The Mortgage Loan Processor is responsible for the accurate and timely processing and closing of Drake Bank Mortgage Loans. These loans are sold on the secondary market. This position works closely with the Mortgage Loan Originator(s) to provide prompt client service while ensuring compliance requirements and strict deadlines are met. The Mortgage Loan Process will perform a variety of clerical and technical duties to assist mortgage applicants, existing clients, and Mortgage Loan Officer(s). Other duties may include assisting with processing other first or second mortgage loans for first-time homebuyers.
Essential Duties and Responsibilities:
Client Intake and Data Entry
- Assists Mortgage Loan Officer(s) in documenting and preparing FHA, VA, and conventional mortgage loan files and documents while meeting strict deadlines and compliance requirements
- Obtains required information, including credit reports, title work, PMI, homeowner’s insurance, flood certification, payoffs/subordinations, supplements, verification of employment and deposits, condo documents, IRS tax transcripts, appraisal tracking, etc. for the loan files
- Establishes, maintains, compiles, and updates files, databases, records, and other documents for client files and recurring internal reports
- Utilizes Desktop Underwriting for agencies’ documents
File System Management
- Enters intakes to the Data Management System for processing and assessment
- Processes the documents received for each file, verifying the accuracy and completeness of each document to comply with the investor, title company, regulator, and internal policies and guidelines
- Works with the borrower to locate and collect any missing documentation or required items
- Ensures confidentiality of client information, privacy, and security of files
- Processes, closes, and ships loans to comply with investor requirements
Administrative Support/Internal Control
- Completes and prints appropriate disclosures for all loan applications and works with Mortgage Loan Officer(s) to deliver in a timely fashion to applicants
- Assists Mortgage Loan Officer(s) with pre-approvals and loan structuring
- Prepares commitment letters, denial letters, and cancel files as necessary
- Coordinates pipeline and calendar with Mortgage Loan Officer(s) weekly
- Registers closed loans with MERS system
- Assists Mortgage Loan Officer(s) with loan pricing options or support while managing lock expiration date
- Prepares fund request documents for wiring funds to close and reconciles purchase advice
- Makes recommendations for procedural changes to increase efficiencies
- Provides clients with timely and periodic status updates of their loan applications
- Acts as a liaison between the borrower, underwriter, loan originator, and lender by handling inquiries and document requests while maintaining high-level client service
- Assists with the coordination of loan closings
- Ships files for investor purchase and compliance
- Transitions from processing to closing with IDS or other closing software for preparation and borrower signature of preliminary CD and reconciliation with the title company on the final CD
- Reviews loan deficiency request from post-closing and quickly provides items needed for loan purchase prior to expiration
- Reviews wire funding reconciliation
- Assists with special projects and additional functions as needed
- Performs all job functions and interactions with fellow Bank employees, clients, vendors, and prospective clients within the guidelines of the DRAKE Bank Core Values: Dedicated, Reliable, Authentic, Knowledgeable, and Ethical
- Performs other duties as assigned
Regulatory Compliance Requirements:
- • Able to demonstrate a current and accurate understanding of loan-related compliance, including but not limited to RESPA, Reg Z, TRID, HOEPA, HPML, Flood, FACTA, Reg B, HMDA, Fair Credit Act, BSA, AML, OFAC, Bank Security, etc.
- Continually enhances knowledge of regulatory and compliance issues through completion of all required online training and attendance at in-house and external training presentations
- Performs all job functions in accordance with Federal and State regulations and within banking policies.
Education and Experience:
- High school or equivalent (Required)
- Bachelor’s Degree (Preferred)
- 3+ years of direct industry experience, knowledge, and training in Mortgage Loan Processing (Required)
- Experience with Secondary Market Mortgage Loans (Preferred)
- Or the equivalent combination of education and experience
Drake Bank provides competitive salaries and an excellent benefits package.
Drake Bank is an Equal Opportunity Employer.
Job Type: Full-time
How to Apply:
Please send your resume to HR@drake-bank.com.