Residential Loan Processor III

Description

Job Summary

The Residential Loan Processor III is accountable for ensuring Residential loans are processed in accordance with established guidelines, policies and procedures of Cogent Bank, government agencies, GSEs, as well as state and federal lending regulations. The Residential Loan Processor III is highly analytical and skilled in identifying and assessing required loan documentation for conventional and government programs and accurately updating the loan origination system to provide a complete and timely underwriting submission and loan closing.

Requirements

Responsibilities and Duties

• Serve as the main point of contact for Residential Mortgage Loan Originator (MLO), borrowers, third-party contributors to the loan, and mortgage underwriters to facilitate a timely loan closing.
• Evaluate loan applications and determine necessary file documentation to support validation of employment, income, credit, liabilities, and assets in accordance with program requirements of applicable agency, investor, and internal guidelines and overlays. Identify and escalate issues that may negatively impact credit eligibility.
• Obtain and evaluate all property-related loan documentation, including appraisals, title insurance, flood determination, and property insurance. Identify and escalate issues that may negatively impact eligibility.
• Review file documents for red flags and escalate any potential issues or concerns regarding loan reasonableness or potential fraud/misrepresentation.
• Accurately update loan origination system with verified information, update conversation log with relevant communications, maintain electronic document folder with current information and identify expired and irrelevant information and file appropriately.
• Work closely with loan underwriter to clear loan conditions and prepare for closing.
• Ensure that applications are processed in compliance with all applicable state and federal regulations, including but not limited to ECOA, TRID, RESPA, TILA, FCRA and HMDA.
• Serve as a resource to assist borrowers in navigating the mortgage closing process.
• Serve as a resource to assist internal processing staff and mortgage loan originators.
• Provide excellent customer service to all loan contributors.
• Ensure BSA compliance by reading and being familiar with the BSA/AML program/policy; following all BSA/AML/OFAC policies and procedures; and completing all BSA/AML/OFAC related online courses.
• All other tasks, responsibilities, or duties, as directed by management.
  
  

Required

Qualifications and Skills

• Bachelor’s degree in business, management or other appropriate field or comparable experience
• 10 years of experience in mortgage loan processing or mortgage operations specializing in loans sold in the secondary market with 5 years specializing in government lending. Experience working in a high-volume environment may offset years of experience
• Advanced knowledge of mortgage industry regulations
• Advanced knowledge of loan products including Conventional, FHA, VA, USDA and Housing Finance Agency/Bond loans
• Advanced knowledge of GSEs and government agencies guidelines
• Exceptional time management, attention to detail, customer service, and communication skills
• Proficiency with loan origination software and automated underwriting systems
  
  

Preferred

Proficiency with Encompass LOS

Supervisory/Team Lead experience