Senior Mortgage Loan Processor

Senior Mortgage Loan Processor

Summary

PenFed is hiring a Senior Mortgage Loan Processor in Alexandria, VA. Provide Members applying for a refinance or a purchase mortgage loan with detailed guidance and advice on product and pricing while using a sales driven mindset. Ensures exceptional Member service by owning the loan process from application to close and providing on-going communication to Member and business partners. Responsible for collecting and processing all documents required for loan approval. Types of loans processed typically include conventional loans. Sr Processor; types of loans will additionally include VA, employee, 80/10/10, Super Jumbo, and escalated or complex loans.

Essential Functions

Review all loan (with Intent to Proceed) registrations for completeness and accuracy. Serve as both originator and processor on loans. Responsible for generating Account Condition Letter (ACL) per Regulation B requirements.

Act as Members main point of contact throughout the entire mortgage process, ensuring excellent levels of member service by providing guidance/advice/counsel on process, product and pricing in a detailed and comprehensive manner.

Determine initial potential for qualification by evaluating credit history, income levels and assets/liabilities; calculate debt- to-income and loan-to-value ratios.

Restructure loan request and recommend for adverse action as needed.

Responsible for reviewing and addressing items involving loan product, credit, occupancy and employment verifications and order pay off’s verbal verification of employment (VVOE)

Request action from Disclosure Desk and other internal partners as required by valid change in circumstances.

Collect, analyze and ingest document to clear ACL conditions.

Update loan origination system with the information from collected documents and re-run Desktop Underwriter (DU) or Strata as appropriate.

Maintain a working knowledge of both originating systems for home equity loans and lines of credit.

Assemble and submit completed file to Underwriting (UW); clear manual conditions, cure title issues, resolve appraisal discrepancies with appraisal review group as needed.

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).

Manage and cure any QC loan issues that require borrower communication.

As required, ensure proper re-disclosures are prepared and delivered to the member within regulatory guidelines based on identified change in circumstances

Based on the business needs, may assist in other areas as requested (these duties may fall under the scope of other job functions within 1 st and 2 nd mortgages



Education And Experience

Equivalent combination of education and experience is considered.

Associate’s Degree in a related field preferred.

Minimum of two(2) years’ 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

Ability to travel to various worksites and be on-call is required.