Mortgage Loan Processor performs administrative tasks for mortgage loan processing. Collects and prepares necessary information such as loan applications, credit documents, and appraisals to process and complete mortgage loan files. Being a Mortgage Loan Processor verifies all documentation for accuracy and completeness. Tracks and monitors due dates. Additionally, Mortgage Loan Processor ensures all documents are prepared and finalized in compliance with regulatory policies and procedures. Inputs and maintains all required transaction and processing records according to procedures. Responds to inquiries. Prepares required regulatory reporting. Requires a high school diploma or equivalent. Typically reports to a supervisor. The Mortgage Loan Processor works under the close direction of senior personnel in the functional area. Possesses a moderate understanding of general aspects of the job. May require 0-1 year of general work experience. (Copyright 2024 Salary.com)
Description
The mortgage loan processor performs a variety of functions to ensure that new mortgage loan applications are processed and completed according to established policies and procedures. Serves as a liaison with loan officers, underwriters, and additional processors in a professional and efficient manner.
Requirements
ESSENTIAL DUTIES AND RESPONSIBILITIES: Essential duties and responsibilities are intended to describe those functions that are essential to the performance of this position.
· Obtains the necessary information and documentation to process and complete loan files for a variety of consumer home loans.
· Update the loan origination system with verified information.
· Issue preliminary loan disclosures and any redisclosed items based on loan product type.
· Verify documentation for accuracy and completeness and follow-up on files to ensure quality and service.
· Follow up with third-party vendors (appraisals, title, insurance) to ensure delivery of respective item.
· Process and manage closing conditions and prepare loan closing document packages.
· Must be able to process multiple files within the pipeline, all at different stages of the approval and closing process.
· Complete the post- closing work, including the disbursement of loan funds, investor funding, and vendor bills.
· Conduct business and make decisions consistent with the bank’s policies, quality guidelines, and compliance requirements.
· Promote teamwork within the department and bank, understanding the ultimate goal of customer satisfaction.
EDUCATION AND/OR EXPERIENCE:
· Associate degree or equivalent; or six months to one-year related experience and/or training; or an equivalent combination of education and experience.
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