Loan Partner II - Processor

Job Title: Processor (Direct Submit LPII)

Reports To: Operations Manager

Compensation: $25-35/hr (depending on experience)

FLSA Status: Hourly Non-Exempt

Location: Flower Mound, Texas

Job Description:

The Loan Processor is responsible for processing loan applications in compliance with mortgage lending and applicable investor guidelines. Candidate will perform duties such as analyzing the loan application, assessing creditworthiness and the likelihood that a loan applicant will be able to repay the debt, analyzing the AUS /Guidelines as they pertain to the loan product and sales structure, reviewing title commitments and fees, ordering subordinations and allocating fees properly in the system.

Responsible for monitoring the loan process and managing the proper expectations with the client and the sales staff through closing.

Top 3 Responsibilities and how you will be measured:

1) Pipeline Management

Measurement: File Reviews to be completed within 48 hours of submission to processing. 90% of files should be reviewed on time.

2) Complete Files Submitted to Underwriting and Closing

Measurement: Files submitted to underwriting within 72 hours of review.

3) Support LO Teams

Measurement: Employee/Client surveys – must score 4.8 or higher on average.

Job Requirements:

•       Performs a detailed evaluation of the residential loan application file to verify that application data is complete and meets established standards, including type and amount of mortgage, borrower assets, liabilities, and credit.

•       Ensures receipt and reviews all property required documents.

•       Communicate effectively with borrowers to acquire necessary supporting documents for the loan files.

•       Customer service oriented – this position would support self-sourced loan originators, and should stive to be an extension of their sales service

•       Request and obtain any third-party conditions.

•       Provides quality loan processing, reviewing files for adherence to underwriting standards, and ensuring completeness prior to submission to underwriting for approval.

•       File Reviews completed within 48 hours of submission to processing - 90% of files to be reviewed on time.

•       Purchases submitted to Underwriting within 4 business days. (Refinances submitted within 48 hours of docs received).

•       Communicate with clients in the loan process weekly with milestones updates and file progress.

•       Send all COCs (LE and CD)

•       Submits approved mortgage loan file to closing department and monitors the file through funding. Co-ordinate closing with title and all parties.

•       Efficient and Accurate Pipeline Management. File priority will be based on contract closing dates and/or expected turn times per the branches SOP.

•       All funding conditions addressed.

•       Support LO Teams

•       Close 12 loans per month

Physical Demands:

While performing the duties of this job, a person is regularly sitting in a normal office environment at a desk using a computer, phone, fax and copy machine. This person may occasionally need to lift up to 20 pounds.

Work Environment:

Standard office environment

This job description reflects management’s definition of the essential functions for this job but does not restrict the tasks that may be assigned. Management may assign or reassign duties and responsibilities to this job at any time due to reasonable accommodation or other reasons. In addition, the above statements are intended to describe the general nature and level of work being performed by the person assigned to this job.