Processor Job

• Updated: March 26, 2009
• Location: Mount Laurel, NJ
• Category: Banking - Other Banking

Freedom Mortgage Corporation, a national mortgage company, has immediate openings for Processors at its Mt. Laurel, NJ location. Candidates for Processing must have a minimum of 2 years’ recent experience in that position. Candidates must have excellent communication and customer service skills along with a strong desire to succeed. Excellent salary and benefits. EOE-M/F/D/V

SUMMARY

The processor reviews the completed loan application to assure that all company policies and procedures have been met including all compliance regulations and guidelines. The processor verifies and processes all documentation for accuracy and submits completed application package to underwriting for approval and finalize loan for closing. The processor assists all departments to assure a salable quality product.

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.

• Maintain a pipeline of 40-50 loans and close at least 50% in a month.
• Reading and learning from memos and product guide.
• Working closely with Loan Officers.
• Knowing guidelines for all FMC product line.
• Updating Lakewood when any information changes.
• Collecting ideas and suggestions for brainstorming.
• Organizing and scheduling work to meet commitment dates.
• Handling loans from beginning phone call to closing.
• Providing customer service to all parties involved in loan transaction and guiding them through the loan process.
• Keeping abreast of current changes in loan programs and special programs.
• Reviewing processor's pipeline report for accuracy and making corrections (rate lock, comments in Lakewood, loan status in Lakewood and anticipated close dates in Lakewood and on calendars) as needed.
• Use tools available in outlook (tasks and calendar) to allow you to properly follow up on statuses.
• Discussing any discrepancies with Loan Officer, borrowers, Realtors or any party concerned.
• Helping resolve problems during loan processing.
• Assuring compliance with government regulations and company policy through review of loan applications and loan submissions to underwriter.
• Reviewing and setting up new files.
• Pre-screening loan files for qualifications consistent with appropriate underwriting program guidelines.
• Uploading email and faxes into EDMS once reviewed for accuracy.
• Reviewing and comparing returned documentation with original information as indicated on loan application.
• Reviewing and establishing income, assets and credit information. Enter correct information in Lakewood and upload documentation in EDMS.
• Assuring Good Faith, Truth-in-Lending, and all other opening disclosures have been sent within 3 days of completed loan application and uploaded into EDMS.
• Allocating fees and escrows (prepaids) in lakewood.
• Order and review fraudguard and pred-protect.
• Ordering appraisals, flood certificates, credit supplements, appraisal addendums, field and desk reviews, final inspection, well and septic inspection (if applicable), title/tax cert/wire instructions/cpl, payoffs, case numbers Home Owners change endorsements and executed 4506T.
• Sending all verifications in accordance to loan application order.
• Packaging credit file and submitting completed application package to Underwriting within 48 hours of completing loan application.
• Securing all underwriting conditions.
• Scheduling closings with borrower, title co (and/or notary/attorney) and closing department in a timely manner. Closing department must have request to prepare documents 48 hrs (72 hrs for TX properties) prior to closing dates.
• Prepare and complete the closing checklist and correct information in Lakewood and EDMS priorto sending request to closing department.
• Assisting post closers on conditions requested.
• Disposing of all paperwork with borrower information as required by company.

SUPERVISORY RESPONSIBILITIES

Although this job has no direct supervisory responsibilities, every individual is expected to be able to work independently.

QUALIFICATIONS

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. 2-4 years of processing experience in all products (conventional, FHA and VA).

LANGUAGE SKILLS

Individual must have the ability to read and interpret borrower’s documentation, company policies, procedures, reports, and guidelines. Individual must have the ability to effectively present information and communicate to management, branches, loan officers, borrowers and third party vendors.

REASONING ABILITY

Must have the ability to solve practical problems and deal with a variety of variables in situations throughout the process. Ability to interpret a variety of instructions furnished in written, oral, or schedule form.

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.

The noise level in the work environment must be professional and at a moderate level.

WORK ETHIC

Individual must: Behave in a professional manner; Keep personal chatter to a minimum; Adhere to company policy dress code; Maintain clean work areas; Possess good work habits; Be consistent and follow through in everything you do; Comprehend and communicate effectively; Help your neighbors when possible.

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• Tags: mortgage, Processor, Loan Processor, Mortgage Processor