Mortgage Processor
My HR ManagementMiddletown, NY2 months ago
Mortgage Processor- Monday thru Friday 8:00 am - 5:00 pm. Work from home option. 3-6 month Assignment.
POSITION PURPOSE
Responsible for handling a pipeline of real estate loans from the time they are submitted by the Mortgage Loan Originator (“MLO”) or the Financial Service Representative (“FSR”) to the time they are funded and submitted for quality control.
ESSENTIAL FUNCTIONS AND BASIC DUTIES
  • Processing
  • Provide administrative support to MLO and FSR including updating loan data in the LOS, validating documents they submit and reviewing the file for accuracy, completeness and compliance.
  • Communicate with borrower throughout the loan process to ensure a high quality experience.
  • Process loan to include verification of employment, deposit accounts, and all liabilities in order to prepare application package for underwriting.
  • Contact third parties to request required documents such as Appraisal, Title, Flood Certification, Tax Transcripts and Mortgage Insurance, if needed.
  • Ascertain the need for, and obtain Mortgage Insurance and Flood Insurance.
  • Proactively follow up with borrowers and third parties to ensure timely receipt of conditions as established by service level agreements.
  • Communicate with MLO and Underwriter to ensure file is meeting expected service level time frames. Keep them inform them of any deficiencies. Hold regular pipeline meetings.
  • Obtain, review, and clear conditions within parameters set forth by the Underwriter in order to attain a clear to close.
  • Ability to interpret credit report, appraisal, title, and DU findings.
  • Basic business math to calculate loan-to-value and debt ratio.
Manage digital and hard files by scanning and verifying documents in the imaging system.
2. Closing/Funding
*
  • Coordinate closings with all pertinent parties.
  • Resolve any open conditions.
  • Perform Verbal Verification of Employment when required.
  • Obtain final Mortgage Insurance Certificate when required.
  • Prepare payoff letters when required.
  • Obtain copy of current homeowner's insurance and flood insurance (if applicable) and make sure mortgage clause is in favor of credit union.
  • Prepare escrow analysis when required.
  • Validate interest rate and ensure any rate locks have not expired.
  • Prepare loan closing documents for Mortgages and Home Equities.
  • Review and approve HUD from settlement agent.
  • Review signed documents and approve loan funding.
  • Track signed closing packages for delivery from settlement agents of FSR’s.
  • Review documents for accuracy and compliance.
  • Process wire transfer.
  • Book loan to core system and complete Post-Closing Checklist.
  • Scan file to imaging system and prepare the file for Quality Assurance.
3. Perform responsibilities of position in accordance with federal and state regulations as well as credit union policies and procedures.
4. Assist in training new employees
5. Cross-sell credit union products and services as appropriate.
6. Recommend changes to improve workflow, efficiencies and quality.
7. Meet Core Comp Requirements.
8. Meet or exceed the objectives set for accuracy, volume and profitability of all real estate loans as well as meet or exceed established service level and business unit strategic goals.
9. Collaborate effectively with branch personnel, processors and other underwriters to ensure that loan applications are fully completed, the necessary supporting documentation is received, and the loan closes properly.
10. Work together with all areas of lending including origination, consumer lending, servicing, and collections to ensure an efficient, effective team based division.
11. Participate in department and/or strategic projects as directed.
12. Serve as a resource on real estate products/services of the Credit Union; respond to internal and external loan related member questions & research; may provide guidance on real estate lending practices, loan policies and procedures.
13. Recommend operational procedures to increase effectiveness of department operations
14. Performs other related and unrelated duties as requested and therefore required.
PERFORMANCE MEASUREMENTS
Performance is measured against the core competencies as outlined by the position and against goals established by the supervisor.
QUALIFICATIONS
Education/Certification: Some college preferred plus two to three years’ experience in
Mortgage processing; or a comparable combination of education and experience.
Required Knowledge: RESPA and TILA guidelines. Must have excellent communication skills.
This position requires that the employee gain a working knowledge of Bank Secrecy Act (BSA) requirements and how they will affect their work. The employee will comply with all requirements of the BSA and cooperate with the designated BSA Officer in assuring compliance.
Experience Required: Using PC based software including Microsoft Word, Excel and
Outlook. Processing mortgages, preparing closing documents, funding loans; Fannie Mae experience is preferred.
Skills/Abilities: Strong attention to detail. Ability to prioritize. Must project a
Professional appearance and positive attitude at all times. Must be team oriented.
PHYSICAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
Finger Dexterity: Using primarily just the fingers to make small movements such as typing, picking up small objects, or pinching fingers together.
Talking: Especially where one must frequently convey detailed or important instructions or ideas accurately, loudly, or quickly.
Average Hearing: Able to hear average or normal conversations and receive ordinary information.
Repetitive Motions: Movements frequently and regularly required using the wrists, hands,and/or fingers.
Average Visual Abilities: Average, ordinary, visual acuity necessary to prepare or inspect documents or operate machinery.
Physical Strength: Sedentary work; sitting most of the time. Exerts up to 10 lbs. of force occasionally
WORKING CONDITIONS
None: No hazardous or significantly unpleasant conditions.
MENTAL ACTIVITIES AND REQUIREMENTS OF THIS POSITION
Reasoning Ability: Ability to apply common sense understanding to carry out instructions furnished in written, oral, or diagram form. Ability to deal with problems involving several concrete variables in standardized situations.
Mathematics Ability: Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume.
Language Ability: Ability to use passive vocabulary of 5,000-6,000 words; to read at a slow rate; define unfamiliar words in dictionaries for meaning, spelling, and pronunciation.
Ability to write complex sentences, using proper punctuation, and use adjectives and adverbs.
Ability to communicate in complex sentences; using normal word order with present and past tenses; using a good vocabulary.
Ability to read and interpret documents such as safety rules, operating and maintenance instructions, and procedure manuals.
Ability to write routine reports and correspondence.
Ability to speak effectively before groups of members or employees of organization.
Contract length: 6 months
Job Types: Full-time, Contract
Salary: $20.00 - $23.00 per hour
Schedule:
  • 8 hour shift
  • Monday to Friday
Experience:
  • Mortgage processing: 1 year (Required)
  • RESPA and TILA guidelines: 1 year (Required)
Work authorization:
  • United States (Preferred)
Work Remotely:
  • Yes, temporarily due to COVID-19
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