Loan Originator Assistant

Merchants Mortgage & Trust Corporation ( MMTC ) is a private real estate lender headquartered in Denver, Colorado. MMTC specializes in short term residential bridge loans for investors, Multi-family loans, commercial loans, construction loans and rental property loans.

MMTC originated over $700 million in loans in 2023 and is on pace to originate $1 billion in 2024 MMTC was acquired by KKR, a leading global investment firm, in 2022.

Job : Loan Originator Assistant

Location : Denver, CO

Roles and Responsibilities

• Follow-up and request closing items from borrower
• Review and confirm borrowers insurance agents contact info and provide insurance agent with required hazard insurance coverage required and make sure insurance is in-place before loan closing
• Collect and review all borrower entity documents to understand the structure and input such information correct into the LOS system
• Work with borrower to correct any findings from the processing department in the entity documents that require corrections prior to closing
• Review and clear all approval conditions from the credit committee
• Enter data entry into the loan producer system (LOS) to put the loan into loan processing
• Manage all communication with processing departments and borrower to ensure all loans are funded and closed in accordance with close of escrow dates on contracts
• Meet all funding conditions
• Collect a detailed construction budget from borrower and verify with the Draw department that budget meets its specifications before it is uploaded into the LOS system
• Follow-up and obtain all approved post-closing conditions and any correction items needed or excluded from closing packages
• Communicate directly with borrowers, loan officers (LOs), business partners and outside vendors to successfully present a complete file for closing and funding
• Collect borrowers ACH form completed, signed with a voided check before the closing
• Collect borrowers signed and completed credit authorization and run borrowers credit and upload credit scores into the LOS system
• Once LO has a deal agreed you will need to send borrowers a check list of items needed to close loan as well as collect all those items and upload them if accurate into the LOS system
• Pre-underwrite loans in accordance with Company guidelines including reviewing and reconciling loan applications to meet program requirements and analyzing loan application, credit profile / report(s), debt and assets, financial statements, debt service coverage ratios, leverage ratios, appraisal reports, renovation budgets, borrower experience, title reports, collateral, and supporting documentation
• Manage an ongoing pipeline of loans through the Company loan buying process
• Report on the status of loans within the pipeline on a regular basis
• Present loans to Help Desk and / or Credit Committee for exceptions and approvals
• Condition files for missing / supporting documentation according to secondary market and Company guidelines
• Order and perform the preliminary review of all third-party reports (i.e. appraisal, appraisal reviews, background reports, inspections, and environmental reports)
• Collect, analyze, and approve all required due diligence
• Perform property and market assessments to evaluate property conditions and market / submarket dynamics
• Communicate and document reasons for approval or rejection of loans so borrowers, brokers and loan officers are well-informed of decisions
• Communicate with counterparties and vendors effectively and professionally
• Mentor and train junior staff

Qualifications / Requirements

• Bachelor’s degree or some college preferred
• Prior mortgage experience helpful but not required. Preference for experience with processing or underwriting consumer residential and business purpose loans a plus
• Experience with institutional lending and secondary market loan trading preferred
• Effective pipeline management skills
• Exceptional interpersonal, written, and verbal communication skills
• Proficient in Microsoft Office, especially in Excel and Word
• Quick learner with demonstrated understanding of all the nuances required to perform the duties effectively
• Deep knowledge of process across states to effectively and efficiently edit and adjustment document sets on a state-by-state basis
• Effective communication, organization, and critical thinking skills required
• Ability to be flexible and solve problems to manage multiple sets of expectations across all parties involved with deal
• Integrity, attention to detail, and strong customer service skills required

Other

• Must be authorized to work in the US
• Must be available to work in office 5 days a week as required by management
7 days ago