What are the responsibilities and job description for the Loan Processor position at Fay Financial?
Founded in early 2008, Fay Servicing is committed to providing innovative servicing solutions for both performing and non-performing mortgage loans. As a specialty mortgage servicer who sees the customer behind every loan, we understand that our customers aren’t loan numbers — they’re homeowners.
Before founding our company, we conducted an exhaustive analysis of the mortgage servicing industry and gained valuable insight into the problems facing mortgage servicers and their customers. With that insight, we set out to build a different kind of servicing company from the ground up.
Come join us on our journey to serve our customers and be the leader in our industry! We are currently looking for Loan Processor to join our team!
Reporting to the Processing Manager, this position will ensure the timely and accurate packaging of all loans originated, preparing the application for submittal to underwriting, and taking the file from pre-approval to closing. The role is responsible for collecting, verifying, and uploading loan information into the Loan Origination System (LOS). The position will prepare loan files for review and analyze loan documentation for accuracy and completeness.
The role partners with loan officers, underwriters, cross-functional teams, and departments to address conditions and resolve discrepancies to meet critical timelines. This position ensures compliance with regulatory requirements, company policies, and investor guidelines to support the successful funding and closing of loans.
What you will do for Constructive Loans:
- Review and verify loan application details for accuracy and completeness ensuring compliance with company policies and regulatory requirements
- Collect, organize, and analyze supporting documentation including income, asset liability, and credit information
- Prepare and submit complete loan files to the underwriting team ensuring all necessary conditions and documentation are provided
- Collaborate with internal and external stakeholders to address and obtain additional information required by underwriting
- Partner with loan officers and underwriters to address inquiries, and resolve conditions and discrepancies during the loan review process
- Monitor the status of loans to ensure processing and closing timelines are met
- Provide status reports on each mortgage indicating the process to the loan officers
- Establish and maintain accurate records updating files and databases for internal reporting
- Send and initiate follow-up requests on verifications to employers, banks, and creditors
- Maintain accurate and organized records of loan files in accordance with company and regulatory standards
- Adhere to investor guidelines and compliance requirements throughout the loan processing lifecycle
- Provide timely updates to borrowers and internal stakeholders regarding the progress of loan applications
- Participate in team projects and initiatives to include streamlining processes
- Develop domain knowledge of Fay’s business to include an understanding of organizational objectives.
- Develop positive working relationships within the team and across the organization
- Ensure compliance with Fay’s policies, processes, and practices. Successfully complete all department and company-required training
- Model Fay’s Values, Operating Principles, ethical standards, professionalism and code of conduct
- Demonstrate behaviors that align with Fay's Values and Operating Principles
What you will bring to Constructive Loans:
- High School diploma or GED required
- 2 years’ experience in loan processing in the mortgage industry
- 1 years’ experience in customer service
- Proven experience processing business purpose loans preferred
- Strong understanding of GFE, TIL, and RESPA rules
- Prior experience working in a fast-paced, high-volume work environment preferred
- Solid skills and experience in MS Word, Excel, and Outlook
- Strong verbal and written communication skills
- Strong interpersonal skills
- Strong analytical skills
- Solid decision-making abilities coupled with sound judgment
- Strong time management skills
- Ability to prioritize numerous tasks and manage shifting priorities
- Client-focused with strong execution skills and results orientation
- High level of precision with attention to detail and consistency
- Flexible, open to change, ability to learn new things quickly
- Ability to work in a collaborative environment and provide guidance for working groups
Equity and Inclusion are embedded into our way of working at Fay. We believe that the best ideas come from having a team that is diverse in backgrounds, experiences, and perspectives. We strive to ensure each of our employees feels valued, respected and included and is presented with equal opportunities to be successful here at Fay. We are proud to be an equal-opportunity workplace. The Fay Group and affiliated companies participate in E-Verify. For more information go to www.dhs.gov/E-Verify. E-Verify is a registered trademark of the U.S. Department of Homeland Security.
