What are the responsibilities and job description for the Mortgage Processor position at 1st Colonial Community Bank?
The Mortgage Processor processes residential first mortgage loans, including FHA, VA, USDA, State bond programs and conventional loans to ensure compliance with investor’s requirements, FNMA, FHLMC, FHA, VA, USDA and state bond guidelines, along with Federal and State regulations and company policies. Verifies and calculates financial information to determine applicant qualifications with respect to the Bank’s risks and policies and salability to secondary market. Reviews eligibility of new mortgage applications received from loan officers and updates information on the Loan Origination system as needed. Updates credit, income and appraisal documentation to comply with the aging requirements of investors, FHA, VA, USDA, State bond, FNMA and FHLMC. Follows loan from receipt through closing and post closing when needed.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Process residential first mortgage loans, including FHA, VA, USDA, State bond programs and conventional loans to ensure compliance with investor’s requirements, FNMA, FHLMC, FHA, VA, USDA and state bond guidelines, along with Federal and State regulations and company policies.
- Process appraisal fee checks, order appraisals and flood certifications and process 4506-T forms for all loans upon receipt of the loan file, checks, and signed mortgage application disclosures
- Verifies and calculates financial information to determine applicant qualifications with respect to Bank’s risks and policies and salability to secondary market. Analyze tax returns for accurate income. Verifies loan documents, including income documentation, assets statements, credit, and appraisal. Ensures applications are processed within the Bank’s timeline expectations.
- Reviews eligibility of residential first mortgage applications received from loan officers. Ensures loan officers stay informed of status of loan applications in process and any problems that may occur with the applications. Communicates effectively with loan officers, borrower(s), realtors, attorneys and settlement agents to resolve problems. Resolves routine problems and assists other team members when problems occur.
- Enters and updates information into the Loan Origination System as needed. Ensures integrity of loan data entered into the Loan Origination System. Manage and monitor pipeline of loans to ensure all loans are being processed and submitted to the underwriter within the turn times specified.
- Prepares commitment letters for customers and attorneys. Reviews and monitors expiration of file documentation. Updates documentation and files as needed. Gather and
Keeps abreast of changes in policies, procedures, and regulations applicable to the bank and mortgage industry. Understands and applies Federal and State regulations pertaining to residential first mortgage loans.
- Assists other team members when needed.. Assists with HMDA data review to ensure accurate and complete reporting of all required information to meet regulatory requirements.
- Perform additional job duties as assigned.
JOB SPECIFICATIONS:
Knowledge, Skills and Abilities
- Experience with processing residential mortgage loans.
- Thorough knowledge of changes in policies, procedures, and regulations applicable to the Bank and mortgage industry.
- Understanding of Federal and State regulations and investor’s guidelines pertaining to residential first mortgage loans.
- Outstanding communication and interpersonal skills with the ability to deal effectively with management and staff.
- Ability to work in a team environment and assist other team members when necessary.
- Strong problem solving, analytical and organizational skills.
- Excellent knowledge and proficiency in Word, Excel, and Outlook and automated underwriting systems.
- Excellent attention to details, accuracy and quality.
- Must be able to effectively prioritize tasks and meet deadlines.
- Ability to multi-task.
- Must possess good organizational skills and be flexible and adaptable in a changing environment.
- Ability to handle sensitive and confidential information in a professional and discrete manner.
- Integrity, initiative, and a proven work ethic.
JOB TYPE: Full-time – in person
EXPERIENCE:
- Minimum 5 years of experience in the mortgage loan processing capacity;
EDUCATION:
- Bachelor’s Degree in Business preferred or related discipline required;
This position requires S.A.F.E. Act registration at the time of employment through the Nationwide Mortgage Licensing System (NMLS). The NMLS web site (mortgage.nationwidelicensingsystem.org) provides the MU4R questions and registration required for employment in this position.
WORKING CONDITIONS/PHYSICAL REQUIREMENTS
While performing the duties of this job, the employee is regularly required to sit; use hands, use fingers, talk, hear and remain in a stationary position for extended periods of time. The employee is required to stand; walk; reach with hands and arms. The employee must have the ability to verbally effectively communicate with staff and customers. The employee must occasionally lift and/or move up to 20 pounds. Specific vision abilities required by this job include close vision, color vision, distance vision, peripheral vision, depth perception and ability to adjust focus. The employee must have the ability to stay alert and attentive at all times and operate a computer, phone and essential equipment as required. The noise level in the work environment is usually moderate.
EMPLOYMENT
As a condition of employment with 1st Colonial Community Bank, any successful job applicant will be required to successfully complete a background investigation, which will also include a credit check.
All team members are required to follow the Bank’s core values:
Mutual Respect Accountability
Synergy/Teamwork Urgency/Timeliness
Honesty Trust
1st Colonial Community Bank is an Equal Opportunity Employer.
ABOUT US:
1st Colonial Community Bank (the Bank) was established in June of 2000. The Bank is a full-service community bank with retail branches in Collingswood and Westville, NJ., and Limerick PA. The Bank’s executive offices and residential mortgage operations are in Mt. Laurel, NJ. The Bank offers a wide range of consumer and business banking products and services to customers in South Jersey.
DISCLAIMER: This information describes the general nature and level of work performed by employees in this job. The description is not designed to be a comprehensive inventory of all duties, responsibilities, and qualifications required of employees in this job. Reasonable accommodation may be made to qualified disabled individuals for the performance of essential duties and responsibilities.
This job description is not an employment agreement or contract, implied or otherwise. 1st Colonial Community Bank maintains "at will" employment.
