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The Loan Credit Advisor is responsible for reviewing loan applications in conjunction with Credit, Income, and Asset documentation to determine if loan is to be submitted to Call Center Operations. This position is responsible for performing duties such as calculating income, analyzing loan applications, assessing creditworthiness and the likelihood that a loan applicant will be able to repay the debt and analyzing the AUS /Guidelines as they pertain to the loan product. Will work alongside sales, providing guidance to Loan Advisors to ensure that the borrower is being put into the product that provides the most benefit given their individual profile. Product knowledge must include: expertise in processing and underwriting VA, FHA, Conventional and Non-QM loans.
Job Functions may include:
Co-Located within Sales. Works directly with Loan Advisor to provide clear direction as to what is needed from the borrower in order to have a completed loan applicationRequests and reviews the appropriated credit, income and asset documentation, and reviews alongside the application for data integrityCalculates income in accordance to agency/investor guidelines for all income sourcesReviews and updates liabilities in accordance to agency/investor guidelinesCreates a needs list to be distributed to sales, operations and borrowers, detailing the items required for processing of loanRuns the corrected/completed loan terms thru the appropriate Automated Underwriting engine, recognizing when a manual downgrade is requiredSTIPS fileRecommends denial status for loans not meeting minimum standardsWorks directly with Loan Advisor in re-structuring loans as necessary after documentation has been analyzed. This will include but not be limited to proposal to pay off additional debt and/or proposing new loan product(s).Provides feedback and training to Loan AdvisorTrain employees involved in the process how to handle all productsAssigns file to self and reviews CIA info to confirm no issuesSets Company item to be completed in Lakewood Authorizes loan to be sent to Processor
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