General Summary
The Senior Processor partners with Originators, Borrower, Underwriting and Closing teams in preparing loan files. The Senior Loan Processor may
also be responsible for providing training and coaching to Loan Processors and branch staff, processing employee loans and escalated member
complaint files. This position acts as subject matter expert for the Loan Origination System (LOS) and is responsible for a variety of administrative
duties. Strong communication skills are needed for this position as it requires interaction with branch staff, third-party vendors, and corporate
employees, at all levels of the organization, in a timely, efficient, and professional manner. This position may also provide an opportunity to become
a licensed Originator, which includes completing additional state licensing requirements.
Duties and Responsibilities
The primary job duties and responsibilities of this position include but are not limited to:
- Responsible for maintaining a leadership role including but not limited to training new mortgage Loan Processors, sharing solutions to various underwriting issues and share best practices with all team members
- Prioritize strategically by organizing resources, time, and people to achieve key objectives; proactively address critical concerns, work quickly to get things done; demonstrate knowledge skill and abilities while demonstrating operational excellence and delivering consistent results
- Lead by example, communicating decision making processes; demonstrate transparency and honesty
- Pull/Update credit reports, order disclosures, appraisal, title, insurance and Verification of Employment (VOE), fraud compliance and tax return verification for loan files
- Clearly communicate and engage team in achieving goals, providing clear and timely feedback and hold employees accountable in achieving performance expectations
- 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 LOS (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
- 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
- Manage an assigned pipeline of 25+ loans continuously to meet closing expectations
- Assist other Processors, Underwriters and Closing team members as needed
- Maintain regular attendance, plus potential overtime, as necessary
- Additional duties as assigned
*Unlicensed associates who have borrower contact cannot quote rates, offer or negotiate the terms of a mortgage loan, take a mortgage application, or engage in any other activities that require a mortgage loan originator license.
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
Listed below are the minimum qualifications required to successfully perform this role. These qualifications are necessary for someone to be considered for this position.
Qualifications include:
- High school diploma/GED and comparable work experience, required
- 7+ years related experience as a processor, underwriter or equivalent
- Demonstrated leadership skills, able to engage others in achieving goals and providing excellence in all they do
- Thorough working knowledge of real estate documentation, underwriting policies, compliance, and procedures
- High level of proficiency with mortgage loan processing and underwriting systems
- Solid Knowledge of TRID, RESPA, FHLMC, FNMA, FHA, VA program guidelines
- Knowledge of Microsoft Excel, Word, and Outlook
- Working knowledge / Proficiency in Desktop Underwriter/Desktop Originator (DU/DO), Loan Prospector (LP), and originating systems, Encompass experience preferred
- Ability to learn, or have past in-depth experience, in mortgage banking process, with a preference in residential mortgage banking
- Ability to analyze issues and create effective resolutions, while managing multiple projects concurrently
- Ability to process, organize and interpret large amounts of data, which reflects loan files
- Excellent customer service skills and adept at working in a team environment
- Must be a self-starter who is reliable, detail oriented with the ability to resolve issues
- Exceptional follow-up, time management, interpersonal, and verbal and written communication skills
- Proven ability to handle multiple loans and meet closing dates
- Demonstrated ability to pre underwrite a loan file
- Must be able to speak, read, write, and understand the primary language(s) used in the workplace
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
We are an equal opportunity employer and value diversity. All employment is decided on the basis of qualifications, merit and business need. We are committed to creating an inclusive environment for all employees.
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