Mortgage Loan Processor
Under general supervision, the Mortgage Loan Processor reviews and gathers documentation, verifies information, and orders loan-related documents to submit for underwriting of mortgage loans within UFCU and industry guidelines. The Mortgage Loan Processor assumes primary responsibility for the loan file and loan documentation from the receipt of the contract through closing/funding.
ESSENTIAL DUTIES AND RESPONSIBILITIES
(in %; all functions’ total should = 100%)
Essential Function Description
Loan File and Documentation:
- Evaluates loan applications and accompanying documentation to determine compliance with Automated Underwriting System (AUS) results and guidelines.
- Perform thorough review of credit reports.
- Reviews employment information and collects necessary supporting documentation.
- Reviews asset statements and financial information and collects necessary supporting documentation.
- Re-Run AUS as necessary.
- Communicates with member regarding documentation needed to process the loan and maintain effective follow up to ensure receipt of needed documents.
- Evaluates appraisals for accuracy, making sure any errors, adjustments, repairs, etc., have been completed prior to Underwriting submission.
- Orders Property information including Title, Flood Certification, and Homeowners Insurance
- Reviews Title for valid ownership, chain of title, taxes, subordinate liens, liens & judgments, and current mortgage holder.
- Performs due diligence on loan package to ensure it is complete and thorough before submitting for underwriting approval.
- Obtains and verifies that all Underwriting conditions are received and cleared by the Underwriter and prepares the file for submission to the Closing Department.
- Stay up to date on all Underwriting guidelines and QC policies
- Displays excellent member service and strong interpersonal skills by building and maintaining positive relationships with Members, Vendors, Realtors, and Team Members.
- Exhibits superb written and verbal communication skills.
- Follows up with key individuals immediately to resolve problems and/or respond to inquiries. Works collaboratively with Loan Officers, Underwriters and Closers to resolve problems and find solutions.
- Manages a high volume of loans and maintains timely and compliant flow of loans through the process.
- Ensures files are notated correctly for the Closing Department and all necessary documents needed for loan closing are in the file.
- Communicates directly with borrowers, Realtors, title companies and insurance companies to ensure that loans close in a timely manner.
Demonstrates a commitment to working effectively as a team and to ongoing self-development:
- Stays informed about all current, applicable industry standards.
- Continually finds opportunities for ongoing professional growth and learning.
- Proactively finds ways to support the Mortgage Service’s department goals and work collaboratively with co-workers.
- Effectively manage time and resources.
- Performs other duties as assigned.
- Adheres to all company policies, procedures and business ethics codes.
- Completes required regulatory Training as assigned.
- Maintains strict adherence and compliance to all laws, rules, regulations and internal controls specific to your role, including but not limited to Bank Secrecy Act, Anti-Money Laundering, USA Patriot Act, Office of Foreign Assets Control (OFAC) and Fair Lending regulations.
- High School Diploma or equivalent required.
- Bachelor’s degree or some related college coursework preferred.
- Minimum of one (1) year of mortgage processing experience required.
- Two to Five years mortgage processing experience preferred.
- Prior credit union experience preferred.
Specialized Knowledge, Licenses, Certifications, etc.
- Familiarity with current mortgage lending laws and regulations for Fannie Mae, FHA, VA, USDA. Knowledge of documentation relating to residential mortgage lending and conventional financing.
- Familiarity with credit union philosophies and practices preferred.
- Knowledge of all aspects of the federal and state regulations dealing with Home Equity lending.
- Familiarity with mortgage lending file organization and the related documentation associated with mortgage files.
- Well-developed ability to manage multiple tasks/projects and deadlines simultaneously.
- Basic knowledge of the mortgage process, documentation, requirements; governmental and agency requirements; and terminology.
- Strong verbal and written communication skills.
- Superior customer service skills are essential.
- Ability to consistently and effectively make evaluative judgments.
- Bilingual in Spanish preferred.
- Must be bondable.
The physical demands described here are representative of those that must be met by an employee in order to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- While performing the duties of this job, the employee is regularly required to sit; use hands to finger, handle or feel; reach with hands and arms; and talk or hear.
- Specific vision abilities required by this job include close vision, distance vision, peripheral vision and ability to adjust focus.
- The employee is frequently required to stand and walk.
- Employee will make extensive use of the telephone requiring the ability to effectively and accurately explain complex information.
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- This position may involve periodic stressful conditions.
- This position has direct exposure to possible robbery.
- May occasionally require an adjusted work schedule, overtime, and evening/weekend hours.
- May occasionally move from one work location/branch to another.
- Public contact position, requiring appropriate professional appearance.
- Frequent computer use at a workstation up to two hours at a time.
- The noise level in the work environment is usually moderate.
CRITICAL JOB COMPETENCIES
UFCU Core Competencies. In addition to fulfilling the position’s Essential Duties and Responsibilities, an individual must demonstrate UFCU’s Core Competencies:
- Leading & Developing Self
- Organizational Impact
Nothing in this job description restricts management from changing any or all parts of the job description at any time.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor’s legal duty to furnish information. 41 CFR 60-1.35(c)