What are the responsibilities and job description for the Mortgage Processor position at Ives Bank?
Mortgage Processor
Department
Mortgage Loan
The Mortgage Processor will process loan applications and ensure all the necessary documentation is
completed in a timely and accurate manner. This position requires that the applicant act as the primary
contact for our customers who expect a seamless and efficient loan process.
Key Responsibilities
Review Mortgage Applications
- Perform a general evaluation of loan applications, including reviewing financial documents and assessing the mortgage type.
- Issue all disclosures within the applicable compliance timeframes
- Gather essential loan documentation/data from loan officers and applicants.
- Verify information and references by contacting relevant sources.
- Correct any mistakes and investigate inconsistencies.
- Submit completed loan files for appraisal.
- Act as the point of contact between loan officers, underwriters, and borrower.
- Conduct a final review of the file before closing.
Loan Process
- Manage a pipeline of at least 30 loans without a depreciation in service
- Routinely evaluate pipeline and act as the primary contact with applicants to obtain remaining loan conditions.
- Provide Underwriters with a complete application package for their review and decision.
- Work with Underwriters to discuss any concerns or changes in the loan file with customers and loan officers, as applicable.
Decision Making/Compensating Factors
- Update Encompass with accuracy; detailing all conversations with borrowers
- Timely follow-up to make certain mortgage contingency dates and mortgage closing dates are met per sales contract
- Satisfy all conditions when loan file is received from Underwriter
- Notify Originators of loan decisions with an explanation of any modifications if additional information is needed
- Submit to management and implement a minimum of 2 process improvements per calendar year focused on improving customer experience, system functionality, reduction of paper checklists etc.
- Supports Sr. Processor and Underwriter and department management roles by assisting in the file audit, new products and process functions, as assigned. Once trained.
- Takes the initiative to proactively complete the tasks with minimal management oversight.
- Post Close QC error rate to be below 5% for the year
- HMDA error rate to be below 5% for the year
Educational Requirements and experience requirements include:
- 2 years experience working as a mortgage loan processor
- Proven experience as a mortgage loan processor or in a similar position.
- Understanding of loan underwriting and processing procedures.
- Knowledge of relevant mortgage legislation and compliance best practices.
- Proficiency in using mortgage loan computer software, specifically Encompass
- Outstanding communication and customer service skills.
- Excellent attention to detail coupled with strong math, analytical and process mapping skills
- Well-organized and able to handle pressure.
- High school diploma; a bachelor’s degree is preferred.
- Demonstrated knowledge of FNMA loan products, common mortgage policies and procedures
Physical Demands and Work Environment:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed above are representative of the knowledge, skill, and/or ability required. Any physical demands or work conditions described are representative of those that must be met by an individual to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions of the job.