Mortgage Loan Processor I, II or Senior

Position Overview

The Mortgage Loan Processor will be responsible for processing mortgage loan applications, verifying and analyzing loan documents, and ensuring that all loan documents are accurate and compliant with applicable regulations. It requires strong knowledge of the loan process to meet elevated quantity and quality production standards. The Loan Processor reports to the Loan Processing Manager and interacts regularly with Mortgage Loan Officers, Mortgage Operations, external business partners, and customers as appropriate.

Essential Job Functions - All levels

• Serve as a liaison between borrowers, loan officers, realtors, attorneys and underwriting to support loan approval.
• Collects/Orders appropriate documents and reviews to ensure they are complete and accurate including: Appraisal, flood, title, bank statements, homeowners insurance, verifications, credit, disclosures, AUS findings, condo documents, mortgage insurance, fraud system results, Early Check, and other third-party vendors.
• Maintains a monthly pipeline of 30-40 loans, closing approximately 20 loans per month.
• Maintains data integrity for information entered into loan system for FHA/VA/USDA/CONV/HELOC and HELoans.
• Organizes loan files in preparation for underwriting and validates income and matches assets to the documentation in the system
• Reviews initial loan approval; works with the MLO to clear conditions.
• Resubmits loans for clear-to-close.
• Communicates daily with MLOs and Underwriters.

Additional Responsibilities for Senior Processor

• Maintains a higher volume monthly pipeline of 40-50 loans, closing approximately 35 loans per month.
• Conducts pre-underwriting work with a focus on calculating income and assets; addresses potential obstacles prior to submission to Underwriting.
• Serves as a Processing SME, providing Processing guidance and direction to less experienced processors and MLOs.

Minimum Requirements - Levels I

• High school diploma (or equivalent) and one or more years of loan processing experience; or equivalent combination of education and experience.

Minimum Requirements - Level 2

• High school diploma (or equivalent) and two or more years of loan processing experience; or equivalent combination of education and experience.

Minimum Requirements - Senior Level

• High school diploma (or equivalent) and four or more years of loan processing experience; or equivalent combination of education and experience.

Competencies - All levels

• Loan processing software proficiency
• Strong written and verbal communication skills
• Strong organization and time management skills with excellent attention to detail and follow up
• Proficiency in Word, Excel, internet navigation, FNMA DU and FHLMC LP.
• Ability to work independently and as part of a team
• Maintains positive attitude, aptitude to lean, and the drive to grow in the mortgage business.

Preferred, but not required

• Focus in secondary market residential lending
• Proficient in Encompass

Location Details

This position is considered a hybrid role. With management approval, an incumbent may work a combination of remote and onsite work to perform the regular responsibilities of the role. Actual schedule requirements may vary based upon business needs.

Note: Job levels and hiring decisions are based upon both the business needs and the qualifications of the incumbent. In some cases, an incumbent may meet the requirements of a level 2 or senior role but may be hired in at a lower level based upon business needs and staffing dynamics.

Compensation & Benefits

Level I:

Base pay: $46,500 - $58,500

Level II:

Base pay: $52,000 - $65,000

Senior level:

Base Pay: $55,000 - $70,000

All levels eligible to participate in Mortgage Operations monthly incentive.

Old Second is committed to fair and equitable pay practices. Pay is dependent upon the pay range and the incumbent's knowledge, skills and experience.

Benefits: How We Support You - Old Second