Mortgage Loan Processor

Mortgage Loan Processor

Summary

PenFed is hiring a Mortgage Loan Processor in Alexandria, VA . The primary purpose of this job is to focus on collecting and processing all documents required for loan approval. A Processor must have knowledge of conventional refinance loans, as their responsibilities will primarily focus on this loan type. Additionally, the Processor will be responsible for curing QC issues that require borrower contact/communication.

Essential Functions

Communicate with borrower (via warm-handoff or email) that Processor is now main point of contact for their loan following hand-off from MLA. Review document checklist from MLA for accuracy and consistency with ACL. Order pay-offs, third-party services, and VVOE. Clear conditions as identified in the ACL Follow-up with borrower using revised ACL highlighting documents still outstanding. Calculate debt-to-income and loan-to-value ratios. Cure title with title company (if needed). Resolve any appraisal discrepancies with the appraisal review group (if needed). Assemble a completed loan file for submission to underwriting, clearly noting any area that requires the immediate attention of an underwriter. Clear any conditions stipulated by Underwriting following conditional approval. Clear any prior-to-fund conditions that arise after final UW approval before passing loan to Closing. Remain main point of contact with borrower through closing and funding and answer any questions that borrower may have (e.g. questions on the HUD). Coordinate with re-disclosure desk for any ‘change-of-circumstance’ that occurs within processing. Manage and cure any QC loan issues that require borrower communication.

Education And Experience

Equivalent combination of education and experience is considered.

Associate’s Degree in a related field required. Minimum of one(1) year of experience preferably in residential mortgage lending in 1 st Trust Mortgage or Home Equity processing/closing is required.

Supervisory Responsibility

This position will not supervise employees.

Licenses and Certifications

There are no additional certifications required.

Work Environment

While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.

Travel

Limited travel to various worksites is required.