Role Description
The Mortgage Processor is a vital operational role responsible for managing residential mortgage loan files from initial application through to conditional approval and closing. This position focuses on verifying the accuracy, completeness, and integrity of all financial, employment, and property data submitted by applicants. The ideal candidate possesses a sharp eye for detail, deep knowledge of automated underwriting requirements, and exceptional communication skills, acting as the critical link between Mortgage Loan Originators (MLOs), underwriters, borrowers, and third-party vendors to ensure smooth, compliant, and on-time closing experience.
Essential Functions:
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File Review & Verification:
Conduct comprehensive reviews of newly submitted loan applications to verify assets, employment, income, and credit history in strict accordance with program guidelines.
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Third-Party Coordination:
Order and analyze mandatory third-party documentation, including property appraisals, title commitments, flood certifications, homeowners’ insurance, and tax transcripts.
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Underwriting Preparation:
Clear automated underwriting system (AUS) conditions (Desktop Underwriter/Loan Product Advisor) and assemble highly organized, fully documented loan packages for structural submission to the Underwriter.
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Pipeline Management:
Manage a rolling pipeline of 20–40 residential files simultaneously, meeting strict processing milestones to ensure purchase contract and lock expiration dates are honored.
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Stakeholder Communication:
Provide clear, proactive updates regarding loan status and missing documentation to borrowers, Loan Originators, and real estate partners throughout the lifecycle of the file.
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Compliance Adherence:
Ensure all files meet rigorous internal quality control measures as well as state and federal regulatory compliance standards (e.g., TRID, RESPA, Fair Lending).
Qualifications
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Lending Guidelines:
Thorough understanding of current conventional (Fannie Mae/Freddie Mac), FHA, VA, and USDA loan program requirements and documentation standards.
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Income Calculation Mastery:
Advanced proficiency in calculating complex income structures, including self-employed borrowers, multi-source corporate tax returns, commission, and rental income.
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Loan Origination Technology:
Direct hands-on experience utilizing modern Loan Origination Systems (such as Encompass, Byte, or Calyx Point) and automated underwriting engines.
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Detail & Time Management:
Exceptional organizational skills with an innate ability to spot inconsistencies or potential fraud in financial paperwork while juggling tight production deadlines.
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Education:
High school diploma or equivalent required; an associate or bachelor’s degree in finance, Business, or a related field is preferred.
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Experience:
Minimum of 3–5 years of recent, direct experience processing residential mortgage loans in a retail or wholesale environment.
Requirements
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Sedentary Work:
High volume of sedentary work, involving prolonged periods of sitting or standing at a multi-monitor desk setup, reviewing dense digital text and financial spreadsheets.
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Digital & Phone Interaction:
Continuous use of computer components (keyboard, mouse) and frequent clear telephone communication to gather borrower details and vendor documentation.
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Visual Acuity:
Sharp close-range vision required to carefully examine and evaluate scanned data, tax records, and legal property descriptions for accuracy.
Benefits
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Comprehensive benefit package including Health, Dental, and Vision Insurance.
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Options to participate in a Health Savings Account and Flexible Spending Account.
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Life and AD&D coverage, voluntary Supplemental Life, Short-Term, Long-Term Disability, and Supplemental insurance.
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Option to participate in a company retirement plan for eligible employees.
