Under the supervision of the Operations Manager - Retail Processing, the Loan Processor will process reverse mortgage loans in accordance with established policies and procedures and appropriate guidelines; provides strong communication and support to underwriting, loan advisors, and clients to clear conditions as needed. Job Functions and Responsibilities:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily.
- Reviews loans in process daily and determines what is needed to process loans quickly.
- Performs document and processing system audit to ensure information integrity
- Manages a pipeline of 40 to 50 loans per month
- Funds a minimum of 15 loans per month
- Signs off on Tier 1 underwriting conditions
- Process HECM refinance transactions
- Review loans to ensure loan/property meets FHA and Investor guidelines
- Enters data from new loan applications and other documents into computer system
- Reviews credit reports, appraisals, flood certifications and preliminary title reports.
- Provides follow-up on a consistent basis with clients and loan advisors during the loan processing period
- Analyzes loan files and submits completed loans for approval to underwriting
- Responds to inquiries from clients, advisors and vendor partners regarding status of loans in process
- Ensures regulatory compliance
- Processes approval and denial letters
- Maintains status of all files in process and updates as needed; keeps abreast of all FHA and Investor guidelines and changes that may affect loan status
To perform this job successfully, an individual must have the following education and/or experience:
Training / Licensing Requirements:
- High School Diploma, GED or Military equivalent
- Two or more years within the mortgage industry
- Two or more years as a Loan Processor
- Thorough working knowledge of real estate documentation, policies, compliance and procedures
- High level of proficiency with mortgage loan processing and underwriting systems
- Proficient in Microsoft Office (Word, Excel and Outlook).
- Analyze statistical and financial data
- Proficient on computer programs required for position
- Good judgment with the ability to make timely and sound decisions
- Demonstrated ability to calculate figures and amounts such as discounts, interest, commissions, and percentages
This position is not eligible to be performed in the state of Colorado.
- Must pass the Company's Background Screening process prior to beginning employment. Additionally, as a condition of employment, you may be required to pass client-specific background check requirements or Federal/State licensing requirements, if applicable.