Loan Officer Assistant

A Loan Officer Assistant plays a crucial role in supporting loan officers throughout the loan application process. This position requires a detail-oriented and organized individual who is adept at computing income, assessing financial documents, and managing loan application files. Additionally, the assistant must be proficient in using Encompass, a leading mortgage management software, to process and track loan applications.

Key Responsibilities:

• Support Loan Officer’s Daily Operations:
• Provide administrative assistance to the loan officer by managing the loan pipeline and ensuring deadlines are met.
• Maintain communication with clients, underwriters, title companies, and other involved parties.
• Assist in gathering necessary documentation for loan applications, including income verification, credit reports, tax returns, bank statements, and other financial documents.
• Income Computation & Analysis:
• Analyze applicants' financial information, including income sources (e.g., salary, self-employment, bonuses, alimony, rental income) to determine loan eligibility.
• Calculate borrower income using standard methods, including gross income, net income, and overtime.
• Assess income stability, continuity, and reasonability to ensure compliance with lender guidelines.
• Perform debt-to-income (DTI) ratio calculations and assist in evaluating loan approval conditions.
• Maintain accurate records of income computations and related documentation.
• Loan Application Management:
• Enter and maintain data in the Encompass loan origination system (LOS) with a focus on ensuring the accurate creation and management of loan files.
• Prepare and manage loan disclosures (e.g., loan estimate, closing disclosures) and communicate them to borrowers within the required timelines.
• Track and follow up on outstanding documentation and ensure that all necessary documents are submitted for timely loan processing.
• Assist with loan file submissions to underwriting and handle requests for additional information or clarification from underwriters.
• Client Communication and Support:
• Act as a liaison between the loan officer and the client, ensuring borrowers are informed and updated throughout the loan process.
• Answer borrower inquiries and provide timely responses to phone calls, emails, and other forms of communication.
• Help borrowers understand the loan application process, required documentation, and timelines.
• Documentation and Compliance:
• Ensure all documentation is organized and up to date, maintaining compliance with all regulatory requirements (e.g., RESPA, TILA, HMDA).
• Verify the accuracy of all borrower information and ensure that data entry in Encompass is correct.
• Support the loan officer in reviewing loan conditions and ensuring that any issues are addressed before closing.
• Administrative Support:
• Prepare and organize closing documents, including coordinating with closing agents and title companies to facilitate a smooth loan closing.
• Maintain up-to-date loan files, ensuring they are complete and compliant with all legal and regulatory requirements.
• Perform various clerical tasks, including filing, organizing documents, and updating spreadsheets as needed.

Qualifications:

• Experience:
• Minimum 2-3 years of experience in the mortgage industry, preferably as a loan officer assistant or in a similar administrative support role within a financial institution.
• In-depth understanding of mortgage loan products, including FHA, VA, USDA, and conventional loans.
• Skills:
• Strong proficiency in Encompass (or similar loan origination software) for managing and processing loan applications.
• Advanced ability to calculate and verify income, assess tax returns, pay stubs, and other financial documents.
• Solid understanding of financial ratios, including debt-to-income (DTI) and loan-to-value (LTV).
• Knowledge of current mortgage industry regulations, guidelines, and compliance requirements.
• Excellent organizational and time-management skills with the ability to prioritize tasks and meet deadlines.
• Exceptional attention to detail, ensuring accuracy in loan processing and document management.
• Strong written and verbal communication skills to effectively interact with clients, loan officers, and third parties.
• Education:
• A high school diploma or equivalent is required. A college degree in business, finance, or a related field is preferred.
• Mortgage-related certifications (e.g., NMLS) may be a plus, but are not always required.

Work Environment:

• Full-time position with standard office hours (typically 9 AM – 5 PM).
• Some remote work flexibility may be available, depending on company policies.
• Occasional overtime may be required to meet deadlines during high-volume periods or at key stages in the loan process.

Job Type: Full-time

Pay: $50,000.00 - $60,000.00 per year

Schedule:

• 8 hour shift

Work Location: In person

Salary : $50,000 - $60,000