Loan Processor Job Description
Loan processor
provides leadership for staff responsible for investor and lender insurance guidelines, in relation to servicing commercial mortgage loans.
Loan Processor Duties & Responsibilities
To write an effective loan processor job description, begin by listing detailed duties, responsibilities and expectations. We have included loan processor job description templates that you can modify and use.
Sample responsibilities for this position include:
Maintain an open line of communication with the applicant throughout the processing period, assisting them with any questions and notifying them of any additional information or documents required
Adhere to and communicate Credit Union policies and procedures to ensure compliance
Communicate pertinent updates/procedures to processors and MA’s as needed
Order appraisal, prelim, credit report, flood determinations and other documents as requested by MA or Processor
Maintain and manage loan file and document status information through the use of pipeline reports
Create initial checklists and monitor receipt of all documentation
Thoroughly review and analyze supporting documentation, including income and financial statements property related documentation
Receipt of file from Loan Officer through Final Approval
Set up loan files, manually and on the computer, and order all exhibits (i.e., VOE's, VOD's credit report)
Remain knowledgeable in all NVRM loan programs and guidelines company approved Broker options
Loan Processor Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Loan Processor
List any licenses or certifications required by the position: GED, AUS, VA, UCC
Education for Loan Processor
Typically a job would require a certain level of education.
Employers hiring for the loan processor job most commonly would prefer for their future employee to have a relevant degree such as High School and Collage Degree in General Education, Business, Education, Finance, Associates, Accounting, Technical, Economics, Real Estate, Business/Administration
Skills for Loan Processor
Desired skills for loan processor include:
FHA
VA and Bond mortgage loans
State
Federal
Procedures
Investor specific guidelines
Necessary conditions for approval
Valid documentation related to processing consumer mortgage applications
Overall mortgage lending internal processes and control
Documents
Desired experience for loan processor includes:
Courtesy, customer service and professionalism are essential elements of this position
P roficiency in MS Office (i.e., Word, Excel, Power Point, Outlook)
Build and manage relationships with clients via phone contact and email/other written communications to ensure their overall satisfaction with the loan process
Proven capability to establish effective organization system/routine including work prioritization to meet performance goals
Demonstrated thirst for knowledge and passion for continuous learning
Strong computer skills including proficiency in Word, Excel and Outlook, navigation of windows-based systems
Loan Processor Examples
1
Loan Processor Job Description
Job Description Example
Our company is looking to fill the role of loan processor. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for loan processor
- Maintain and manage loan file and document status information through the use of both system generated and manually prepared reports, adhering to established follow-up procedures
- Communicate with clients for documentation needed and status of file
- Maintain updated manual of all new policies or modifications to the guidelines and standards of the company, housing agencies and programs, investors and private mortgage insurers
- Review application package for required program disclosures and Company, Agency, Investor, RESI'A and ECOA compliance
- Notify borrowers and Finance Manager, of underwriting decision and any condition that must be satisfied prior to title transfer
- Send out all applicable approval letters to parties, borrower, finance manager, selling realtor
- Copy credit package and prepare file for closing department
- Prepare, if applicable, the "Decline Letter", and ensure accurate disclosure of the reason(s) for the adverse action at whatever time during the processing period it is determined that applicants do not qualify
- Maintain an accurate pipeline record and update for all loans in process
- Work closely with post-closer to meet any additional requirements from investor for their completion to purchase
Qualifications for loan processor
- A minimum of one (1) year of recent work experience in mortgage loan support or processing is required
- Minimum of a high school diploma and up to 3 years of mortgage banking experience, preferable in loan processing
- Good oral, written and phone communication skills
- Ability to interact effectively with customers and other company staff to solve problems and contribute to the team
- Analytical ability, with aptitude for figures
- Manage workload and meet deadlines
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Loan Processor Job Description
Job Description Example
Our company is searching for experienced candidates for the position of loan processor. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for loan processor
- Review the GFE and TIL on al loans at time of origination, changes that may occur and prior to closing when final TIL and HUD are available
- Perform all other duties and tasks as may be directed by the employee's supervisor and/or management
- Verifies the data collected, analyzes, and decides whether it meets guidelines or if other documentation is needed
- Responding to written and phone inquiries from customers, related third parties, and internal personnel regarding loans within the commercial mortgage portfolio
- Boarding loans into the database and maintaining the accuracy of the information for the life of the loan
- Responding to inquiries pertaining to all areas of loan servicing including payment research, taxes, insurance, loan modifications and assumptions, prepayments, payoffs, adjustable rate loans, credit reporting, and lien perfection
- Independently researching and analyzing problems and recommending solutions
- Conducting periodic audits of files
- Researching and compiling data for management reports
- Processing escrow disbursements and demands
Qualifications for loan processor
- Minimum of 2 year mortgage banking experience as a processor or junior processor, required
- Must have working knowledge, or the ability to learn all operating systems and possess the ability to facilitate training
- Proficient in Excel, Word, Outlook, with the ability to learn other mortgage-related programs
- Demonstrated ability to interact effectively with branch, regional and corporate personnel, realtors, sales agents, builders, appraisers, title companies
- Must be available to work all regularly scheduled hours
- Maintain an accurate Team pipeline record and update for all loans in Team. Oversee the loan files production to be sure it is set-up, processed, underwritten and closed on time
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Loan Processor Job Description
Job Description Example
Our innovative and growing company is searching for experienced candidates for the position of loan processor. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for loan processor
- Responsible for complex payment processing, ground rents, and payment imaging and document management
- Provide work direction and training to other loan servicing team members
- Maintain a personal pipeline and/or overflow pipeline as needed to maintain set turn time promises
- Assist MA’s with processor related questions/issues
- Train entry-level processors and/or provide guidance to other processors
- Manage expected and unexpected time off and re-assign work load as needed to maintain set turn times
- Maintain custom forms/templates/print sets to ensure compliance with company and investor requirements
- Ensure all quality standards are consistently achieved
- Oversee department projects
- Maintain the appropriate level of work activity according to standards and establish work processes to ensure timely funding by Lender
Qualifications for loan processor
- Must be available to assist as needed
- Must possess advanced troubleshooting and problem-solving skills
- Understanding of lending regulations including, but not limited to, RESPA, HMDA, Safe Act, and TILA
- Knowledge of home equity products and underwriting guidelines
- LoansPQ knowledge preferred
- Associates degree strongly preferred or equivalent experience
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Loan Processor Job Description
Job Description Example
Our innovative and growing company is looking to fill the role of loan processor. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for loan processor
- Review and verify financial documents such as tax returns, pay stubs, bank statements
- Create and maintain policies and procedures based on sound credit underwriting standards
- Review audit findings from Clients, State Regulators, and internal QC/QA and provide rebuttal responses
- Update and maintain PMI termination documents and work with internal and external clients to mitigate risks
- Retrieve and forward requested records and information to appropriate parties
- Submit completed application to Client for lending decision
- Maintain consistent proactive communication with Loan Applicant throughout process to keep informed of the account progress
- Probe facts, analyze issues, and make systemic and rational judgments based on relevant information
- Loan file set up – completing fields as needed in Encompass
- Facilitate the loan file through the initial pre-process and communicate with all parties as needed to ensure turn times are consistent with quoted promise
Qualifications for loan processor
- Two years of mortgage industry experience
- Must have knowledge of banking products and services
- HS Diploma, GED, or Foreign Equivalent required, Bachelor's degree preferred
- 2 years of experience as a Mortgage Loan Processor
- Demonstrated ability to effectively manage a pipeline of 25-50 loans
- Strong working knowledge of Automated Underwriting systems LP/DU
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Loan Processor Job Description
Job Description Example
Our company is hiring for a loan processor. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for loan processor
- Organize new/updated borrower documentation obtained by the Mortgage Advisor, update Encompass as directed and scan into eFile
- Submission of quality loans for review
- Support Receptionist front desk/office duties as needed
- Reviewing and clearing title
- Coordinate the implementation/booking of all new loans and all applicable changes to existing loans
- Work with customers to establish payment plan for outstanding loans
- Perform analysis on loans booked to determine booking trends and provide guidance to the leadership team
- Perform other duties as assigned, including backup support to others within the department
- Perform initial appraisal of potential borrowers by thoroughly examining their applications
- Assess the credit standings of applicants through background research
Qualifications for loan processor
- Experience with Point and Blitz Docs preferred
- Ability to process large volume of work in an accurate, complete, and timely manner
- Must be proficient in Word, Excel, and Outlook applications
- Must be proficient in DU/DO, LP
- Minimum three 5 years of mortgage processing, underwriting, or a combination of both
- Knowledge in mortgage