Mortgage Loan Processor

  • Company:
    BECU
  • Location:
  • Salary:
    negotiable / month
  • Job type:
    Full-Time
  • Posted:
    1 day ago
  • Category:
    Finance

SUMMARY

The Mortgage Loan Processor is responsible for the timely and accurate processing of loan files. This person will maintain effective communication with the Loan Officer or members if necessary to ensure coordination and exchange of information for accomplishing the closing of the member’s mortgage. The Mortgage Loan Processor is responsible for computer set up and validation of data and for the collection and evaluation of all documented information required. The Mortgage Loan Processor will review Automated Underwriting System conditions ensuring that the loan meets the eligibility and underwriting guidelines and all conditions for closing are met. This person is responsible for reviewing the appraisal of the property, the title report and the flood certification.

RESPONSIBILITIES

  • Perform all responsibilities in accordance with BECU Competencies, compliance, regulatory and Information Protection requirements.
  • Have a thorough knowledge of first mortgage real estate lending practices, including federal regulatory requirements, state regulations, agency and Credit Union requirements.
  • Have a thorough knowledge of conventional and special mortgage loan programs and the knowledge of the necessary documentation for processing and obtaining underwriting approval.
  • Review Desktop Underwriter red flags, verification messages, approval conditions or underwriter conditions. Set up file on loan origination system. Verify the accuracy and integrity of all loan data entered into the system including but not limited to names, addresses, government monitoring information, loan information (i.e. loan amount, interest, terms, lock-in expiration dates, etc.).
  • Review and analyze all documentation received to determine acceptability. Log documents into the computer system, indicate when condition is satisfied and update as required.
  • Employ prudent judgment to the process while validating loans utilizing the Desktop Underwriter , or other manually underwritten guidelines. Verify income and assets as required in the AUS, verification messages or Credit Union policy. Review credit report as needed to address any inconsistencies identified in the Desktop Underwriter findings.
  • Review appraisals to ensure that the required level of appraisal fieldwork has been completed, that they are of professional quality and are prepared in a way that is consistent with Fannie Mae requirements or other BECU guidelines. If they are not then work with the appraisal company to address and have appraisal updated. Update valuation in the 1003 and rerun AUS if needed, or submit file to underwriting for consideration.
  • Review flood certification to determine if property is in flood zone. If it is then take necessary action as required to ensure eligibility.
  • Complete a final evaluation and analysis of the completed loan file and either approve within delegated authority or send the electronic file for underwriting approval.
  • Process the approved and rejected files by communicating oral and underwriting decisions and conditions to the Loan Officer or members, as required.
  • Ensure HMDA and BECU regulatory requirements are met in processing the approved, withdrawn, cancelled, and rejected loan application.
  • Maintain knowledge of updated manuals of all new policies or modifications to the guidelines and standards of BECU, investors, and private mortgage insurers.
  • Meet all lock in dates and pricing requirements or Process requests for extensions to the applicant’s commitments in accordance with Credit Union policy.
  • Have a general knowledge of all Credit Union departments and how they interact with the Mortgage Lending Operations department.
  • Perform additional duties as may be assigned.
  • QUALIFICATIONS

  • High school diploma or equivalent required.
  • One to two years of experience in all aspects of mortgage lending required.
  • Successful completion of courses or seminars relating to mortgage banking processing.
  • Experience in processing FHA and VA Mortgage loans preferred.
  • Proficient math skills, with a high degree of accuracy.
  • Ability to manually prepare closing papers, including the preparation of Reg.-Z Truth in lending statement.
  • Excellent organizational skills.
  • Excellent verbal and written skills to effectively communicate and provide customer service.
  • Full time hours required, with additional hours as necessary.
  • Comply with SAFE Act legislation, which requires annual registration as a Mortgage Loan Originator (MLO).