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|
|Days:||Monday - Friday|
|Hours:||8 hours/day hybrid|
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.
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.
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.
Received direct supervision from the Vice President, Mortgage Operations
May receive direction or verbal instruction from Senior Vice President, Lending
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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