Loan Processor

Loan Processor
in Morris Plains, New Jersey

Job Description

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.

Job Qualifications

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

Experience

  • 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.)
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All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, or protected veteran status.