Mortgage Loan Processor

Job Role:  Loan Processor (Rapid Division)

Reports to:  Processing Manager

Rapid Mortgage Company a leading financial services company dedicated to providing exceptional lending solutions to our clients. We are seeking a detail-oriented and experienced Loan Processor to join our team. 

Overview The Loan Processor is responsible for efficiently clearing all underwriting conditions while maintaining a high level of communication and organization. This role demands strong interpersonal skills, a team-oriented mindset, and the ability to manage a high-volume pipeline of 25 or more files monthly, ensuring an accurate and timely closing process.

Key Responsibilities

• File Review:  Thoroughly review loan files upon receipt from Underwriting.  Generate and deliver an initial needs list to borrower within 24-48 hours of conditional approval.
  
• Borrower Communication:  Conduct a "Welcome Call" within 24 hours of receiving the conditional approval to explain outstanding conditions and next steps.  Maintain ongoing borrower contact every 48 hours throughout processing.
• Condition Management:  Immediately address all actionable underwriting conditions.  Delegate appropriate tasks to the Processing Assistant and manage timely condition follow-up and resolution.
• Redisclose Management:  Monitor daily alerts and complete redisclosures promptly and accurately according to regulatory and company guidelines.
• Pipeline Management:  Prepare for and actively participate in weekly pipeline review calls with Loan Officers, updates on loan progress, outstanding issues, and projected closing timelines.
• Internal Collaboration:  Work closely with Underwriting, Processing Management, and other internal teams to troubleshoot and resolve loan issues to facilitate smooth and timely closings.
• Appraisal and Title Coordination:  Order and track appraisal corrections, final inspections, and work directly with title companies and insurance providers to clear title and policy issues.
• Quality Control (QC):  Respond immediately to any QC findings or conditions to ensure compliance with internal and investor standards.
• Closing Coordination:  Collaborate with the Funding Team to deliver the signed Closing Disclosure (CD) in a timely manner, ensuring accurate cash-to-close figures and addressing any final changes.

Service Level Expectations

• Welcome Call & Needs List:  Completed within 24-48 hours of receiving Conditional Approval.
• Client Follow-up:  Contact borrowers at least every 48 hours.
• Final Underwriting Submission:  Submit clean files for final underwriting no later than 4 business days prior to the scheduled closing date.

Qualifications

• 3+ years of mortgage processing experience required.
• Proficiency with FHA, VA, USDA, Fannie Mae and Freddie Mac guidelines.
• Ability to independently run AUS systems:  DU, LP and GUS.
• Minimum 1 year of experience with Encompass LOS required.
• Strong understanding with TRID requirements.
• Working knowledge of Down Payment Assistance (DPA) programs required.
• Proficiency with Microsoft Office Suite.
• Strong organizational skills, attention to detail and ability to manage a high-volume pipeline.
• Positive attitude, high integrity and strong work ethic.
• Ability to meet deadlines while exercising sound judgement and decision-making skills.

Benefits:

• Competitive salary
• Health, dental, and vision insurance
• Life insurance and LTD
• Retirement plan
• Paid time off and holidays
• Opportunities for career development and advancement