The role of the Mortgage Processor is to ensure a quality member experience during the mortgage and home equity process while gathering and analyzing financial information from applicants. The Mortgage Processor must be able to manage multiple loans simultaneously while maintaining thorough member communication. This person must comply with Launch Federal Credit Union’s mortgage lending policies, procedures and Core Values. The incumbent must have knowledge and understanding of mortgage regulatory standards and is required to have a NMLS number.
- Receives Conditionally Approved HELOCs from Underwriting and contacts member to review specific loan terms and approval. Verifies member wants to proceed with loan and prepares and sends required disclosures to member.
- Maintains home equity loan pipeline of 30 active loans with a goal to close within 20 days of receipt of signed disclosures.
- Requests documents from members and third parties. Analyzes financial information up to and including pay statements, bank statements, 401(k) and retirement accounts and tax returns (personal and business) to determine ability to pay.
- Orders and reviews flood certifications, title commitments and appraisals. Prepares the appraisal checklist for the Mortgage Underwriter. Delivers the appraisal to the member within three business days according to regulation requirements.
- Submits the loan file to Mortgage Underwriting and recommends counter-offer, final approval or denial to Underwriting based on the ability to pay calculated.
- Requests and obtains Private Mortgage Insurance Certificate through approved company(s).
- Requests, reviews and clears conditions for final approval.
- Obtains homeowners and/or flood insurance policies with Launch FCU mortgagee clause and acceptable coverage per Fannie Mae guidelines.
- Proactively communicates with the member, Home Loan Specialist, Mortgage Underwriter and Closing/Funding Quality Control Processor to ensure a quality member experience. Maintains open communication with 3rd parties involved in loan transaction (realtors/title agents).
- Re-discloses and documents the Change in Circumstance as needed.
- Ability to identify and advise the member of loan product/term changes and suggests an alternative product.
- Works closely with Senior Mortgage Processor, Closing/Funding Quality Control Processor and closing agents to close efficiently.
- Supports Launch FCU’s vision to be the first choice for financial services in Brevard and Volusia Counties and to serve as the primary financial institution for our members. Is knowledgeable about other credit union products and services and actively refers these to our members.
- Reviews monthly production reports with VP, Real Estate Loan Servicing ensure goals are being met.
- Stays abreast of real estate lending trends, rules, and regulations.
- Adheres to email and telephone etiquette guidelines, including prompt replies.
- Assists co-workers when needed.
- May perform other duties as assigned.
- Minimum of one year of similar or related experience.
- A high school education or GED.
- Significant level of trust and diplomacy is required, in addition to normal courtesy and tact.
- Strong Verbal and Written communication skills. Ability to read and interpret documents such as credit bureau reports, complicated tax returns and cash flow analysis, policies and guidelines. Must be able to write routine reports and correspondence. Ability to communicate effectively with members and other employees of organization.
- Ability to solve a variety of problems and deal with complex scenarios by using common sense and practical application. Ability to interpret a variety of instructions furnished in written form, including but not limited to loan policy, procedural manuals, and loan guidelines.
- Proficient knowledge of Word and Excel programs. Ability to utilize and learn a variety of specialized computer software programs necessary to the mortgage lending business including but not limited to basic Credit Union business software, document preparation, application entry and application retrieval from Internet applications.
- Has an understanding of the regulations surrounding real estate lending but is not considered an expert.
- Detail-oriented, organized, accurate, able to work under pressure, ability to adapt to change, and problem solving skills.
- NMLS license required.
- Medical Insurance ( at reduced cost employees )
- 401(K) ( after 6 months of employment )
- Tuition Reimbursement ( after 1 year of employment )
- Paid Time Off ( PTO )
- Paid Holidays
- Paid Training