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Iowa Bankers Mortgage Corporation

Mortgage Loss Mitigation Specialist

Career Insights for Loan Processor

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Based on Iowa data

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What they do

A Loan Processor processes applications for bank loans including mortgage or commercial loans. Assists customers with the application process, organizes and reviews credit information or business financial reports, and puts together materials needed for loan underwriters to evaluate an application.

$41,640 / year median in Iowa

-24% projected decline

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Job Description

Role Definition:
Responds to customer inquiries and assists in the servicing department by performing the following duties. Essential Duties and Responsibilities I. Responsible for tracking loans that are past due, reviewing borrower financial packages and establishing repayment arrangements or analyzing loss mitigation options according to investor guidelines. II. Processes and track loan modification workouts and REO properties. III. Request and track claim reimbursements from investors for loss mitigation and non-recoverable from borrowers. IV. Provides superior customer service, both written and verbal, to homeowners, bankers, and other vendors. V. Performs a variety of clerical duties including filing or imaging of documents. VI. Other duties as assigned
Required Education:
High school diploma or general education degree (GED)
Required Work Experience:
Two to three years related loss mitigation and mortgage banking experience and/or training; or equivalent combination of education and experience.
Technology Skills:
Proficient in basic computer skills and all Microsoft Office applications. Required Skills or traits for the position: Accurately and efficiently process transactions. Follow established policies, procedures & guidelines. Demonstrate analytical decision making and problem solving skills.