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