Processor

Job Description

Job Description

Description : Basic Description :

A Mortgage Loan Processor is responsible for completing and verifying financial information on loan applications by obtaining necessary information to process a complete mortgage loan file. ( i.e. credit, income, assets, appraisal, etc. ) The Loan Processor also ensures compliance with all Federal rules and regulations including, but not limited to, Respa, Tila, HVCC etc. and all internal policies and procedures such as fraud prevention.

It is the policy of Flat Branch Mortgage quality control procedures to ensure that at a minimum, the borrower(s) are contacted by the Loan Processor at least once on every loan file.

Responsibilities :

• The loan officer submits the file to loan processor with application, proper disclosures, income, assets and credit information.
• The loan processor then reviews the information in the file to verify all documentation is accurate, complete and meets established standards, including type and amount of mortgage, borrower assets, liabilities and employment information. The loan processor corrects data errors and obtains missing information when necessary.
• The loan processor then calls specified companies to request necessary information such as title commitment, verification of employment and hazard insurance.
• After the file is complete and all of the necessary information has been ordered, the loan processor submits the loan file to underwriting for approval. The file will then be underwritten and returned to the processor with a list of conditions needed. The processor will obtain proper information to satisfy the conditions that are needed for the file to be clear to close. When the processor has obtained all necessary conditions, they then submit the file back to the underwriter to ensure all conditions have been met.
• When all conditions are cleared, and the file is clear to close then the processor submits the file to the Mortgage Loan Closer for settlement.
• Any other duties as assigned by the team leads and / or department managers.

Requirements :

Qualifications & Skills :

Pay Range : $22+ depending on experience