Mortgage Loan Officer
Job Type :
Direct
Hours :
Full Time
Required Years of Experience :
3-5 years
Required Education :
Bachelor’s degree in Business, Finance, Accounting
Travel :
No
Relocation :
No
Job Category :
Financial Services
Job Description :
Provides quality customer service by originating, processing, and underwriting loans that meet the Association’s lending parameters. Also originates, processes, and pre-underwrites loans for sale through the correspondent lending program with the funding bank. Leads effort to establish relationships with mortgage purchasers in Puerto Rico, including application packages and implementation of respective underwriting systems. Services all existing loans.
Main Responsibilities
- Originates, processes, and pre-underwrites mortgage loans by entering data from loan applications in bank-owned processing software and/or any other desktop underwriting system. Prepares and sends necessary disclosures for borrowers’ signatures; prepares and sends verifications of employment, assets, mortgage, etc., if applicable; orders credit reports, title work, survey, flood certificate, etc.
- Monitors all files in process and advises borrowers, sellers, and real estate agents of progress of loan and what information or documentation remains outstanding.
- Reviews and analyzes documents for accuracy and compliance with investor guidelines and/or bank policies, as they are collected. Identifies issues and discusses with supervisor or purchaser for resolution.
- Conducts preliminary review of loan file by verifying information including ratios, income, credit report and scores, appraisal and sales contract; packages loan for underwriting.
- Performs file completion by building loan file, opening mail, filing documentation, and auditing documents prior to transfer.
- Recommends loan disbursement as stipulated. Establishes escrow accounts, and prepares and sends required documentation to secondary market investor as required.
- Communicates credit decision to loan applicants and follows up the approved loan to ensure the closing transaction is completed.
- Follows market trends and developments to increase association’s business in established and developing markets. Keeps Management informed of competition and their markets, primary products and services, major strengths and limitations, and their basic pricing arrangements.
Required Qualifications :
- Bachelor’s degree in Business, Finance, Accounting or equivalent work experience.
- 3 - 5 years’ experience with the mortgage processing cycle.
- Basic knowledge of Fannie Mae, rural, and FHA underwriting guidelines and compliance and quality control regulations.
- Fully bilingual (English and Spanish).
