificate,
Title Commitment, Appraisals and payoff information. Verify vendor
orders are complete and invoices received, and all are in the
applicant’s efile.
- Manage pipeline by reports within allotted turn-around times.
Assist set-up of loans.
- Document all communication related to the loan application in the
conversation log
QUALIFICATIONS
Education/Certification:
Required Knowledge:
- Knowledge of federal lending regulations governing residential
real estate lending
- Thorough knowledge of loan processing procedures, credit policies,
approval processes, loan documents knowledge, underwriting
requirements per loan type, governmental and agency requirements,
terminology and automated processing systems knowledge
Experience Required:
- Minimum of 3 years recent FHA, VA, USDA and Conv processing experience
- Recent and consistent experience with all GSE investors, DU, LP
and DE preferred
- National Mortgage Licensing System and Registry (NMLS)
registration under the terms of the Safe Act of 2008 or re-register
and move your previous registration to Premier Members Credit
Union's registration rolls
Skills/Abilities:
- Demonstrates a high level of integrity, character and
professionalism with every associate, customer and loan partner interaction
- Proficient at meeting daily lending demands for members and
departmental/personal goals
- Well developed and proven ability to consistently manage multiple
tasks/projects and deadlines simultaneously as well as thrive and
maintain high performance levels in a fast paced environment and/or
stressful situations
- Strong PC skills (MS Office) required - experience with mortgage
origination systems/banking systems particularly relating to processing
- Demonstrate teamwork, customer service and follow-up skills required
- Excellent organizational skills and written/verbal communication
skills required
- Good analytical ability. Strong problem solving skills. Attention
to detail and be well organized.
WORKING CONDITIONS
- Standard office conditions
- Low to moderate noise
- Limited lifting up to 10 lbs.
This description has been reviewed to ensure that only
essential functions and basic duties have been included.
Peripheral tasks, only incidentally related to each position, have
been excluded. Essential functions, requirements, skills, and
abilities included have been determined to be the minimal
standards required to successfully perform the positions. In no
instance, however, should the duties, responsibilities, and
requirements delineated be interpreted as all-inclusive.
Additional functions and requirements may be assigned by
supervisors as deemed appropriate.
In accordance with the Americans with Disabilities Act, it is
possible that requirements may be modified to reasonably
accommodate disabled individuals. However, no accommodations will
be made which may pose serious health or safety risks to the
employee or others or which impose undue hardships on the organization.
The Credit Union believes that each employee makes a
significant contribution to our success. That contribution should
not be limited by the assigned responsibilities. Therefore, this
job description is designed to outline primary duties,
qualifications, and job scope, but not limit the incumbent. It is
our expectation that each employee will offer his/her services
wherever and whenever necessary to ensure the success of our
endeavors.
Job descriptions are not intended as and do not create
employment contracts. The organization maintains its status as an
at-will employer. Employees can be terminated for any reason not
prohibited by law.
