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Mortgage Processor
Career Insights for Mortgage Loan Officer
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Based on New York data
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What they do
A Mortgage Loan Officer assists customers who apply for loans, and solicits loan applications on behalf of a bank, mortgage broker or credit union. Provides information on types of loans available, gathers financial and credit information needed to evaluate loan applications; guides the application and approval process. May partner with real estate agents to offer financing information to potential home buyers. May sell mortgage loans on commission.
$60,946 / year median in New York
-17% projected decline
Job Description
Summary:
Responsible for processing mortgage applications and supporting documents after origination until the time of closing. Facilitates the successful completion of mortgage loans in an accurate and timely fashion. Reviews and updates all applications and supporting documents with correct information and responds to member questions and complaints. Education and/orExperience:
High School diploma requiredMinimum two years' experience in mortgage servicing and/or mortgage banking requiredExperience with the full lifecycle of the mortgage transaction requiredResidential mortgage experience preferredExperience with various product types, including ARMs, Jumbo, and Home Equity loans preferredJob Responsibilities:
Processes mortgage applications and submit files to the underwriter for approvalUpdates mortgage loan applications by recording changes to loan amounts and other terms of the loan in the computer system and recalculating closing fees and loan paymentsVerifies all documentation for accuracy and completenessEnsures all documents are prepared and finalized in compliance with regulatory policies and proceduresEnsures that members have adequate funds to cover various processing fees, e.g. rate lock-in by monitoring their accountsResponds to inquiries received from members through branches or the call center on loans in processMeets with members and maintain close contact to obtain information, documents, and permission to transfer fundsEnsures FNMA loan guidelines are satisfied and all fees are collected when processing mortgage applicationsOrders vendor service including but not limited to PMI, appraisals, title reports, attorney services, flood certification, condo and co-op documents (when applicable) Ensures DU (desktop underwriter) and credit reports are uploaded into ImageFlowRequests and receives required documents not received by the Mortgage Loan Officer (MLO) and ensures documents are uploaded to ImageFlow and are clearly legibleEnsures that HMDA screens are accurate Monitors loan pipeline activity while ensuring milestone dates and timelines are adhered toAssists Mortgage Loan Officer (MLO) in rate lock and redisclosed loans Creates lead in Salesforce for new member accounts Coordinates with Mortgage Loan Officer (MLO) to triage outstanding issues and escalationsRe-discloses loan estimates, sends pre-approval letters, 10-day letters, and counter offersPerform other duties as needed upon request from immediate supervisor Benefits of Joining theTeachers Team:
We provide a competitive compensation and benefits package that includes, but is not limited to: This position is eligible for our annual discretionary bonus program. Some positions within the credit union also qualify for quarterly performance incentivesPaid time off for vacation, personal days, and holidays401(k) company contribution Teachers pays 100% of Dental & Vision premium Tuition reimbursement is offered to full-time employees Exclusive employee discount of 0.96% APR on credit card loans and a 1.00% APR on all other loans through Teachers The good faith range for this position is $25.25 - $30.50 per hour. This range is an estimate, based on potential employee qualifications and operational needs. The salary may vary above and below the stated amounts, as permitted by applicable law. All candidates will be subject to a background check, credit check, and drug test to determine employment eligibility. To learn more about Teachers and to view a full list of our job opportunities please visit https://www.teachersfcu.org/about/careers Click here to view:
California Privacy Notice #LI-CB1Benefits
- Paid Time Off (PTO)
- Personal Leave
- Financial Aid/Assistance
- Bonuses/Stipends