Mortgage Loan Processor job description
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What does a Mortgage Loan Processor do?
The Mortgage Loan Processor is essential in streamlining the mortgage loan process by verifying documents and ensuring compliance with lending guidelines. This position facilitates successful mortgage transactions, contributing to customer satisfaction and company success.
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What are the Key Responsibilities of Mortgage Loan Processor
- Review and verify loan applications and supporting documentation for accuracy.
- Communicate with borrowers to obtain missing information and clarify discrepancies.
- Coordinate with underwriters, loan officers, and other stakeholders to expedite loan processing.
- Ensure all loan conditions are met prior to closing.
- Maintain compliance with all regulatory requirements and company policies.
- Track and update the status of loans in the processing system.
- Resolve issues that may arise during the loan documentation process.
- Prepare and submit loan files to the closing department.
What are the Skills and Requirements for a Mortgage Loan Processor?
- Strong knowledge of mortgage lending and underwriting guidelines.
- Attention to detail and excellent organizational skills.
- Ability to work efficiently under tight deadlines.
- Proficient in mortgage industry software like Encompass or Calyx Point.
- Effective communication and customer service skills.
What are the KPIs to track for Mortgage Loan Processor?
The Mortgage Loan Processor's performance is assessed through timely file processing, reduction of loan approval delays, and adherence to regulatory compliance standards, ensuring a smooth borrower experience.
Timeliness
Process loans within predefined timeframes.
Accuracy
Maintain high accuracy in loan document verification.
Compliance
Ensure all files meet regulatory compliance requirements.
Reports to
Mortgage Processing Supervisor
Collaborates with
Loan Officers, Underwriters
Leads
None
Are any specific tools or software required for the Mortgage Loan Processor role?
- Encompass
- Calyx Point
- Adobe Sign
- Microsoft Office Suite
What is the qualification of Mortgage Loan Processor?
Associate or Bachelor's degree in Finance, Business, or related field, with 2-4 years experience in mortgage processing.
