Position Summary
We are seeking a meticulous and dedicated Loan Processor to join our dynamic team. The ideal candidate will have a keen eye for detail, exceptional organizational skills, and a passion for delivering excellent customer service. As a Loan Processor, you will play a crucial role in ensuring the smooth and efficient processing of loan applications, from initial submission through to closing.
Responsibilities
- Order, follow-up and request corrections or changes to closing items
- Perform all legal review and confirm validity of exceptions and coverage amounts on all title policies
- Review and confirm contract terms and hazard insurance coverage
- Review all borrower entity documents to understand the structure and create proper signature blocks on closing documents
- Advise loan officers and borrowers of any findings in the entity documents that require corrections prior to closing
- Review and clear all approval conditions from the credit committee
- Enter data entry into the loan producer system (LOS) to produce loan documents
- Manage all communication with title and escrow companies to ensure all loans are funded and closed in accordance with close of escrow dates on contracts
- Meet all funding conditions, balance final settlement statement, process wire request
- Create the draws account in the loan database (SilverLake) and communicate necessary information to the Draws department to process the first draw post loan
- Follow-up and obtain all approved post-closing conditions and any correction items needed or excluded from closing packages
- Communicate directly with borrowers, loan officers (LOs), business partners, and outside vendors to successfully present a complete file for closing and funding
- Pre-underwrite loans in accordance with company guidelines, including reviewing and reconciling loan applications to meet program requirements and analyzing loan applications, credit profile/report(s), debt and assets, financial statements, debt service coverage ratios, leverage ratios, appraisal reports, renovation budgets, borrower experience, title reports, collateral, and supporting documentation
- Manage an ongoing pipeline of loans through the Merchants loan buying process
- Report on the status of loans within the pipeline on a regular basis
- Present loans to Help Desk and/or Credit Committee for exceptions and approvals
- Condition files for missing/supporting documentation according to secondary market and company guidelines
- Order and perform preliminary review of all third-party reports (i.e. appraisal, appraisal reviews, background reports, inspections, and environmental reports)
- Collect, analyze, and approve all required due diligence
- Perform property and market assessments to evaluate property conditions and market/submarket dynamics
- Communicate and document reasons for approval or rejection of loans so borrowers, brokers, and loan officers are well-informed of decisions
- Communicate with counterparties and vendors effectively and professionally
- Mentor and train junior staff
Qualifications
- Bachelor’s degree or some college preferred
- Prior mortgage experience helpful but not required. Preference for experience with processing or underwriting consumer residential and business purpose loans a plus
- Experience with institutional lending and secondary market loan trading preferred
- Effective pipeline management skills
- Proven track record of taking ownership and successfully delivering results in a fast-paced, dynamic environment
- Exceptional interpersonal, written, and verbal communication skills
- Proficient in Microsoft Office, especially in Excel and Word
- Quick learner with demonstrated understanding of all nuances required to perform duties effectively
- Deep knowledge of process across states to effectively and efficiently edit and adjust document sets on a state-by-state basis
- Effective communication, organization, and critical thinking skills required
- Ability to be flexible and solve problems to manage multiple sets of expectations across all parties involved with deal
- Integrity, attention to detail, and strong customer service skills required
Eligibility Requirements
- Must be authorized to work in U.S.
- Must be available to work in office 5 days a week as required by management
What We Offer
- Medical, Dental and Vision Plans
- Life Insurance, Short-Term & Long-Term Disability
- 401K with Company Match
- Competitive compensation dependent on experience