in Morris Plains, New Jersey
The Loan Processor-Residential is responsible for ensuring assigned loan applications are processed and prepared in a timely manner, and meet all regulatory requirements. The position may process conventional, government, or state bond loans, as assigned by management.
- Reviews newly originated mortgage loan applications for completeness and compliance with State and Federal regulations.
- Rates the quality of newly originated loan applications. Provides results to GSM, Regional Sales Manager and certain members of the Operations Management Team.
- Checks each loan package for customer e-Signature acceptance. Contacts GSM if not.
- Orders ancillary services including appraisals, flood certificates and IRS transcripts.
- Indexes loan documentation utilizing the appropriate place holders in the Encompass system.
- Submits loans that pass the Quality Loan Review process directly to the underwriting department.
- Issues Notice of Incompleteness notification to customers whose application is incomplete.
- Processes and prepares loans in a timely manner.
- Makes mandatory calls to borrowers (i.e., welcome and commitment calls).
- Pipeline manages all assigned loans working within stated timelines reflected in real estate sales contracts, as well as management established turnaround timelines.
- Ensures that all loans are cleared and released to the Closing Department no later than five (5) days prior to scheduled closing.
- Collects, reviews and submits acceptable documentation in a timely manner. Ensures completeness, accuracy, and legibility of all documentation.
- Monitors and/or ensures compliance with Federal and State laws and regulations, in addition to Company policies and procedures.
- Demonstrates a high level of professionalism and integrity in all internal and external interactions with employees and customers.
- Consistently communicates with borrower and GSM via email and telephone to ensure smooth loan processing and that issues are addressed/resolved in a timely manner.
- Ensures that investor requirements are met and warehouse lines are protected.
- Ensures that data integrity exists with every transaction.
- Performs other duties as assigned.
The ideal candidate will meet the following requirements:
Education, Certification, and License Requirements
- High school diploma or GED
- Associate’s or Bachelor’s degree preferred
- A minimum of three (3) years of conventional, government and state bond loan processing experience preferred.
- Previous experience with Encompass loan origination system preferred
Knowledge, Skills, and Abilities
- Thorough understanding of loan processing
- General understanding of all areas of the mortgage industry
- Must be proficient and have a full understanding of RESPA regulations and related compliance knowledge preferred
- Proficiency in Microsoft Office suite of products
- Good oral and written communications skills
- Ability to multitask in a fast-paced environment
- Strong analytical and problem solving ability
- Strong attention to detail
- Strong customer service skills
- Basic math skills including addition, subtraction, multiplication, division, percentages, and fractions
- Knowledge and ability to use typical office equipment (PC, calculator, fax machine, etc.)