What are the responsibilities and job description for the Mortgage Loan Processor position at Asset Based Lending?
Who We Are:
Founded in 2010 and headquartered in New Jersey, Asset Based Lending, LLC (“ABL”) is a leading hard money lender in the U.S. We specialize in fast Bridge financing for real estate investors, supporting the purchase, renovation, or construction of single-family, multi-family, and mixed-use properties, as well as DSCR rental loans for long-term investors. Since our inception, we’ve closed thousands of loans, generating nearly $3 billion in originations. Acquired by a private equity firm in 2021, ABL is poised for continued growth, aiming to solidify our position as the nation’s premier private lender.
Our Mission is Simple:
• Make Good Loans
• Provide Exceptional Service, Every Time
• Protect The Firm
• Build The Future
Position Summary:
The Loan Processor manages the loan application process from submission to closing, ensuring efficiency, accuracy, and compliance with federal and state regulations. This role requires expertise in Residential transition loans, RTL (Bridge loans), strong relationship- building skills, and proficiency with loan origination systems (LOS). The ideal candidate is detail-oriented, proactive, and committed to delivering exceptional customer service.
What You’ll Do
• Facilitate a seamless loan process by managing applications and documentation.
• Collaborate with internal teams (Loan Originators, Sales Assistants, Underwriters, Team Leaders) and external parties (real estate agents, borrowers, title companies, attorneys, HOI Agents, escrow agents).
• Build and maintain strong relationships with borrowers, guiding them through documentation requirements.
• Review loan approvals and address conditions for Underwriting and Closing teams promptly.
• Meet or exceed service level agreements (SLAs) for turnaround times.
• Collect and verify documentation for Bridge loans, ensuring accuracy.
• Uphold ABL’s core values and consumer-centric model to provide outstanding customer service.
• Coordinate with Sales and Closing teams for timely and accurate updates.
• Schedule and track closing dates, contingency dates, and loan lock expirations.
• Maintain detailed records of loan volume, status, and outcomes (approvals, cancellations, denials).
• Ensure compliance with federal and state lending regulations.
• Perform additional duties as needed.
Responsibilities
• Compile, review, and organize loan packages, including initial conditions and
documents.
• Serve as the primary point of contact for borrowers, brokers, and third parties post-application.
• Place orders for third-party documents (title, HOI, appraisal, HOA, etc.).
• Proactively follow up with third parties to obtain required documents.
• Verify borrower, property, credit, and financial information in the LOS for accuracy.
• Identify and document potential issues (e.g., late payments in credit reports) for review.
• Provide timely status updates to Loan Originators, Sales Assistants, brokers, and borrowers.
Qualifications
• Minimum of 2-3 years of mortgage operations experience, preferably with Bridge loans.
• Strong verbal and written communication skills.
• Team-oriented, adaptable, and accountable.
• Strong attention to detail and organizational skills.
• Ability to prioritize and multitask multiple projects and deadlines.
• Highly motivated and goal-oriented.
• Experience with systems like Salesforce or ability to learn quickly.
• Ability to work independently with minimal supervision.
Physical Requirements
The employee must be able to perform tasks such as typing, reviewing documents, and
communicating for extended periods. Reasonable accommodations will be made to
enable individuals with disabilities to perform essential functions.