Mortgage Loan Processor Job Description Sample, Duties, and Responsibilities
What Does a Mortgage Loan Processor Do?
The mortgage loan processor is primarily employed to prepare and handle residential mortgage loans for closing according to investor and organization guidelines.
He/she will set up new files and organize appropriate documentation.
Individuals holding this position will utilize their intelligence and experience in designing and executing the assignments and responsibilities instituted by the local and district operations.
Loan processors on mortgage report directly to the program manager and will be responsible for managing and closing of State Stabilization Funds. These are loans which are beneficial to people who are facing the threat of losing their homes.
They may engage in preparing individuals buying homes for the first time.
They also ensure precise and well-timed packaging of loans generated by a loan officer.
He/she accumulates information and monitors each file from the time of validation to closing.
This role ensures that all documents involving loans are intact and validated, and that they adhere to the policy of the company. Validating loan documents will include assessment of income credit and preparation of all application for ultimate submission.
Under the guidance of the operations supervisor, the loan processor will reevaluate loan documents to ensure all aspects needed are requested.
He/she will also be in charge of coordinating first mortgage transactions from the acceptance of the application to final appraisal and certification of quality.
He/she will also authorize credit and income assets and provide additional information which will be used to confirm the eligibility of the borrower for the loan applied for.
Job Description Sample for the Mortgage Loan Processor Post
In order to be successful in their job of attaining the targeted objectives of the organization, employers usually expect the mortgage loan processor to carry out the following duties, tasks, and responsibilities, which make up their job description:
- Ensure all administrative loan documents are supplied to a borrower promptly
- Act as the sole point of contact to the customer after the loan application has been accepted and completed by the mortgage loan originator
- Refer the borrower whose requests changes to loan terms to the mortgage banker who initiated the loan
- Authenticate requirements for products, loan conditions and stipulations that were earlier introduced by the mortgage banker and consented to by the borrower
- Ensure that all prerequisites for loans have been fulfilled by the borrower
- Organize and assess flood and tax certificates, credit reports and title insurance
- Ensure regular communication with sellers, clients, escrow agents, title companies and real estate agents in order to acquire supplementary documentation as required
- Act as connection between the lender, agency loan originator and borrower
- Obtain the appropriate documents from loan applicants and organize a follow-up on items unaccounted for
Preparing a Resume for the Mortgage Loan Processor Job
A resume will be required if you are seeking the job of loan processor for mortgage services. To write the work experience part of the resume, the job description example for the position shown above can be used.
Requirements – Qualities – Knowledge, Skills and Abilities – for the Mortgage Loan Processor Position
Here are some of the qualities and qualifications expected from an applicant for the post of a mortgage loan processor:
- Preferably a university degree in finance related courses with a minimum of 3 years relative working experience in organizing first mortgage transactions
- Excellent computer literacy and outstanding knowledge of credit financial analysis and procedures
- Exceptional logical, reasoning and judgment capabilities
- Extraordinary skills in working efficiently under specified time limitations and flexible hours
- Proficiency in making use of basic computer programs with professional skills in the use of the loan origination program – Loansoft
- Ability to make outstanding and reasonable calculations in basic arithmetic problems
Job Assessment Tests: How to Top Your Competition
As part of the hiring process, most applicants that passed the initial Resume/CV screening phase are required to pass an assessment test for the job or apprenticeship position they are applying for.
The goal of this phase is to determine if the candidate has the appropriate set of skills and qualities to excel on the job.
Find out the tests you will be needing to take for the position you are applying for; get lots of success proven Practice materials to prepare with now: Sure way to make high scores in job tests.