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MIT Federal Credit Union Career Opportunities

Job Openings: Mortgage Loan Processor

Announcement Number:Job Number: 19993
Announcement Date:October 14, 2021
Location of Position:MIT FCU Operations Center - 70 Westview St., Lexington, MA
Salary:TBD
Days:Monday - Friday
Hours:8 hours/day hybrid

Duties:

POSITION SUMMARY

The mortgage loan processor  manages  the overall  lending  process  becoming the primary  point  of  contact  for all  parties  involved. The mortgage loan processor  will  work  directly  with the member/applicant  and follow  up to ensure all  forms  are completed and all  required supporting documentation is  received and  prior  to underwriting review  and the final  decision  is  made.  Order  all  required 3rd  party  services  such as  flood certificates,  appraisals  and title commitments.   Review  and  verify  all  fees  are  disclosed accurately  and that  the Loan Estimate  and Closing Disclosures  are sent  out  within required  deadlines  to ensure regulatory  compliance.  You will  analyze loan-to-value ratios,  debt-to-income ratios,  credit  reports,  income,  assets,  source  of  down payments  along with the supporting documentation.   The review  also includes  for  potential  fraud or misrepresentation.   This  candidate will  identify,  resolve, and communicate issues  that  could impact  timely closure of  mortgage loans. Strong communication, analytical  and time management  skills  are a must.  Must  be able to work  independently  with minimal  supervision.  We are  creating an in-house  mortgage department  from the ground up.   Come bring  your  expertise and  valuable input  to help shape the  department  and create a successful  and fun team  to be a  part  of. 

PRIMARY  DUTIES  AND RESPONSIBILITIES

  • Coordinate with  multiple parties (members,  underwriters,  closers,  appraisers,  attorneys and other  vendors to  obtain  services and  resolve issues)  in order  to satisfy  outstanding loan conditions.
  • Ensure that  all  loan notifications  and  disclosures are complete,  accurate,  and  distributed  to applicants in  timely  fashion  as required by  TRID  and ECOA.
  • Pre-underwrite  and process  loans  according to Automated Underwriting System  (AUS), secondary  market  standards  and internal  underwriting guidelines  and requirements.
  • Maintain knowledge  of  secondary  market  guidelines,  product  &  pricing changes,  and company policies and  procedures.
  • Ensure compliance with  all  applicable state and  federal  laws  and  regulations.   
  • Ensure all  loan  documentation  is complete,  accurate,  verified  and  complies  with  credit  union policy.
  • Deliver  clean,  complete,  and accurate  files  to both Underwriting and Closing  departments.   
  • Enforce  rate  lock  and extension policy  and perform  other  first  mortgage related  processing.
  • Complete weekly  pipeline reviews with  Loan  Originators and  Vice President  of  Mortgage Operations.

OTHER DUTIES  AND RESPONSIBILITIES

  • Order flood  insurance,  private  mortgage insurance  and  other  loan  ancillary  items  associated  with real  estate  loans as  applicable.   
  • Assure  that  all  disclosures  are  in  compliance  and  sent  within  mandatory  timeframes  as  set  by  the CFPB  and  other  regulations.
  • Perform  specific  and  delegated  duties  as  assigned  by  management. 
  • Coordinate with multiple parties  (members,  underwriters,  closers,  appraisers,  attorneys  and other vendors)  to obtain services  and resolve issues.
  • Maintain knowledge of  all  credit  union products  and  services  for  the benefit  of  cross-selling to members or  potential  members.   
  • Working  knowledge products,  services  and guidelines  in mortgage industry
  • Demonstrate working  knowledge of  TRID,  HOEPA,  ECOA,  QM/ATR,  HMDA,  RESPA,  Flood, FNMA,  FHLMC,  BSA,  OFAC,  FHLB  and  other  investor  policies  and procedures  and implement  as necessary  in  daily  activities.
  • Working knowledge  of  mortgage  fraud,  red flags  and loan misrepresentation.
  • Working  knowledge of  policies/procedures  and  service philosophy.
  • Working knowledge  of  the  mortgage loan  origination system  (LOS)  and other  investor,  and vendor portals.
  • Perform  other  job-related duties  as  assigned by  the Mortgage Underwriter  and Vice  President  of Mortgage Operations.   

Requirements:

2 years  previous  loan processing experience.

Bachelor’s  degree or  equivalent  combination of  education and experience.

Must have or  be able to obtain  an  NMLS  license.

High level  of  computer  literacy.

Must be able to handle multiple tasks  in a  fast-paced environment.

SKILLS

Demonstrated computer  skills  in word processing,  spreadsheet,  and e-mail  software.

Strong time management  and  organizational  skills  in a dynamic,  constantly  changing environment.

Attention to detail  and quality  focused.   

High level  of  customer  service  skills.

Strong communication and interpersonal  skill,  and a high level  of  professional  integrity.   

SUPERVISION  RECEIVED

Received  direct  supervision from  the Vice  President,  Mortgage  Operations

May receive direction or  verbal  instruction  from  Senior  Vice President,  Lending

SUPERVISION  EXERCISED

None  

Misc Comments:

Note: The duties, responsibilities, skills, and requirements contained in this job description are not exhaustive. They may be supplemented as necessary at any time.


How to Apply

To apply for a position with the credit union, please visit the MIT job search site and enter the "Job Number" in the Job ID field.

  • Click "Apply Now" and follow the instructions provided.

All applications must go through the MIT HR system. 


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