Entry Level Loan Processor

Details:

• Onsite in Columbia, MD
• Salary: $55,000 - 60,000

Responsibilities:

1. Application Review:

   • Review loan applications submitted by borrowers for completeness and accuracy.
   • Verify borrower information, including income, credit history, employment details, and financial statements.

2. Document Verification:

   • Collect and verify all required documentation, such as tax returns, pay stubs, bank statements, and property information.
   • Ensure that all documents are accurate, current, and meet lender and regulatory requirements.

3. Communication:

   • Maintain clear and consistent communication with borrowers to request additional information or clarify details as needed.
   • Collaborate with loan officers, underwriters, and other relevant parties to facilitate smooth loan processing.

4. Data Entry and System Management:

   • Enter borrower information and documentation into loan processing software or database systems accurately.
   • Update loan application statuses and document completion progress.

5. Guidelines Adherence:

   • Ensure that all loan applications comply with lender policies, industry regulations, and legal requirements.
   • Stay up-to-date with changing lending regulations and guidelines.

6. File Preparation:

   • Organize and compile loan application files for submission to underwriting.
   • Prepare and submit necessary documents to third-party vendors for services such as property appraisals and title searches.

7. Problem Solving:

   • Identify discrepancies or potential issues in loan applications and work with borrowers and loan officers to resolve them.

8. Timely Processing:

   • Prioritize and manage a pipeline of loan applications to meet deadlines and service level agreements.
   • Provide regular updates on application progress to borrowers and stakeholders.

9. Quality Control:

   • Perform quality checks on completed loan files to ensure accuracy and completeness before submission to underwriting.

10. Customer Service:

    • Provide excellent customer service to borrowers, addressing their questions and concerns in a professional and helpful manner.

Qualifications:

• Bachelor's degree in finance or related field preferred
• Previous experience as a loan processor or in a related role within the mortgage or lending industry.
• Strong knowledge of loan processing procedures, underwriting guidelines, and regulatory requirements.
• Proficiency in using loan origination software and office productivity tools.
• Excellent organizational skills and attention to detail.
• Effective communication and interpersonal skills.
• Ability to work independently and collaboratively in a fast-paced environment.
• Familiarity with financial documents, credit reports, and loan-related documentation.

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