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Mortgage Loan Processor (Assumption) - Loss Mitigation

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Description

Summary
The Assumption/Loss Mitigation Loan Processor will underwrite for loss mitigation options - all workout types on all loan types. It will be necessary for the processor to have experience in Full Doc Conventional, VA and FHA loan processing. Other duties may be assigned.

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

Other Related Duties:
Performs other related duties as assigned.

Qualifications:
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.

Education and/or Experience:

  • Bachelors degree preferred.
  • Minimum 3 years of mortgage loan processing 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


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