Mortgage Loan Processor performs administrative tasks for mortgage loan processing. Collects and prepares necessary information such as loan applications, credit documents, and appraisals to process and complete mortgage loan files. Being a Mortgage Loan Processor verifies all documentation for accuracy and completeness. Tracks and monitors due dates. Additionally, Mortgage Loan Processor ensures all documents are prepared and finalized in compliance with regulatory policies and procedures. Inputs and maintains all required transaction and processing records according to procedures. Responds to inquiries. Prepares required regulatory reporting. Requires a high school diploma or equivalent. Typically reports to a supervisor. The Mortgage Loan Processor works under the close direction of senior personnel in the functional area. Possesses a moderate understanding of general aspects of the job. May require 0-1 year of general work experience. (Copyright 2024 Salary.com)
Verifies, compiles, and enters application information for mortgage loans by performing the following duties. This position performs purely clerical, or administrative tasks, on behalf of loan originators but does not take consumer credit applications, offer, or negotiate credit terms.
Reviews residential loan application file to verify that application data is complete and meets establishment standards, including type and amount of mortgage, borrower assets, liabilities, and length of employment.
Corresponds with credit bureau and employer to verify accuracy of information.
Enters or downloads loan application information in mortgage software.
Calls specified companies to obtain property abstract, survey, and appraisal.
Informs supervisor of discrepancies in title or survey.
Submits mortgage loan application file for underwriting approval.
Follow-up on any additional requirements by underwriter.
Creates and mails approval and denial letters to applicants.
Submits approved mortgage loan file to Mortgage Loan Closer for settlement.
Records data on status of loans.
Provide excellent internal and external customer service.
Five or more years of recent processing experience with government and convention loans.
EEO/AA/M/F/Veteran/Disability