Mortgage Loan Processor

at Arkansas Federal Credit Union in Little Rock, Arkansas, United States

Job Description

GENERAL DESCRIPTION OF POSITION

The primary function of the Loan Processor is to ensure the timely and accurate processing of all loans originated by our loan officers. Responsibilities include: Ensuring that all loan documentation is complete, accurate, verified, and compliant with company and investor policy. Verifying loan documents including income, credit, appraisal, and title insurance for submittal to underwriting.  Working with members, originators, and other applicable outside parties to request and coordinate any missing loan documents or information.

ESSENTIAL DUTIES AND RESPONSIBILITIES

1. Perform initial review of application to insure accuracy and setup of files in the mortgage loan operating system.
2. Review the submitted loan to ensure that it is the best loan program for the member and their situation. If an issue is discovered, discuss the situation with the Mortgage Loan Originator to find a solution or to re-structure the loan.
3. Order necessary verifications of employment, deposit, mortgage, and rental; order credit report and supplements; order title work, flood certificates, tax transcripts, homeowner's insurance binders, and appraisals for all loans where applicable. The Mortgage Loan Processor is responsible to ensure that these items are received in an acceptable timeframe, following up with providers when necessary.
4. Deliver Loan Estimates, disclosures, or any other required documents when required. Confirm that the initial disclosures have been provided to the borrower by the 3rd business day after the mortgage application is received. If the disclosures have not been provided to the member at the time that it comes to processing, the processor should advise and work with the MLO to get the disclosures sent in a timely manner.
5. Obtain copies of plans and specifications for all loans that are proposed construction.
6. Obtain copies of the most recent 2 years of federal tax returns on all borrowers that are self-employed or who own more than 25% of a company and complete/verify the self-employed analysis.
7. Obtain copies of paystubs, social security awards letters, retirement income statements, and W-2s when necessary. The Mortgage Loan Processor should utilize the information from these forms to calculate and verify income accordingly.
8. Obtain copies of bank statements, 401k statements, TSP statements, and retirement statements where available to verify member/borrower has sufficient funds for closing. The Mortgage Loan Processor will also document and verify any large deposits per investor/program requirements.
9. Review the credit report and determine if any explanation of credit inquiries is required. If necessary, the Mortgage Loan Processor will request this explanation from the member/borrower.
10. Electronically file all verifications, credit reports, title work and appraisals as received. Documents should be reviewed for accuracy and completeness. Any new information should be updated in the mo
    
    
    
    Equal employment opportunity, including veterans and individuals with disabilities.
    
    

    PI271814041