• Mortgage Loan Processor II

    Category Real Estate
    Job Locations US-TN-Murfreesboro
    Job ID
    Active - Full Time Hourly
  • Overview

    Process mortgage loan applications, including portfolio loans and loans being sold in the secondary market. Process loans using OpenClose and DocMagic programs. Obtain documents necessary to verify loans details, submit completely processed files to underwriting, and clear necessary loan conditions designated for loan processor. Maintain contact with members and their designated representatives during the loan process, keeping all parties updated as to the status of the loan process.


    ***Secondary Market experience is desired for this position***


    • Ensure all required documentation is obtained. This includes verifying and reviewing credit reports; income documentation; employment history, etc. Call or send welcome email to member. If necessary, request additional qualification information.


    • Serve as liaison with secondary market lenders by submitting files to lender for underwriting and approval. Obtain required conditions and insure that loan is cleared to close by the lender / investor in a timely manner.


    • Be familiar with secondary market guidelines, to include conventional, VA, FHA and USDA loans.


    • Track incoming requested documentation in Open Close.


    • Prepare re-disclosures and email or mail the mortgage disclosure to the members.


    • Request required verifications (i.e.: verification of Rent, verification of mortgage, or verification of employment), order appraisal, title insurance, flood certificate, etc. for both mortgage and equity loans.


    • Review appraisals and provide copy to member. Submit appraisal invoice for payment. Provide options for moving forward if the appraisal comes in less or higher than expected by adjusting the loan amount based on the direction from the MLO or member.


    • Review and verify title work for any liens/judgments. Review property tax amount and put into Open Close.


    • Request construction inspections as needed when requested by the member. Calculate and request construction draw for member as needed.


    Upon completion of home, the member will need to apply for permanent financing with the MLO. Once the processor receives the loan, the processor will need to refer to the construction loan to obtain proper documentation for the permanent loan. The processor will then process the loan as usual.

    • Post prepaid fees to proper GL account (i.e.: Appraisal and credit report fees).


    • Verify that all necessary information has been received and notify Residential Mortgage Manager of any problems or potential problems.


    • Respond to front office personnel with mortgage questions and options for members.


    • Insure that files are reviewed, updated, and are completely processed prior to submission to underwriting queue. Provide timely response to inquiries from underwriter. Provide documentation to clear conditions designated for the processor.


    • Maintain notes in open close to assure application is being properly handled and accurate status information is available. Document when appraisal and title are ordered and received in Open Close for auditing purposes.


    • Handle incoming calls and provide information to members regarding the mortgage loan programs, accounts, etc.


    • Meet deadlines on new purchases and rate lock expiration dates.


    • Complete HMDA information for applicable files.


    • Send incomplete letters to members with inactive applications to determine status of loan request.


    • Manage/review working pipeline daily to meet rate locks, contract dates and 30-45 day turn times.


    • Attend training sessions and team meetings when required.


    • Audit mortgage loan files to assure accuracy. Assist in any necessary correction.


    • Assist members with applications, as needed.


    • Maintain current knowledge of federal regulations, RESPA guidelines, and credit union policies pertaining to mortgage loans.


    • Cross sell credit union services to members, explaining the different services and the benefits of each.


    • If loan requires Private Mortgage Insurance (PMI) - place order with MI company. Must stay up to date with MI underwriting guidelines.


    • Read all internal publications including Source and Possibilities.


    • Must have a two year degree in a business related field or equivalent experience. (A four year degree in a business related field is desired.)


    • One to three years of experience processing mortgage loans required, preferably in secondary market environment.


    • A high level of problem solving skills, and the ability to communicate in a clear, concise manner.


    • A high degree of poise and tact to represent the credit union positively in outside contacts.


    • Excellent verbal and written communication skills to communicate professionally.


    • Ability to organize and prioritize work with minimum supervision.


    • Effective organizational and analytical skills with high degree of computer literacy and fluency in various Microsoft programs (Microsoft Word, Outlook, Excel) as well as the internet.


    • Must be accurate in all transactions.


    • Regular and reliable attendance is required.


    • Possession of a valid, unrestricted driver's license.


    • Ability to operate or have ability to be trained to operate related office equipment, including calculator, computer terminal (PC), FICS, multifunction copier, receipt printers, telephone and typewriter.



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