What are the responsibilities and job description for the Mortgage Loan Processor position at Prevail Bank?
Position Summary:
Loan Processors are responsible for assisting Mortgage Loan Officers/Mortgage Loan Assistants with gathering and review of all required loan documentation to ensure complete and accurate files, coordination of loan closings in a timely manner, ensuring all documents are signed/executed properly, disbursing loan funds and booking of new loans onto the core system. Loan Processors are responsible for ensuring all loan documentation is compliant with company policies and procedures.
Duties and Responsibilities
Education/Experience:
Minimum two-year degree in business related field or two years of bank loan processing or title experience preferred. Previous financial institution customer service experience preferred.
Skills and Abilities:
Adaptability:
Loan Processors are responsible for assisting Mortgage Loan Officers/Mortgage Loan Assistants with gathering and review of all required loan documentation to ensure complete and accurate files, coordination of loan closings in a timely manner, ensuring all documents are signed/executed properly, disbursing loan funds and booking of new loans onto the core system. Loan Processors are responsible for ensuring all loan documentation is compliant with company policies and procedures.
Duties and Responsibilities
- Review loan applications/URLA for accuracy & completeness
- Review lender/MLA notes for any special instruction or requirements
- Prepare & review initial loan disclosures for accuracy & completeness
- Disclose all new applications received within the required 3 days
- Review all electronic file documentation for accuracy & completeness
- Ensure all documentation is stored/named in our electronic file using approved naming conventions
- Prepare & send revised disclosures when necessary
- Run compliance/PredProtect when required
- Prepare & send borrower approval/commitment letter(s)
- Lock loans with investor (when applicable) and within the LOS
- Complete all required tasks & functions within the LOS
- Request/obtain any required 3rd party verifications (VOE, VOM, VOL)
- Order flood determinations, appraisals and title commitment or letter reports
- Obtain & review all underwriting required approval conditions
- Obtain & review hazard and/or flood insurance to ensure it meets policy/guidelines
- Review title commitment and resolve any issues or outstanding liens
- Submit & obtain MI approval/mortgage insurance certificate when required
- Review and verify all timing and delivery requirements have been met
- Submit files for final underwriting approval
- Communicate with MLO, MLA and applicants (when needed)
- Order payoffs and cancel any active ACH/automatic payments for internal loans
- Order wires when necessary
- Prepare disbursement sheet and complete payouts/payoffs as part of loan disbursement
- Prepare and provide preliminary CD to borrower within required timeframe
- Collaborate with title company on purchase closings
- Prepare the final closing package and review all documents for accuracy and compliance
- Verify any at close conditions have been met/satisfied
- Review signed closing package to ensure accuracy & completeness
- Book and fund loan on the core system
- Complete final HMDA data for originated loans
Education/Experience:
Minimum two-year degree in business related field or two years of bank loan processing or title experience preferred. Previous financial institution customer service experience preferred.
Skills and Abilities:
Adaptability:
- Able to adjust quickly to different work situations; remain composed under pressure and in stressful situations.
- Regard for important details to assure accuracy in every transaction performed; detect errors; follow through on corrections and details.
- Must embrace change and see change as opportunity. Must be willing to express and support management's ideas to affected staff.
- Respond sensitively to the needs and priorities of both internal & external customers; recognize and take appropriate action to meet their needs; establish an effective working relationship with all customers to gain their respect and loyalty.
- The ability to express thoughts and ideas in a clear and concise manner, both orally and in written form to a variety of audiences and to all levels of staff.
- Project a positive image of the bank to all internal and external customers.
- Ability to effectively manage one’s time to complete work according to established deadlines. The ability to prioritize tasks to make the best use of time for high priority tasks.
- Must view oneself as part of an overall team. This includes supporting others throughout the entire bank to achieve the overall goals of the bank.