Mortgage Loan Processor

$1000 Signing Bonus effective 1/20/2024

Note:  All full-time positions include the option of $0 out-of-pocket premium cost for Employee Only PPO AND exceptionally low premiums for all other PPO coverage levels.    

HOURS FOR POSITION: Monday - Friday 8:00am-4:30pm

Hiring Range - $31.66/hr - $39.57/hr

The Mortgage Loan Processor (MLP) is responsible for processing first mortgage loans by ordering, gathering and analyzing documentation required to facilitate the movement of loans through to underwriting and closing as efficiently and timely as possible. The MLP is responsible for timely communication with all appropriate internal and external parties associated with the mortgage loan transaction ensuring an accurate exchange of information to achieve successful and timely closings of the mortgage loans in their pipeline.

The MLP must make certain loans meet all guidelines, and regulatory/ compliance requirements. The MLP has the responsibility to submit quality loans with all relevant information to underwriting for a loan decision. 

Process first mortgage loans from completion of loan set up by the Loan Advisors and/or Web Applications through to Clear to Close ensuring that all requirements and conditions have been met while maintaining compliance with state and federal regulations to include but not limited to the CFPB (Consumer Financial Protection Bureau) and in accordance with the Dodd-Frank Act regarding ATR (Ability to Repay) and the QM (Qualified Mortgage), as well as underwriting guidelines from FNMA, VA, Tower FCU, MI and other investors.

Timely and accurate ordering and collection of all documentation required to complete the processing of the loan file in preparation for submission to underwriting.

Verify and analyze documentation received to include but not limited to credit report, paystubs, W-2s, personal tax returns, business tax returns, bank statements, retirement statements, property appraisals, AUS findings and any other documents necessary to determine adherence to FNMA/Tower FCU/MI/other Investor guidelines and overlays.

Price and lock in loans as necessary working closely with the members and Loan Originators (as applicable) ensuring accurate pricing to include the interest rate, origination fee and discount points (Loan Level Pricing Adjustments set by the investors). 

Collection of all applicable fees from the members to include but not limited to the Application Fee, Condo Certification Fee, etc.

Thorough review and analysis of documentation obtained throughout the process in order to determine continuous loan eligibility and an update of the data in the LOS to ensure data integrity.

Resubmission of loan to FNMA Desktop Underwriter (DU) as review and analysis of documentation obtained during loan processing dictates the updating of data related to the loan characteristics, the member’s credit and financial information, property value/information etc., in order to determine and obtain a FNMA DU Approve/Eligible or Approve/Ineligible and verify loan’s continued eligibility based upon Tower FCU, FNMA, VA, MI and other Investor guidelines as applicable.

Disclosure of Loan Estimate (LE) in accordance with all federal regulations set forth by the CFPB, RESPA and Reg Z including the updating of fees within acceptable parameters and tolerances and timely delivery of the LE to the members.

Document a Change in Circumstance (COC) and issue revised Loan Estimate (LE) as rule requires ensuring compliance with all federal regulations set forth by the CFPB.

Maintain regular and timely contact, obtaining and disseminating appropriate information, with appropriate internal and external parties to include Loan Advisors, Management, Members, Real Estate Agents, Insurance Agents, Appraisal Management Companies, other Vendors, Private Mortgage Insurance Companies, and other Investors in order to achieve goals for processing time, lock expiration dates, financing contingencies, settlement dates, pull through and member satisfaction.

Perform a careful in depth examination of the appraisal report and collateral for the loan. Analyzes the appraisal report to determine the acceptability of the collateral, that the value is supported, that marketability is acceptable and supported by the report data and that it meets TFCU, MI, USPAP, and investor requirements.

Submission of quality loan files to underwriting that includes current accurate data and information within the LOS and all required documentation necessary for underwriting to conduct a thorough review of the loan file and render an accurate loan decision based upon credit quality and overall risk.

Collection, review of, and submission of all outstanding conditions on the loan set forth on the Loan Approval by the Underwriter in order to achieve a Clear to Close on the loan and to move the loan to Closing for settlement.

Work closely with the Loan Closer and the Title Company to assist in the preparation of the Closing Disclosure (CD) in accordance with all federal regulations as set forth by the CFPB in order to facilitate a timely closing and to meet all pre-determined settlement dates and lock expiration dates.

Timely delivery of the CD to the member with thorough communication and explanation of the CD and the requirements to receive the signed CD back from the member in order to meet a specific scheduled settlement date.

Diligent monitoring of individual pipeline to ensure timely movement of files in order to meet deadlines for rate locks, financing contingencies, settlement dates, and established Service Level and Performance Standards set forth by Tower FCU Management.

Recommend loans for denial to Senior Real Estate Underwriter, Manager of Real Estate Lending or VP of Lending when applicable.

 Review any changes in loan terms, income, asset, etc. made to the loan throughout the process, evaluates the effect on the original decision, and makes necessary adjustments/updated as required.

Maintain a thorough knowledge of all Tower FCU product guidelines, policies and procedures, FNMA, VA, MI and other Investors guidelines as well as all state and federal regulatory requirements to include but not limited to the CFPB (Consumer Financial Protection Bureau) and in accordance with the Dodd-Frank Act regarding ATR (Ability to Repay) and the QM (Qualified Mortgage).

Work closely with and collaborates with all members of Real Estate Lending team and Management in identifying, analyzing and solving situations that may arise throughout the loan process.

Access Member personal and financial information only as required by the job. Maintain confidentiality and security of all Member information.

Perform other duties and assignments as requested by the Manager of Real Estate Lending Department.

At least 2-3 years of experience as a mortgage loan processor with an emphasis on conventional real estate loan products.

Experience with DU or LP automated underwriting systems.

Prefer a B.A. or B.S. in business

Or Combination of education and experience

Possesses a thorough knowledge of conventional and private investor loan programs and demonstrates an understanding of the necessary documentation requirements for processing and obtaining underwriting approval.

Has a thorough knowledge of real estate lending practices, including federal regulatory requirements, state regulations, FNMA/FHLMC guidelines and MI guidelines. VA and private investor guidelines a plus.

Successful registration, including compliance and maintenance of registration, with Nationwide Mortgage Licensing System and Registry in compliance with Secure and Fair Enforcement Licensing Act (SAFE Act).

Analytical decision making ability with attention to detail.

Ability to learn and work in a fast paced environment.

Ability to multi-task and prioritize work as required.

Ability to effectively work with mathematical concepts with a high degree of accuracy.

Ability to interpret, understand and apply Tower FCU Real Estate Lending Guidelines and FNMA/FHLMC/Investor Guidelines.

Ability to work and communicate effectively with Tower FCU members, real estate agents, title companies and other members of the Real Estate Lending team.

Ability to work independently and to identify/solve problems and to seek guidance when necessary and to resolve them in an expeditious manner.

PC Proficient to include: Word, Excel, Outlook, internet, e-mail and mortgage loan origination software

Ability to verbally convey work process issues to other members of the Real Estate Lending Department.

Ability to adapt to changes within internal, market or regulatory environments.

Ability to effectively organize loan files and documents.

Ability to exercise prudent judgment in decision-making and protection of member confidential information.

Ability to arrive at work routinely and promptly.

Ability to work within stringent time constraints and in a high pressure environment.

Ability to receive constructive feedback from co-workers and management.

Ability to work in a team environment and demonstrate the ability to help others.

Ability to write operational reports, business correspondence and complete required loan origination forms.

Ability to interpret various procedures and instructions provided in written form.

Ability to identify emerging problems in the loan origination process and resolve them in an expeditious manner.

Ability to effectively represent the credit union to members and third-party strategic partners.

Has knowledge of and adheres to credit union policies and procedures and all regulations related to the bank Secrecy Act, the USA Patriot Act and OFAC.

Ability to work the hours needed which may extend beyond the defined work schedule when operating conditions dictate.

Ability to lift up to 15 lbs., with or without assistance, in compliance with ADA.