What are the responsibilities and job description for the Loan Processor position at Institution for Savings?
Loan Processor – Residential Lending
The Institution for Savings is seeking a full-time, in-office Loan Processor. The ideal candidate should be detail-oriented and highly organized to support the mortgage lending team. This role is responsible for managing residential loan files from application to closing, ensuring accuracy, compliance and timely communication with all parties involved.
Key Responsibilities:
- Verifies application data is complete and satisfies the requirement of the Bank’s residential lending policy
- Works closely with loan originators to make sure that all required documents are received and initiates customer contact to follow up on missing documents
- Records the receipt of all loan documents in the Bank’s LPS
- Prepares all closed-end and open-end loan disclosures within regulatory timelines for loans secured by 1 to 4 family residence properties and delivers disclosures to applicants through a variety of channels including mail, electronic means and in person
- Orders and reviews credit reports and flood determination certificates
- Submits request to the appraisal department and monitors receipt of reports
- Verifies all documents are authentic and accurate and documents underwriting comments to the loan file
- Prepares loan commitment letters for loan originator’s signature and deliver to the borrowers via mail, electronic means or in person
- Works with loan originators to satisfy any outstanding loan conditions
- Reviews loan file for HMDA compliance and update LPS as needed
- Notifies loan closing representative that the file is ready for closing once all conditions have been satisfied
Qualifications:
- Bachelor’s degree or one to two years related experience and/or training; or an equivalent combination of education and experience
- Knowledge of residential mortgage products and guidelines
- Familiar with loan origination systems and document management tools
- Excellent attention to detail and organizational skills
- Strong written and verbal communication skills
- Ability to work independently and as part of a team
The salary range posted is one component of the Bank’s compensation package. The Bank offers an excellent benefits package including the following:
- 100% paid medical
- 100% paid dental
- 100% paid vision insurance
- 401(k) match up to 10%
- Life Insurance
- Pet Insurance
- Disability Plan
- Pension Plan after 2 years of service
- Quarterly Incentive plan
- Generous vacation and paid-time off
Salary Range: $53,500.00-$60,000.00
The Institution for Savings is an Equal Opportunity Employer. Member of FDIC. Member DIF
Salary : $53,500 - $60,000