What are the responsibilities and job description for the Mortgage Loan Processor position at Preston Home Loans dba Legacy Mortgage?
Overview: The Processor is responsible for getting loan files submitted to Underwriting from the first submission through the final submission for a clear to close. The Processor assists the Loan Officer with collecting the Conditions required by the Underwriter. The Processor is responsible for running the AUS before submission to Underwriting.
In addition, once the Intent to Proceed is received, the Processor orders any required VOE’s, Flood Certs, Tax Transcripts, Data Verify or other third-party items required for the file. The Loan Officer typically lets the Processor know when they want the Appraisal ordered and ensures that the credit card authorization form is available to pay for the Appraisal. The Processor then reviews the items as they are received, updates the Processing checklist and updates Encompass based on the information received.
Specific Duties: The following are more specific items that the Processor needs to complete on each file.
1) It is expected that the LO will take the initial Application and input the information into Encompass.
2) Review the file that is received from the Loan Officer for completeness. Ensure all disclosures are signed and dated properly.
3) Verify that any documents uploaded by the LO are in the proper place settings.
4) Run the appropriate AUS if the LO has not done so. If the LO ran the AUS, then review the AUS for accuracy of information used, to make sure the decision is valid.
5) Make sure all documents required for the initial underwriting review are in Encompass.
6) Submit loan to Underwriting within Encompass for an initial review
7) Order the Appraisal from the Appraisal department when the Loan Officer says it can be ordered if the AUS did not give a Property Inspection Waiver.
8) Order the various third-party verifications that are required for each file. Flood Cert, Tax Transcripts if the borrower is self-employed, VOE’s, Data Verify, VOR if renting.
9) When the file comes out of underwriting then get with the LO to review who is going to gather which conditions. Gather all necessary Conditions.
10) As Conditions are received, review them and update any information that needs to be changed in Encompass based on the new information received. File the documents in the appropriate place holder. Rerun the AUS if necessary, based on the new information received.
11) Once the Appraisal is received, submit the Appraisal along with any Conditions that have been obtained to Underwriting for review.
12) Once the remaining Conditions have been received then complete the Processor checklist and submit the loan to Underwriting for a Clear to Close.
Job Type: Full-time
Pay: $41,600.00 - $54,000.00 per year
Benefits:
- 401(k)
- Dental insurance
- Flexible schedule
- Health insurance
- Paid time off
- Vision insurance
Education:
- High school or equivalent (Required)
Experience:
- Processing: 1 year (Required)
Ability to Commute:
- Rockford, MI 49341 (Required)
Work Location: Hybrid remote in Rockford, MI 49341
Salary : $41,600 - $54,000