Mortgage Loan Processor Job Description
Mortgage loan processor
provides support to the underwriting team during loan application processing,, assist with underwriting/closing timelines, and make client introductions.
Mortgage Loan Processor Duties & Responsibilities
To write an effective mortgage loan processor job description, begin by listing detailed duties, responsibilities and expectations. We have included mortgage loan processor job description templates that you can modify and use.
Sample responsibilities for this position include:
Submit all documents needed to draw closing documents within 72 hours of closing
Establish, maintain, and update files, databases, records, and/or other documents for recurring internal reports
Compile documents for customer files and enter intakes to Data Management System for processing and assessment
Assemble all loan documents necessary to meet the underwriting guidelines for the particular loan program in process
Review and analyze credit documents for accuracy and compliance with investor/ agency guides
Compile and process all documents as received in a timely manner to meet projected close date
Submit loan to Underwriting within 24 hours of receipt of documents, as needed, for a complete loan file to obtain a clear loan approval
Ensure closing instructions and documents have been released to title 72 hours before closing, ensuring a final settlement statement is issued to Loan Officer or team 48 hours prior to closing
Verify application
Document problem files
Mortgage Loan Processor Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Mortgage Loan Processor
List any licenses or certifications required by the position: AUS
Education for Mortgage Loan Processor
Typically a job would require a certain level of education.
Employers hiring for the mortgage loan processor job most commonly would prefer for their future employee to have a relevant degree such as Associate and Bachelor's Degree in Education, Business, Associates, Technical, General Education, Finance, Economics, Accounting, Mathematics, Communication
Skills for Mortgage Loan Processor
Desired skills for mortgage loan processor include:
Documents
Credit policies and approval processes
Terminology
Procedures
Automated processing systems
Governmental and agency requirements
Loan processing and closing policies
Underwriting requirements
Regulatory changes
External and internal compliance requirements
Desired experience for mortgage loan processor includes:
Prepares and delivers appropriate loan approval notices
Provides general mortgage expertise to Residential Lending management, Mortgage Loan Services, and other departments
Assists with clearing suspended loan conditions
Act as a liaison between borrower, underwriter, loan originator and lender
Provide customer with timely and periodic status updates of their loan application
Return all inquiry calls within one business day
Mortgage Loan Processor Examples
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Mortgage Loan Processor Job Description
Job Description Example
Our growing company is looking for a mortgage 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 mortgage loan processor
- Collect required documentation from applicants and follow up on missing items
- Ensure that all customer files are complete and in compliance with regulatory agencies and internal policies
- Make recommendations for procedural changes to increase efficiency
- Assists with special projects as requested and perform additional duties as required
- Process files from opening through closing of each loan
- Analyze borrower(s) Federal Tax returns (if applicable) to determine qualifying income
- Resolve real estate loan servicing issues, inquiry or request on the loans serviced at the credit union loan that are being sub-serviced on behalf of the credit union
- Understand and comply with mortgage industry regulations
- Review all new loan applications within 72 hours of receipt of file to ensure compliance with all investor agency/federal compliance guidelines
- Update loan files, the mortgage computer system, and the tracking system as information is received
Qualifications for mortgage loan processor
- Ability to deal tactfully and effectively with customers fellow employees
- Forms and Reports completion
- Member focus
- You must have at least 2-3 years of Mortgage Loan Processing Experience
- Gather and verify necessary information from applicants
- Obtain and possibly clear approval stipulations as needed
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Mortgage Loan Processor Job Description
Job Description Example
Our company is growing rapidly and is looking to fill the role of mortgage 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 mortgage loan processor
- Determine information needed from customers to successfully process the loan, obtain credit reports, order appraisals, title binders, surveys and tax transcripts
- Submit the loan file directly to the underwriting department without prior review from supervisor
- Provide calculation of borrower s income according to investor/agency guides, including but not limited to borrowers with multiple sources of income
- Follow and monitor the schedule of closing with title companies
- Prepare loan file for closing, secure MDIA compliance review and hazard insurance binder, H06 for condominiums and PUDs, complete pre-closing checklist
- Review new loan submissions from Loan Officer or Approval Specialist within 48 hours of receipt
- Return any incomplete loans back to Operations Manager with explanation, so they may complete and resubmit
- Request any additional items needed from borrower to complete loan
- Order and receive VODs, VOEs, appraisal, title, and as appropriate
- Submit complete files to Underwriting based on Investor and/or AUS requirements
Qualifications for mortgage loan processor
- Bachelor's Degree preferred (Finance, Business, Math)
- You must have computer proficiency and be technology knowledged
- You must take direction well and you must get along well with others
- You must have outstanding punctuality
- Monday - Friday 8am - 5pm plus overtime as needed
- Minimum five years of Mortgage Loan Processing experience
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Mortgage Loan Processor Job Description
Job Description Example
Our growing company is looking for a mortgage 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 mortgage loan processor
- Obtain and review all documents thoroughly against loan conditions before submitting loan files to the Underwriting department
- Coordinate submitted files to Underwriting & Closing to meet file expectations
- Pipeline Management – update and track information in Encompass with current and up to date information
- Place detailed comments in the conversation log every time a file is handled
- Responsible for ordering appraisals, credit reports, title work, all verification activities, flood certifications
- Responsible for maintaining current knowledge of mortgage industry guidelines Responsible for entering loan information on applicable software, monitoring status of necessary documentation throughout loan process maintenance of mortgage files to ensure proper documentation
- Prepare and package all loans for submission to the secondary market for underwriting post-closing/funding
- Ensures all title issues are reconciled and the loan is recorded accurately
- Assist in loan closings
- Keeping up with current regulation changes constant updates to underwriting guidelines
Qualifications for mortgage loan processor
- Must be dependable, self-motivated, and require minimal supervision
- Must be proficient with all guidelines and websites necessary to complete job functions
- Minimum three (3) years of mortgage processing, underwriting, originating or a combination of all aspects
- Must be able to organize, prioritize, and manage time
- Minimum of 3-5 years experience with mortgage processing
- Capable verbal and written communicator in both English and Spanish
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Mortgage Loan Processor Job Description
Job Description Example
Our innovative and growing company is looking for a mortgage loan processor. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for mortgage loan processor
- Process new mortgage loan applications
- Review and analyze credit documentation
- Conducts loan interviews and obtains previous credit history of member, other pertinent data that could be used for present and future loan evaluations
- Perform any additional duties/activities assigned by management
- Foreign National Lending experience a must
- Reviews, organizes and collates application and loan information to insure timeliness and accuracy in providing a useable credit file to be submitted to underwriting for approval
- Prepares file for final sign-off by branch manager and sends closing package to the closing attorney and title company so they can prepare the final Closing Disclosure
- Reviews final Closing Disclosure for accuracy
- Prepares and delivers appropriate loan disclosures and approval notices
- Review residential mortgage applications and accurately prepare and provide initial and re-disclosure packages within the required 3 business days from application date or changed circumstance
Qualifications for mortgage loan processor
- Must be proficient in DU/DO, LP, and major Originating systems
- Experience working with various end investors and FHA/VA
- This job function requires keeping up on current regulation changes constant updates to underwriting guidelines
- Finalizes Commitment Letters
- Review credit reports, income and assets
- Ensures funds are an acceptable source of funds
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Mortgage Loan Processor Job Description
Job Description Example
Our company is looking to fill the role of mortgage loan processor. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for mortgage loan processor
- Update and verify accuracy of data input into Mortgagebot loan origination software
- Analyze loan-to-value ratio, debt-to-income, credit report, application, income, assets, source of down payment funds and examine supporting documentation to identify potential fraud or misrepresentation
- Review and verify documentation integrity to ensure it aligns with Desktop Underwriter Findings
- Prepare and deliver realtor, conditional commitment and final commitment letters to borrowers, settlement agents and realtors
- Work independently and as a team player to contribute to the success of the department and in turn the organization
- Ensure that the application is complete and accurate, a task that can require time and attention to detail
- Data that mortgage loan processors need to verify includes employment length, financial statement accuracy and collateral asset values
- Many lengthy steps are involved in processing a loan, and mortgage loan processors must be good at multitasking and time management
- Vendor Orders
- Work with loan applicant(s) to gather specific information relative to credit, employment and financial history to obtain a loan approval
Qualifications for mortgage loan processor
- Minimum 5 years of mortgage loan processing
- Must be proficient with the calculation of income and assets
- NMLS number
- Familiarity with Point required
- Conventional, FHA, USDA, Jumbo, and VA loan experience a plus
- Ability to access financial need and meet loan quality and production goals