Mortgage Processor Job Description
Mortgage processor
provides technical supervision to Loan Closing and Loan Servicing teams in the areas of loan documentation, loan events such as assumption, transfers and secondary financing requests, payment processing/accounting, title insurance, borrower formation documents, hazard and liability insurance, insurance casualty processing, environmental condition (working with outside consultant), tenant documentation and escrow.
Mortgage Processor Duties & Responsibilities
To write an effective mortgage processor job description, begin by listing detailed duties, responsibilities and expectations. We have included mortgage processor job description templates that you can modify and use.
Sample responsibilities for this position include:
Ordering payoffs
Provides information to internal and external parties, related to home loans
Preparation and update of commercial delinquency and REO reports
Review performing repayment and stipulated repayment plan loans and through borrower contact and/or loan analysis
Initiate loan modifications in alignment with internal guidelines and policies
Prepare and update of commercial delinquency and REO reports
Manage pipeline of consumer finance loan applications on a daily basis
Act as a liaison between customer and underwriter to ensure a clear understanding of items required
Efficiently manage pipeline of loans, including follow-up to ensure timely decisions of loans
Understand and comply with mortgage industry regulations, including the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, TRID
Mortgage Processor Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Mortgage Processor
List any licenses or certifications required by the position: AUS, IHM
Education for Mortgage Processor
Typically a job would require a certain level of education.
Employers hiring for the mortgage processor job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Associate Degree in Business, Education, Associates, Finance, General Education, Technical, Economics, Financial Services, Mathematics, Communication
Skills for Mortgage Processor
Desired skills for mortgage processor include:
Websites
DTI and LTV ratios with ability to decipher loan documentation and related reports
DTI and LTV ratios with ability to understand loan documentation and related reports
10-key
Calculator
Insurance requirements
Loan documents
Education
Operational systems and practices typically gained through extensive experience
Fannie Mae
Desired experience for mortgage processor includes:
Foundational knowledge of FHA, VA, Conventional, Jumbo (preferred)
Three to four years of loan processing experience
Following up on approved loans
Issuing final commitment letters
Preparing closing documents following bank & investor guidelines & product mix
Making follow-up calls to members and advising of outstanding conditions
Mortgage Processor Examples
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Mortgage Processor Job Description
Job Description Example
Our company is growing rapidly and is hiring for a mortgage 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 processor
- Evaluating the borrower’s financial ability, intent, willingness, reason for default and ability to make payments
- Initiating contact with member borrowers and servicers of loans that have defaulted or are at risk of default on their obligations and/or repayment agreements
- Reviewing performing repayment & stipulated repayment plan loans and through borrower contact and/or loan analysis and initiating loan modifications in alignment with internal guidelines and policies
- Responding to member borrowers and servicers of loans inquiries regarding defaults, loss mitigation options, and inquiries of general servicing nature
- Coordinating and facilitating loss mitigation efforts with associated departments, primarily commercial lending, foreclosure counsel, servicers, and Investors
- Preparation and updating commercial delinquency and REO reports
- Maintain continual, consistent, and open communication with all appropriate parties to the transaction in accordance with current Service Level Agreements (SLAs)
- Order and ensure accuracy of third party vendor work
- Pre-underwrite files (including highly complex files) to obtain and analyze documentation, in timely fashion, regarding employment, credit, income, assets and collateral
- Timely submission of file for underwriting decision
Qualifications for mortgage processor
- Knowledge of first mortgage and home equity products
- Intermediate Microsoft Outlook, Word and Excel
- This position typically viewed as an entry position
- While 1 year in the industry can feel like a lifetime we’d like at least 3
- You should know, and have experience with, Conventional, FHA, VA, LP and DU – the mortgage alphabet soup
- Calculating self-employed income and clear understanding of tax returns is a must
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Mortgage Processor Job Description
Job Description Example
Our innovative and growing company is hiring for a mortgage 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 processor
- Reviewing checklists
- Ordering and processing appraisals
- Work closely with senior peers and management on complicated files and complex scenarios
- Effectively maintain an individual pipeline of several files, while ensuring accuracy and efficiency
- Review and rectify title reports, appraisals, credit reports and insurance documents
- Oversee and execute the ordering of the appropriate appraisal, title work, and/or mortgage loan verification in order to ensure the loan is processed efficiently, effectively, and correctly
- Gather documents, clear outstanding conditions, and prep and submit files to closing
- With knowledge of trust and entity documents, work collaboratively with colleagues in Legal and Paralegal departments to obtain documents needed for file documentation
- Continually build and improve your understanding of compliance and regulatory guidelines, federal and state specific policies
- Provide support for mortgage lending unit
Qualifications for mortgage processor
- Knowledge of a computer loan application system
- Ability to prioritize multiple tasks in a deadline-driven environment
- Meet production and quality standards as established by line of business
- Knowledge of FHA, VA, &/or Conventional loansnot Streamline
- Two + years of related full doc
- Evaluating the borrower’s financial ability, intent, willingness, reason for default and ability to make payments, and apply appropriate retention or liquidation solutions
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Mortgage Processor Job Description
Job Description Example
Our innovative and growing company is looking to fill the role of mortgage processor. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for mortgage processor
- Manage pipeline to meet all rate lock, commitment and closing dates
- Recommend solutions to moderately complex problems and refers more complex issues to a higher level
- Have regular contact with internal and external customers is required to obtain, clarify, or provide facts and information and/or identify, research, and resolve problems
- Participate in special projects as assigned by supervisor and/or area manager
- Follows detailed, established procedures to perform a variety of tasks requiring some evaluation, originality or ingenuity in making decisions
- Resolves common questions and problems and refers more complex issues to a higher level
- Confirms mortgage loan application information by mailing verification forms
- Identifies mortgage loan application and documentation problems by highlighting deficiencies
- Prepares closing statements and informs borrowers by calculating principal and interest payments, and closing costs
- Independently, aggressively, and proficiently set-up all loan application files
Qualifications for mortgage processor
- Process incoming release requests in a timely manner, prioritizing requests to ensure client expectations are met
- Work requests and reviews with a sense of urgency and purpose while maintaining quality expectations
- Pull loan files as requested for projects and/or shipments
- Return and/or file loans to proper shelf location as requested
- O-2 years of mortgage operations experience and core applications preferred
- O-Mortgage compliance background preferred
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Mortgage Processor Job Description
Job Description Example
Our company is searching for experienced candidates for the position of mortgage 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 processor
- Order appraisal, title/escrow documentation, inspections/re-inspections, surveys, respective verifications, credit reports/supplements, insurance binder/documents, flood determination, and other items required for loan approval on each loan application
- Provide the regulatory required flood notification documents to applicants whose home is located in a Special Flood Hazard Area
- Understand and properly upload loan application documents/documentation and third party verifications in proper LOS e-folder(s.)
- Ensure LOS is utilized in accordance with applicable policy, procedure, and / or job aids, including accurate file status
- Exhibit observable sense of urgency in the execution of all daily job functions and duties to meet or exceed established turn-time expectations
- Perform additional duties as directed by Processing Supervisor or Manager
- Assisting processors with accurate and timely application submissions to underwriting
- Effectively communicating underwriting conditions to Mortgage Bankers and/or other related parties, as instructed by management
- Learning primary functions / tasks of a processor
- Monitor/manage closing dates to close files as quickly as possible
Qualifications for mortgage processor
- O-Good interpersonal, verbal and written communication skills
- O-Proficient with Microsoft products (MS Word, Excel)
- Familiar with Mortgage Terminology (HUD, TRID, RESPA)
- 2 years of customer service experience or Bachelor's Degree OR military service OR 1 year of customer service experience plus Associate's Degree
- Experience using a LOS and Automated Underwriting System (AUS)
- At least one year of clerical work experience
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Mortgage Processor Job Description
Job Description Example
Our growing company is hiring for a mortgage processor. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for mortgage processor
- Validates mortgage loan and collateral documentation for mortgage warehouse lines of credit supporting our clients nationally
- Use knowledge of mortgage lending principals and the loan process to review and ensure authenticity of execution, completeness of information and verification that the documentation conforms to applicable credit approvals, policies and procedures
- Process mortgage warehousing transactions and maintenance of collateral loan data on mortgage warehouse system that includes funding, wires, advances, payments, paydowns, shipments and case specific information
- Prepare documentation and ship loan collateral to investors upon request
- Reconcile daily loan transaction activity to the collateral received and identify any discrepancies including balancing customer accounts and reporting information
- Provide guidance and recommendations to external customers in relation to their account maintenance to ensure policies and procedures are adhered to
- Handle issues from clients and customers
- Submit files to processing support to obtain flood determination and appraisal report
- Submit complete files to underwriting resulting in minimum conditions
- Completion of any duties assigned in order to prepare a loan package for submission
Qualifications for mortgage processor
- Minimum of 2 years of applicable residential mortgage processing experience, including a solid working knowledge of mortgage regulations
- Must be able to work 40 hours per week and overtime as required
- One year of Mortgage Lending or Banking Industry experience, including loan closing and mortgage investor documentation
- Strong customer service skills and a sense of urgency
- At least 2 years of experience in mortgage processing or underwriting, preferably in a banking environment
- Should possess knowledge of mortgage lending standards