A New York based Mortgage Bank is seeking to staff a processor Immediately!
Job Title: Processor
Department: Operations
Reports to: Vice President of Credit Operations
Job Summary
Evaluate all information on residential loan applications. Verify, through outside sources, the validity of the information, calculate debt-to-income ratio, loan-to-value ratio, asset requirements, program requirements and assemble a completely documented file for submission to underwriting.
Essential Job Functions:
Open loans within 24 hours of receipt.
Review Good Faith. Truth-in-Lending and typed application for accuracy. Any changes are to be corrected immediately. Any changes to GFE or TIL are to be sent to borrowers with opening letter.
Prepare and mail "Opening Letter" along with any additional forms that require signature per the investor listed on the front cover of the file.
Fax a copy of the opening letter to borrowers attorney and give (or fax) a copy to the Loan Officer.
Order any necessary items not ordered by Processing Assistants.
Document all phone conversations with Loan Officers, applicants, attorneys or other parties associated with the processing of the loan in conversation log. Use log for any other pertinent information regarding file.
Keep in constant contact with Borrowers. All follow-up letters should be sent within 10 business days of the previous letter.
Notify Loan Officer and attorney regarding files that are not proceeding in a "normal" time frame.
If you are not getting any cooperation from Loan Officers, borrowers or attorneys, notify Processing Manager immediately.
Review mail within 24 hours of receipt.
Complete underwriting packages are to be sent to slated investor. If Processor feels that there is a reason not to send to specific investor, notify Processing Manager immediately.
Registration forms must be fully completed when sending out a complete underwriting package.
All processors are responsible for sending out their own loan packages.
Review all underwriting approvals to make sure that conditions can be satisfied.
Advise Loan Officer of approval and review any conditions with them, as well as the borrower.
Prior to submitting commitment to Processing Manager, files are to be "cleaned out". All unnecessary information is to be put in junk file and filed in file cabinet. There should be no loose papers in file. All papers should be acco'd to file.
Collect, review and submit all underwriting conditions to underwriter.
When loan has been cleared to close, it is to be submitted to the Processing Manager for final review.
Loan Officers should receive copies of all information sent to borrowers.
Do not speak with anyone that is not directly related to loan. See data sheet for all involved parties.
Send payoff letter requests, for refinances, when loan is opened.
Notify borrowers of any information required to get their loan to closing: updates, additional funds, missing commitment conditions, etc.
Inform Processing Manager of any problems, concerns, workload issues, etc.
Overtime is Required
Perform other tasks as assigned.
Job Specifications/Qualifications
College degree or equivalent professional experience.
Minimum of three years mortgage experience.
The ability to interact effectively with customers and other company staff to resolve problems.
Excellent written and verbal communications skills.
Excellent documentation, organization and analytical skills.
Excellent typing and computer skills.
Comprehensive Benefits Package!
- Location: Melville, LI
- Compensation: To Commensurate with Experience
- Principals only. Recruiters, please don't contact this job poster.
- Please, no phone calls about this job!
- Please do not contact job poster about other services, products or commercial interests.
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