The Mortgage Loan Processor is responsible to obtain necessary information (i.e. loan applications, credit documents, appraisals, etc.) to process and complete mortgage loan files. Provide quality, accurate, and timely customer service (internal and external) involving daily processing of mortgage loans, which include the duties and responsibilities described herein.
- Process new mortgage loan applications; input new loan data into loan software programs and investor automated underwriting systems.
- Review initial submissions of files, prepare for underwriting submission and performing order outs
- Review and analyze credit documentation; compile information and update credit as needed to comply with investor approval requirements; pre-qualify borrowers to specific loan products; prepare loans for underwriting.
- Monitor the status of loans in the pipeline on a regular basis; communicate with originators, borrowers, real estate agents, and appraisers.
- Maintain loan submission register; confirm lock-in sheets with the secondary market; order flood certificates and process canceled loan files and refund checks.
- Gather materials from the customer, review conditions once it comes back from underwriting
- Get files prepared, getting ready to go into closing
- Identify, resolve, and communicate issues that could impact the timely closure of loans.
- Analyze loan-to-value ratio, debt-to-income ratio, credit report, application, income and assets, source(s) of down payment funds, and examine supporting documents to identify potential fraud or misrepresentation.
- Identify potential issues and communicate with consumers and loan officers.
- Order and review all third party documentation, including credit checks, title reports, appraisals, tax returns, verification of employment/assets, etc. to identify and address potential issues.
- Check ratios, and verify accuracy of AUS findings and program applicability.
- Review and verify documentation integrity to ensure it aligns with findings, completeness, and compliance, and submit loan file to underwriting for approval.
- Identify qualifying/program issues prior to submission to Underwriting, and re-structure loan as necessary.
- Provide options within guidelines and makes recommendations if borrowers may qualify for suitable programs.
- Verify compliance with Company standards, federal and agency regulations, standards, and guidelines, as well as any applicable state-specific and or local regulations, ordinances, etc.
- Obtain and verify clearance of all underwriting conditions and prepare the file for submission to Closing.
- Order generation of loan documents.
- Provide status updates to Loan Officers and/or borrowers.
- Comply with bank policies and procedures, regulatory requirements, and investor guidelines. Prepare and submits closing instructions to attorneys
- All other duties as assigned
- 5 years: 5 or more years’ experience as a Loan Processor, preferably processing conventional and Jumbo loans.
- High School Diploma
- Understanding of the foundation of determining credit worthiness. Knowledge of Loan Processing, Loan Administration, Consumer Lending, Mortgage Lending, Loan Review. Credit Union loan policies, products, procedures, processing, and underwriting guidelines. Familiarity with title reports, insurance, and appraisals.
- Strong interviewing skills. Excellent communication and public relations abilities. Good analytical and financial skills. Able to operate related computer applications, calculator, and other basic business equipment.
- Credit Union experience is preferred.
- Excellent written and verbal communication skills.
Nizari is committed to investing in the training, development, and wellbeing of all its employees. Nizari will offer a competitive salary plus benefits.
Nizari Progressive Federal Credit Union (‘Nizari’) is a member-owned financial institution with over $200 million in assets. We serve over 13,000 members. With an established management team in place, Nizari is seeking a highly motivated and experienced Mortgage Loan Processor for its Sugar Land Branch.
Have a question?
Please contact us or call our Sugar Land branch at (281) 921–8500 to learn more.