Mortgage Loan Processor - MT
First Federal Bank & Trust - WY & MT, Billings, MT, United States
Our work environment is fast-paced and requires team members to provide excellent customer service, be detail-oriented, to learn quickly and have strong organizational skills. Most importantly, we want our team members to have a positive attitude and enjoy their job and their co-workers.
Team members are expected to strongly support the Bank's Strategic Plan and to perform their job duties in accordance to and in the spirit of the Bank's Mission Statement and Organizational Values
Individuals are responsible for processing daily, weekly or monthly operational duties as listed.
The Mortgage Loan Processor works closely with loan originators and the underwriter and is primarily responsible for receiving, processing and computer input of information supplied on loan applications, assembling completed documentation files for submission to underwriters and maintaining customer/third-party referrers contact throughout this process.
The goal of a mortgage loan processor is to have a reputation for uploading complete and accurate files so that the underwriter has all the information needed to decide on the loan. It is important to ensure that work will not be delayed due to inconsistencies, inaccuracies, or missing documents within a loan file. Therefore, it is imperative that a mortgage loan processor understands documentation requirements, analyzes documents to ensure they meet product guidelines, maintain neat and orderly files, understand how to use loan origination system, document loans with complete and thorough notes, communicate with all parties with consistency, transparency, and honesty, document conversations with all parties, develop a system for following up and communicating with the originator and underwriter, use processing and office technology tools effeciently, and be familiar with the websites that provide agency and investor guidelines and documentation requirements.
Major Duties and Responsibilities Mortgage Loan Processor
Review documentation presented by originators and ensure that it is accurate, complete, and consistent
Request additional documents to support the loan application
Confirm that the licensed originator provided all disclosures to the borrower within the timeframe required by federal regulation
Ensure that the loan file meets all product guidelines
Obtain verification of deposit documentation provided by independent, third-parties used to verify that the information contained on the loan application is true and accurate such as: establishes that the applicant has sufficient cash to meet settlement needs, and send requests to financial institutions to verify assets
Obtain verification of employment documentation provided by independent, third-parties used to verify that the information contained on the loan application is true and accurate such as: the applicant's employer to substantiate the employment information supplied in the mortgage loan application, stability of the applicant's source of income, and applicant's ability to repay the mortgage loan
Obtain loan documentation which includes documents such as paystubs, W-2s, tax returns, bank statements, and IRS 4506T tax transcripts.
Order an appraisal according to the loan type and pulling the credit report if needed
Input appraisals into automated system, inclusive of detailed information for property
Run the loan through the automated underwriting system (DU/LPA) for loan approval and documentation requirements, as necessary
Update the loan origination system as documents are received and re-running the AUS findings as necessary
Remain alert for valid change of circumstances that trigger redisclosure requirements
Ensure that borrower communications and updates are handled in a timely, consistent, and professional manner
Provide a complete loan file to the underwriter for efficient validation and underwriting
Review underwriting conditions; Satisfies all conditions received from the Underwriter and ensures that approval falls within the established lending guidelines
Issue weekly updates to borrowers, lenders, realtors, and closers; prepares ECOA to send to customer if loan denied; informs borrowers, realtors, builders and closer of status of loans.
Schedule closings with title agencies
Calculate all fees and escrows associated with closing and balance the numbers
Prepare and deliver the closing disclosure in advance of closing
Create a properly executed, quality loan package that meets regulatory requirements and investor guidelines
Prepare the funding approval of each loan and submits wire transfer to the Servicing department for loan funding
Deliver closing instructions, final closing disclosure, and settlement documents to the settlement agent
Attend Closings as necessary
Verify proper execution of a closed loan, post-closing, to ensure all documents were correctly signed and filed
Satisfy all conditions found post-closing, by an outsourced auditor Other duties as assigned.
Provide and promote exceptional customer service.
Must comply with all company policies and procedures, applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Oice of Foreign Assets Control.
Knowledge and Skills Experience
6 months to 2 years of similar or related experience, including preparatory experience. In-depth knowledge of mortgage lending guidelines and regulations
EDUCATION/CERTIFICATIONS/LICENSES High school education or GED
Interpersonal Skills A significant level of trust, credibility and diplomacy is required. In-depth dialogue, conversations and explanations with customers, direct and indirect reports and outside vendors can be of a sensitive and/ or highly confidential nature. Communications may involve motivating, influencing, educating and/or advising others on matters of significance. Typically includes subject matter experts as well as first level to middle managers.
Other Skills Professionalism
Approaches others in a tactful manner; reacts well under pressure, treats others with respect and consideration regardless of their status or positions, accepts responsibility for own actions; follows through on commitments. Professional appearance and attire. Work area organized with a professional atmosphere.
Teamwork
Balances team and individual responsibilities; contributes to building a positive team spirit; supports everyone's efforts to succeed.
Mathematical Skills
Ability to calculate figures and amounts such as discounts, interest, commissions. Ability to add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions, and decimals.
Reasoning
Ability: Ability to apply common sense and understanding to carry out instructions furnished in written, oral, or diagram form. Ability to deal with problems involving several concrete variables in standardized situations.
Qualifications To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Professionalism Approaches others in a tactful manner; reacts well under pressure, treats others with respect and consideration regardless of their status or positions, accepts responsibility for own actions; follows through on commitments. Professional appearance and attire. Work area organized with a professional atmosphere.
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Team members are expected to strongly support the Bank's Strategic Plan and to perform their job duties in accordance to and in the spirit of the Bank's Mission Statement and Organizational Values
Individuals are responsible for processing daily, weekly or monthly operational duties as listed.
The Mortgage Loan Processor works closely with loan originators and the underwriter and is primarily responsible for receiving, processing and computer input of information supplied on loan applications, assembling completed documentation files for submission to underwriters and maintaining customer/third-party referrers contact throughout this process.
The goal of a mortgage loan processor is to have a reputation for uploading complete and accurate files so that the underwriter has all the information needed to decide on the loan. It is important to ensure that work will not be delayed due to inconsistencies, inaccuracies, or missing documents within a loan file. Therefore, it is imperative that a mortgage loan processor understands documentation requirements, analyzes documents to ensure they meet product guidelines, maintain neat and orderly files, understand how to use loan origination system, document loans with complete and thorough notes, communicate with all parties with consistency, transparency, and honesty, document conversations with all parties, develop a system for following up and communicating with the originator and underwriter, use processing and office technology tools effeciently, and be familiar with the websites that provide agency and investor guidelines and documentation requirements.
Major Duties and Responsibilities Mortgage Loan Processor
Review documentation presented by originators and ensure that it is accurate, complete, and consistent
Request additional documents to support the loan application
Confirm that the licensed originator provided all disclosures to the borrower within the timeframe required by federal regulation
Ensure that the loan file meets all product guidelines
Obtain verification of deposit documentation provided by independent, third-parties used to verify that the information contained on the loan application is true and accurate such as: establishes that the applicant has sufficient cash to meet settlement needs, and send requests to financial institutions to verify assets
Obtain verification of employment documentation provided by independent, third-parties used to verify that the information contained on the loan application is true and accurate such as: the applicant's employer to substantiate the employment information supplied in the mortgage loan application, stability of the applicant's source of income, and applicant's ability to repay the mortgage loan
Obtain loan documentation which includes documents such as paystubs, W-2s, tax returns, bank statements, and IRS 4506T tax transcripts.
Order an appraisal according to the loan type and pulling the credit report if needed
Input appraisals into automated system, inclusive of detailed information for property
Run the loan through the automated underwriting system (DU/LPA) for loan approval and documentation requirements, as necessary
Update the loan origination system as documents are received and re-running the AUS findings as necessary
Remain alert for valid change of circumstances that trigger redisclosure requirements
Ensure that borrower communications and updates are handled in a timely, consistent, and professional manner
Provide a complete loan file to the underwriter for efficient validation and underwriting
Review underwriting conditions; Satisfies all conditions received from the Underwriter and ensures that approval falls within the established lending guidelines
Issue weekly updates to borrowers, lenders, realtors, and closers; prepares ECOA to send to customer if loan denied; informs borrowers, realtors, builders and closer of status of loans.
Schedule closings with title agencies
Calculate all fees and escrows associated with closing and balance the numbers
Prepare and deliver the closing disclosure in advance of closing
Create a properly executed, quality loan package that meets regulatory requirements and investor guidelines
Prepare the funding approval of each loan and submits wire transfer to the Servicing department for loan funding
Deliver closing instructions, final closing disclosure, and settlement documents to the settlement agent
Attend Closings as necessary
Verify proper execution of a closed loan, post-closing, to ensure all documents were correctly signed and filed
Satisfy all conditions found post-closing, by an outsourced auditor Other duties as assigned.
Provide and promote exceptional customer service.
Must comply with all company policies and procedures, applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Oice of Foreign Assets Control.
Knowledge and Skills Experience
6 months to 2 years of similar or related experience, including preparatory experience. In-depth knowledge of mortgage lending guidelines and regulations
EDUCATION/CERTIFICATIONS/LICENSES High school education or GED
Interpersonal Skills A significant level of trust, credibility and diplomacy is required. In-depth dialogue, conversations and explanations with customers, direct and indirect reports and outside vendors can be of a sensitive and/ or highly confidential nature. Communications may involve motivating, influencing, educating and/or advising others on matters of significance. Typically includes subject matter experts as well as first level to middle managers.
Other Skills Professionalism
Approaches others in a tactful manner; reacts well under pressure, treats others with respect and consideration regardless of their status or positions, accepts responsibility for own actions; follows through on commitments. Professional appearance and attire. Work area organized with a professional atmosphere.
Teamwork
Balances team and individual responsibilities; contributes to building a positive team spirit; supports everyone's efforts to succeed.
Mathematical Skills
Ability to calculate figures and amounts such as discounts, interest, commissions. Ability to add, subtract, multiply and divide in all units of measure, using whole numbers, common fractions, and decimals.
Reasoning
Ability: Ability to apply common sense and understanding to carry out instructions furnished in written, oral, or diagram form. Ability to deal with problems involving several concrete variables in standardized situations.
Qualifications To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Professionalism Approaches others in a tactful manner; reacts well under pressure, treats others with respect and consideration regardless of their status or positions, accepts responsibility for own actions; follows through on commitments. Professional appearance and attire. Work area organized with a professional atmosphere.
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