Loan Processor, Assumption

JOB DESCRIPTION

Summary

The Assumption Loan Processor will gather and process documents necessary to underwrite applications for assumption both including non-credit qualifying and fully underwritten credit qualifying assumptions for all loan types.

Experience with all categories of VA, FHA, USDA and GSE loans necessary for processing. Phone contact with existing customers, realtors’ parties assuming loans is required.

Other duties will be assigned as needed for line balancing within the Assumption and Outreach department. Overtime may be required during peak processing periods.

Essential Job Functions :

Must have experience in Mortgage Loan Processing of Full Document loans (FHA, VA, CONV and USDA)

Initiates and maintains contact with customers, realtors and assuming parties throughout the processing period, assisting them with any questions and notifying them of any additional information needed.

Verify loan documents including income, assets, credit, appraisal and title insurance.

Verifying application for final submission to underwriting.

Input proper loan information into the system for processing.

Responsible for ensuring that all loan documentation is complete, accurate, verified and complies with company policy.

Submits loans through DU and orders and follows up on any outside services such as credit reports, title, VOE or any content required to fulfill application.

Satisfies conditions and ensures documentation meets requirements

Monitors loans in process to determine any deviation from standard processing time and to take appropriate actions including notifying the customer and the supervisor / manager for alternatives to ensure timely service

Sets and maintains proper expectations to all parties

Establishes accurate closing date and monitors promised closing dates to meet those established. Meets standards for closing percentages of loans processed

Performs final review of the completed application packages and prepares the file for approval, specifying any applicable conditions to the approval

Notifies the customer of the underwriting decision

Prepares, if applicable, the "Decline Letter" and ensures accurate disclosure of the reason(s) for the adverse action at whatever time during the processing period it is determined that applicants do not qualify.

Communicates to relevant parties via phone and in writing as necessary.

Researches and resolves problems and files documents as required

Must be knowledgeable in Mortgage Servicing

Knowledge in Calyx, DocuTech, Word, Excel, LoanServe, EDMS and advanced keyboard data entry skills will be necessary

Analyzes applicant information to determine whether the client is likely to qualify for the desired loan

Assists customers with taking the initial loan application

Is responsive to customer, realtor and assuming parties needs and expectations.

Ensures exceptional customer experience by overseeing the loan process from application to close and providing on-going communication via phone and in writing to customers, authorized third parties and business partners

Maintain regular and punctual attendance.

Other Related Duties :

Performs other duties as assigned across the assumption and Outreach department.

Supervisory Responsibilities :

Position has no supervisory responsibilities.

Qualifications :

To perform this job successfully, an individual must be able to perform each essential function satisfactorily. The requirements listed below are representative of the knowledge, skill, and / or ability required.

Education and / or Experience :

High School degree, or equivalent, required. Higher degree preferred.

Minimum 5 years of mortgage loan processing.

Detailed knowledge of FHA, VA, Conventional, USDA.

General tax returns knowledge.

Must be proficient with the calculation of income and assets.

Current Mortgage Loan Processing knowledge and background required.

Read, interpret and apply applicable laws, rules, regulations and / or policies and procedures.

Demonstrate interpersonal, organizational and time management skills.

Accurately document all information pertaining to accounts.

Ability to solve problems.

Calyx experience preferred but not required.

MS Office proficient, advanced keyboard proficiency, LoanServ, Docutech, EDMS

Certificates, Licenses, Registrations :

Language Skills :

Ability to read and interpret documents such as policy and procedure manuals, safety rules, operating and maintenance instructions.

Ability to write routine reports and correspondence. Ability to speak effectively before groups of customers or employees of the organization.

Mathematical Skills :

Ability to calculate figures and amounts such as discounts, interest, commissions, proportions, percentages, area, circumference, and volume.

Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.

Reasoning Ability :

Ability to solve practical problems and solve a variety of concrete variables in situations where only limited standardizations exists.

Ability to intemperate a variety of instructions furnished in written, oral, diagram, or schedule form.

Customer Service Relationships :

Assesses and diffuses problem situations and requires influencing others to reach consensus. Requires tact and diplomacy to handle difficult customer relationships.

Explores alternatives and creative solutions to meeting the needs of customers.

Work Complexity :

Tasks are multiple and diverse with some interrelationship across processes. Work requires the direct application of a variety of procedures, policies and / or precedents.

Work Environment :

Work is normally performed in a typical interior work environment which does not subject the employee to any hazardous or unpleasant elements.

Equal Employment Opportunity

Freedom Mortgage is committed to providing equal employment opportunities to all employees and applicants without regard to race, ethnicity, color, sex, marital status, sexual orientation, gender identity or expression, pregnancy, religion, national origin, age (40 and over), disability, military status, genetic information or any other basis protected by applicable federal, state, or local laws.

Americans with Disabilities Act

Applicants as well as employees who are or become disabled must be able to satisfactorily perform the essential job functions of the position either with or without reasonable accommodation.

Applicants as well as employees are encouraged to meet with Human Resources as the organization shall review reasonable accommodations on a case-by-case basis in accordance with applicable law.

Job Responsibilities

The following statements reflect the general duties and responsibilities considered necessary to perform the essential functions of the job and should not be considered as an all-inclusive list of all the work requirements of the position.

Freedom Mortgage Corporation may change the specific job duties with or without prior notice based on the needs of the organization.