Mortgage Loan Processor

Summary of Duties and Qualifications

Job Summary:
A Mortgage Loan Processor (MLP) provides professional support services to a Mortgage Loan Originator (MLO) by assembling a completely documented residential mortgage loan file in preparation for submission of the file to the underwriting department, where a decision to grant or deny a mortgage loan application is made.  MLPs work in a company office under the direct supervision of a Loan Processing Supervisor.  They interact daily with MLOs and company staff involved in underwriting and closing.

Basic Job Duties:
The MLP will typically be assigned to work concurrently with the loan application files of several MLOs.  Daily activities include, but are limited to, sending requests to third party sources seeking independent verification of the personal and financial information provided by the loan applicant to the MLO during the loan application interview; monitoring incoming mail for return of verification requests; updating the company computer system to summarize  relevant conversations and record changes in the loan application’s status; returning phone calls and other inquiries from loan applicants, MLOs and Realtors concerning the status of the loan application; following up on outstanding documents requested but not yet received from third party sources; and providing timely reminders to loan applicants who have not yet submitted required information.  As information supporting the loan application is developed the MLP will calculate debt-to-income and loan-to-value ratios to monitor compliance with underwriting guidelines.  High ratios are immediately brought to the attention of the Loan Processing Supervisor.  MLPs typically work a 40-hour week and are paid an hourly wage.  However, they must be willing and able to work overtime during periods of peak loan volume.

Training and Other Qualifications:
There are no mandatory academic prerequisites for the position of MLP.  While a college degree is preferred, MLPs should have at least a high school diploma.  Required traits/skills include strong attention to detail; being very organized and analytical; having an aptitude for figures; and possessing accurate typing/data entry ability.  Previous mortgage banking experience is preferred.  Familiarity with automated underwriting technology such as Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Prospector; along with Encompass loan processing software is a plus.  A newly hired MLP receives on-the-job training concerning company loan processing policies, procedures and practices from more senior MLPs.  Additional guidance is available from the Loan Processing Supervisor.  MLPs are expected to develop a working knowledge of Freddie Mac, Fannie Mae and FHA/VA underwriting guidelines as well as the requirements of PMI companies and company investors.  MLPs are expected to develop a working knowledge of federal and state mandated consumer disclosure requirements (such as the Good-Faith-Estimate; the Mortgage Servicing Disclosure Statement; and Truth-In-Lending Disclosure Statement) and remain alert to consumer disclosure issues that arise during loan processing.

The most successful MLPs possess a positive and cooperative attitude; have good interpersonal and communication skills; are comfortable working in a fast-paced deadline oriented environment; enjoy multi-tasking; have the ability to change priorities quickly as time-sensitive needs arise; and are able to adapt to a fluctuating workflow, particularly during periods of high loan volume.  They remain calm and courteous when dealing with impending deadlines, stressed out loan applicants, anxious MLOs and others with whom we do business. 

Because MLPs routinely handle the sensitive non-public personal identifying and financial information of loan applicants, they are bound by the provisions of the Gramm-Leach-Bliley Act and the Homestead Funding Corp. Privacy Policy, which strictly limits their use of, access to and disclosure of such information.  This position requires a commitment to maintaining a high level of confidentiality.

In assessing an employment application, Homestead Funding Corp. will evaluate an applicant’s personal history looking for evidence of financial responsibility and good character.  Employment applicants with certain felony criminal convictions and/or certain convictions involving crimes of dishonesty, financial services or a financial services related business may be prohibited from employment in the field of mortgage banking.  Specific prohibitions vary from state-to-state.

Homestead Funding Corp. is a HUD approved mortgagee.  Pursuant to HUD exclusive employment requirements, while working at Homestead Funding Corp., an employee must not have outside employment in mortgage lending, real estate or any other related field.  For example, a licensed real estate agent may keep his/her real estate license while working for Homestead Funding Corp.  However, while employed by Homestead Funding Corp, the agent may not conduct any real estate related employment or business activity and may not receive any income from such activity.