Loan Processor
Long Beach Home Loan
Long Beach, CA US
Posted ago
Long Beach Home Loan
Are you an experienced, detail-oriented mortgage loan processor who can successfully aid applicants in navigating the mortgage lending process? If so, we are looking for you! We are currently seeking a skilled and high-producing mortgage processor to work with the mortgage loan officers on our team. If you’re interested in a dynamic position on a well-established and successful lending team, look no further; apply today!
Responsibilities
  • Decide the creditworthiness and complete the mortgage loan application by working with the borrower to obtain necessary and verified financial documentation, such as credit reports
  • Ensure loan files meet lending and regulatory guidelines and policies
  • Assemble and submit loan packages to the lender underwriters for approval or denial
  • Determine the best loan option for the borrower through interviewing and discussion
  • Liaise between the mortgage lending underwriting department, mortgage loan originators, real estate agents, and applicants to facilitate loan approval

Take full ownership of the loan file and be responsible for all communications on the file with the borrower and third parties, from the time the file is Conditionally Approved through Closing.

Initial Review

  • Confirm title status
  • Confirm appraisal status
  • Confirm outstanding conditions status
  • Confirm rate lock is sufficient
  • If outstanding conditions are not received within one business day of the request, contact responsible parties
  • Communicate deadlines to the borrower and third parties on providing conditions/request information
  • Request homeowner’s insurance declarations page
  • For condominiums, order a condo questionnaire and condo master insurance

Appraisal Review

  • Confirm value and property condition is satisfactory
  • Notify loan originator, borrower, real estate agent, and any other applicable parties of the value
  • Update Loan Originator Software (LOS) with the appraised value

Condition Review

  • As conditions are received and reviewed
  • If the condition is acceptable, remove the condition as an outstanding in the Point of Sale (POS)
  • If the condition is not acceptable, update the condition request with details on why what was submitted is not acceptable and what is required to satisfy the request
  • Upon receiving the required condition submit conditions to underwriting

Timeline Management

  • Ensure the early closing disclosure (CD) goes out to the borrower at least three business days before the anticipated closing date
  • Sending the borrower a message via email and/or Point of Sale (POS) notifying them the closing disclosure (CD) has been sent to them electronically
  • Contact borrower to confirm receipt of closing disclosure (CD)

Clear to Close

  • Request closing instructions from the lender to be delivered to the title company
  • Communicate with the title/settlement company to confirm the closing cost and to finalize the settlement statement
  • Communicate deadlines to the title/settlement company
  • Confirm verification of employment is completed and does not expire prior to funding
  • Send the borrower the final closing disclosure (CD) with detailed summary and identify funds needed for closing, how funds need to be transmitted
  • Communicate to the title/settlement company message with instructions on what is required upon completion of the settlement (copy of the signed closing package, broker check, etc.)

Post Closing

  • Update status, data, and data tracking in Loan Origination Software (LOS)
  • Confirm all required information/documentation is stored in the electronic folder in digital document storage for this file
  • Send a message to borrowers and real estate agents on a successful settlement
  • Terminate the borrower’s information/account in the Point of Sale (POS)
  • Organize and categorize documentation required for post-closing compliance package in the “Post Closing” folder within digital document storage

Qualifications
  • Must possess exceptional attention to detail, as well as strong analytical and time management skills
  • Excellent written and verbal communication skills are a requirement
  • 2 years minimum experience in loan processing required
  • FHA, FHLB, FNMA, or VA loan product knowledge and mortgage lending experience required
  • High school diploma or GED required - Associate’s degree in accounting, finance, or business preferred
Compensation
$60,000+ at plan,bonus
About Long Beach Home Loan

Long Beach Home Loan is a full service residential mortgage brokerage, with a focus on direct-to-consumer business. We currently serve CA, with an expansion to 4+ other states underway. We work with the top lenders in the nation to provide 5-star service and value to our clients.

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