Loan Officer-old Job

• Updated: March 19, 2009
• Location: Fishers, IN
• Category: Accounting & Finance - Credit/Loan/Collections

This job posting is no longer active

SUMMARY
The Loan Officer originates loans by collecting and analyzing customer information, determining appropriate mortgage products, advising customer of product advantages and disadvantages, initiating loan processing, and providing excellent customer service while ensuring compliance with all regulatory and company policies and procedures.  The Loan Officer identifies and builds relationships to establish continuous pool of new customers.

GENERAL DUTIES AND RESPONSIBILITIES
•    Create an annual strategic plan.
•    Understand our pricing, our product guidelines and our servicing value.
•    Understand our compensation plan and minimum value
•    Understand how to fully use the company Intranet
•    Understand how to fully use Encompass, Lotus Notes and Lakewood.
•    Determining which mortgage products best meet the customer’s needs and financial circumstances.
•    Advising the customer regarding the advantages and disadvantages of different mortgage products.
•    Providing excellent customer service by returning phone calls promptly.
•    Checking progress of files, remaining calm and understanding of people during processing of loan.
•    Contacting client to communicate time frames, programs and lock in policies, maintaining awareness and application of client’s preferred method of communication.
•    Sending thank you notes immediately and asking for the next loan, helping with post closing problems, providing availability to answer agents’ questions, watching for red flag situations and handling them promptly, and monitoring fallout.
•    Ensuring compliance with all agency and company guidelines by developing thorough knowledge of company policy, program guides and government regulations, replying to audits, and preparing and delivering up-front disclosures within established timeframe.
•    Identifying and building relationships with target groups and individuals (realtors, builders, organizations, center of influence, FSBOs) by attending mortgage industry functions, maintaining high visibility among local housing/home finance professional and trade organizations, holding sales meetings and educational sessions, visiting open houses to offer finance sheets, establishing and maintaining referral sources.
•    Establishing and cultivating continual pool of new customers by contacting target individuals with newsletters, cards, etc., producing and distributing informational flyers, continually setting customer appointments, and calling on customers daily.
•    Expanding industry and product knowledge by attending internal informational updates, reading internal communications memos and industry publications, and attending external meetings, seminars, workshops and conventions.
•    Following all Freedom Mortgage Corporation policies and procedures located on the Freedom Intranet.
•    Follow any other office guidelines outlined by the Regional Manager.


ESSENTIAL DUTIES AND RESPONSIBILITIES
Mortgage Application in Person:
•    Initiating loan application by accurately completing 1003 per Borrower’s verbal information.   Make sure you get dates, complete landlord/employment addresses and landlord phone numbers, etc. for last 2 years of employment & residence. If Borrower does not have information with him, look up in phone book or have Borrower call you back within 24 hours of application with the missing information.  You must have this information on the 1003 to log file to the system.
•    Collect Borrower’s information & review as you are taking the loan application. Calculate income per pay stubs. Have Borrower sign loan application when complete. You must have a pay stub at the time you turn in the application for case opening. A pre-approval can not be issued without a current pay stub
•    Go over credit report with Borrower & note any discrepancies.  If possible have borrower write their credit letter at the time of application-that way you can help.
•    Explain all disclosures & have Borrower sign them.
•    Collect all application fees. (appraisal and credit report fees)
•    Complete a Good Faith estimate & go over with Borrower. Explain program, ratios, proposed payment & estimated funds to close. Have Borrower sign GF
•    Explain locking options.
•    It is your legal and moral responsibility to make sure your borrowers understand the mortgage program, the total monthly payments current and future years and how property taxes could effect future monthly payments.
•    Application input on Loan Soft or POS System (EnCompass)
•    Download to DU & advise Borrower of finding
•    Complete homework assignment sheet if Borrower needs to provide additional info.  Advise borrower of date information needs to be returned.
•    Copy Borrower’s info & give Borrower original back along with Freedom loan packet and copies of all items signed by Borrower.  If you do not have access to a copy machine at time of application, please copy the items when you get to the office and return by mail back to the customer.
•    Advise Borrower of chain of events that will take place after loan application, that is, what will happen next, what the Processor & UW do.  Set proper expectations.
•    Ask if Borrower has any questions/thank him for using Freedom & advise who will be in touch next and give them an estimated date. Give Borrower your business card & advise to call if they have any concerns.

If loan application is taken via phone/mail:
•    Must still get all relevant information on 1003. Mail 1003 & all disclosures to Borrower for signature along with a big return envelope. Need to use Priority Mail Only. (Not FED-X or UPS)  Tell Borrower they need to provide copies of all items discussed in paragraphs 1 & 2 above, that is, pay stubs, W2’s. etc.
•    You do not have a completed application until your buyer has returned the application package.  Hold on to file until you have this information.
•    Communicate to the Sales Rep you have taken a phone application but will hold file until balance of information is returned.

After Completed Application:
•    Put all info in a file folder.
•    Complete a note in the file regarding income calculation, estimated close date, other tidbits/details that Processor needs to know that are not on the 1003. Put same information into Lakewood by F5 once download is complete
•    Print out T & L
•    Print out DU findings if program uses Automated approval process.
•    Read your DU findings and make sure you understand them-the answer you received is based upon how you input your information-is it what you want? If you are not sure get some help!
•    You have the ability to issue a pre-approval on DU approve only findings provided you have a paystub/W’2 and supporting documents in the file and meet all DU findings as stated.  You must write out your conditions for your processor/assistant or may do the buyer/builder/realtor pre-approval letter yourself.
•    Download to Lakewood
•    Call Sales rep/Realtor and let them know the application is completed and ready to go. Thank them.
•    Give file to processor or LSC within Freedom regulatory compliance guidelines.
•    Processor will confirm receipt of file & will check back with L.O. if there are questions about the file. If issues or problems develop, Processor should keep L.O. advised & if intervention is needed, L.O. may assist.
•    L.O. to keep rapport/communication open with borrowers/builder/realtor.
•    It is the loan officers responsible to set correct expectations with the buyer/builder/realtor.
•    Update any application logs required by the branch.
•    Do not promise another person’s time.

SUPERVISORY RESPONSIBILITIES
Loan Officer may directly supervise Loan Officer Assistant position. Carries out supervisory responsibilities in accordance with the organization’s policies and applicable laws. Responsibilities include interviewing, and training employees; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; addressing complaints and resolving problems.

QUALIFICATIONS
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

EDUCATION and/or EXPERIENCE
Bachelor’s degree (B. A.) from four-year college or university; or one to two years related experience and/or training; or equivalent combination of education and experience.

LANGUAGE SKILLS
Ability to read, analyzes, and interprets general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to write reports and business correspondence. Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.

MATHEMATICAL SKILLS
Ability to calculate figures and amounts such as discount interest commissions proportions, percentages, area, circumference, and volume. Ability to apply concepts of basic algebra and geometry.

REASONING ABILITY
Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.

PHYSICAL DEMANDS
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is regularly required to use hands to finger, handle, or feel documents and to operate a telephone. The employee is also regularly required to talk or hear. The employee frequently is required to stand, walk, and sit. The employee is occasionally required to reach with hands and arms. The employee must occasionally lift and/or move up to 10 pounds. Specific vision abilities required by this job include close vision and distance vision for driving. Also required is the ability to adjust focus while reading documents (both right sides up and upside down across a table).

WORK ENVIRONMENT
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this job, the employee is frequently exposed to outside weather conditions while going to and from vehicle and while driving. The noise level in the work environment is usually moderate.

You can't apply for this job because it is no longer active.