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Loss Mitigation Processor

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Description

The Loss Mitigation Loan Processor will evaluate the required documentation for all investor types (FHA, Conventional, VA, USDA) to determine if the loan is ready to be sent for underwriting. Additional duties may be assigned for loans that do not require a response package to be received from a borrower depending on their loan type.

Essential Job Functions:
  • Must have experience in Mortgage Loan Processing of Full Document loans (FHA, VA, CONV and USDA)
  • Initiates and maintains contact with customers throughout the processing period, assisting them with any questions and notifying them of any additional information needed.
  • Verify loan documents including income, assets, credit, appraisal and title insurance.
  • Verifying application for final submission to underwriting.
  • Input proper loan information into the system for processing.
  • Responsible for ensuring that all loan documentation is complete accurate verified and complies with company policy.
  • Submits loans through DU and orders and follows up on any outside services such as credit reports, title
  • Satisfies conditions and ensures documentation meets requirements
  • Monitors loans in process to determine any deviation from standard processing time and to take appropriate actions including notifying the manager for alternatives to ensure timely service
  • Sets and maintains proper expectations to all parties
  • Establishes accurate closing date and monitors promised closing dates to meet those established. Meets standards for closing percentages of loans processed
  • Performs final review of the completed application packages and prepares the file for approval, specifying any applicable conditions to the approval
  • Notifies the customer of the underwriting decision
  • Prepares, if applicable, the "Decline Letter" and ensures accurate disclosure of the reason(s) for the adverse action at whatever time during the processing period it is determined that applicants do not qualify
  • Researches problems and files documents as required
  • Must be familiar with Loss Mitigation options
  • Must be knowledgeable in Mortgage Servicing

Education and/or Experience:

  • High School degree, or equivalent, required. Higher degree preferred.
  • Detailed knowledge of FHA, VA, Conventional, USDA.
  • General tax returns knowledge.
  • Must be proficient with the calculation of income and assets.
  • Current Mortgage Loan Processing knowledge and background required.
  • Read, interpret and apply applicable laws, rules, regulations and/or policies and procedures.
  • Demonstrate interpersonal, organizational and time management skills.
  • Accurately document all information pertaining to accounts.
  • Ability to solve problems.
  • Encompass experience preferred but not required.
  • MS Office proficient

To perform this job successfully, an individual must be able to perform each essential function satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of the job

Language Skills:

Ability to read and interpret documents such as policy and procedure manuals, safety rules, operating and maintenance instructions. Ability to write routine reports and correspondence. Ability to speak effectively before groups of customers or employees of the organization.

Mathematical Skills:

Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume. Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations

Reasoning Ability:

Ability to solve practical problems and solve a variety of concrete variables in situations where only limited standardizations exists. Ability to intemperate a variety of instructions furnished in written, oral, diagram, or schedule form.

 

Customer Service Relationships:

Assesses and diffuses problem situations and requires influencing others to reach consensus. Requires tact and diplomacy to handle difficult customer relationships. Explores alternatives and creative solutions to meeting the needs of customers.

 

Work Complexity:

Tasks are multiple and diverse with some interrelationship across processes. Work requires the direct application of a variety of procedures, policies and/or precedents.

Work Environment:

Work is normally performed in a typical interior work environment which does not subject the employee to any hazardous or unpleasant elements.

Employer’s Rights:

This job description does not list all the duties of the job. You may be asked by your supervisors or managers to perform other duties. You will be evaluated in part based upon your performance of the tasks and functions listed in this job description. The employer has the right to revise this job description at any time. The job description is not a contract for employment, and either you or the employer may terminate employment at any time, for any reason.

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