Mortgage Loan Processor

The Mortgage Loan Processor is responsible for loan file computer set up and ordering of all loan documentation required on residential loan applications which are in first lien position and collection and evaluation of all documented information required. This person will verify through alternate documentation or outside sources, the validity of the application information, calculate debt-to-income and loan-to-value ratios, and assemble a completely documented file for submission to underwriting with a letter of recommendation. The Loan Processor will also be responsible for scheduling mortgage closings with all stakeholders, reviewing mortgage files to ensure required documents are complete and accurately meeting all applicable federal regulatory and compliance standards.

• Have a thorough knowledge of first mortgage real estate lending practices, including federal regulatory requirements, state regulations, and agency requirements. Be familiar with all federal and state regulations governing Credit Union mortgage lending.
• Have a thorough working knowledge of conventional, FHA, VA, USDA, and New Hampshire Housing; and other special loan/grant programs; and the necessary documentation for processing and obtaining underwriting approval.
• Obtain all information necessary from borrowers and other third-party resources to process loans and obtain underwriting approval as needed.
• Set up files on system, order credit reports, appraisals, and necessary verification forms and conduct follow up with outside sources for outstanding documentation.
• Review and analyze all documentation received and determine ratios and credit acceptability after documentation is received. Load files into document management system.
• Complete a final evaluation and analysis of the completed loan file package and prepare the file for underwriting approval, specifying any applicable conditions to the approval.
• Clear all alerts on credit report, review appraisal and clear all pending conditions
• Complete a final evaluation and analysis of the completed application package and prepare the file to be sent to document preparation for Underwriting and Closing.

• Utilizing pipelines, timeframes & coordinating with the closing department to make sure files meet purchase closing dates and adhere to TRID timelines and regulations.

• Arrange Closing with Attorney/Title Company, prepare, and send the Closing Disclosure and Closing package in accordance with CFPB regulations, timeframes and TRID guidelines.

• Closely examine all information relating to fee’s, rate, property information, vesting, to ensure accuracy.

• Coordinate, set-up, funding, booking and shipping of 1st mortgages. Updating core operating system and servicing platform as required.

• Maintain and update loan files on the loan origination software as the loan flows through the system from processing to closing. Finastra Mortgagebot LOS experience helpful but not required.

• Complete all required HMDA information in loan origination software.

• Have a general knowledge of all Credit Union departments and how they interact with the Mortgage Lending Operations department.

• Work with staff and co-workers as a team in analyzing and solving situations that may arise in the mortgage origination loan process.

• Maintain effective communication with all Credit Union employees to ensure coordination and exchange of information for accomplishing Credit Union goals.

• Work with Post Closer on Quality Control and follow up with pending documentation to ensure a compliant file and completing post close file submission

• Familiar with secondary market guidelines and loan delivery process

• Professional, well-developed interpersonal skills essential for interviewing loan applicants and projecting a positive image as representative of the Credit Union.

• Knowledge of underwriting guidelines (FNMA, FHLMC, FHA) and other investors used by BCCU. Knowledge of all state and federal regulations affecting mortgage lending including but not limited to Reg Z, ECOA, Reg B, and HMDA. General knowledge of NH Real Estate Law. Excellent interpersonal skills. Self-motivated and capable of working independently. Basic computer skills including, but not limited to, Windows, Word, Excel, and a thorough understanding of mortgage software utilized by BCCU

  • These characteristics are normally acquired through completion of a high school education plus additional post-secondary coursework. A minimum of two to three years’ experience as a mortgage loan processor, with an emphasis on conventional, FHA, VA products, and other loan products.

• Intermediate mathematical skill required (calculations and concepts involving decimals, percentages, fractions, etc.). The ability to perform income analysis to compute income to payment and debt to income ratio and Loan to Value.

• Must have dependable transportation. Position requires sitting, standing, squatting, driving, and the ability to enter and maneuver facilities outside of the control of BCCU. May have to lift up to 30 pounds. Flexible hours are required, but a minimum of 40 hours/week are expected to be devoted to fulfilling and/or exceeding the goals of the position

• Additional hours as necessary to accomplish objective, goals and projects

• Ability to Multi-Task, Adapt, and Problem Solve. Must be organized and detail- focused.