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Loan Processor

Los Angeles, CA

Posted: 08/21/2020 Industry: Banking Job Number: Pay Rate: 60000.00 - 80000.00 per year (USD Full-time / Perm)

Job Description

Date Created : 8/21/2020 3:40:27 PM
Category : Banking
Location/City : CA - Los Angeles
Job Type : Full-time / Perm
Salary Range : 60000.00 - 80000.00 per year (USD Full-time / Perm)
Recruiter Name : Sean Pennel
Recruiter Email :

Responsibilities & Duties

  • Be sure files are in proper condition and the complete submitted package is received so that loans can be approved with minimum conditions.
  • Review files for errors and inconsistencies, organize, analyze, update and validate the loan files in the LOS for preparation, and send the loan files to Underwriting department for loan decisions.
  • Adhere to the turn times outlined in the Loan Workflow Expectations
  • Ensure file documents within the LOS have been granted access to requisite personnel within the LOS once files are ready to be submitted. Forward any conditions uploaded (i.e. prior-to-document conditions are also uploaded and granted to the requisite personnel).
  • Note that the LOS is used as a repository for all extra documents and some documents may not need to be released (to underwriters and other personnel).
  • Review files for any possible signs of fraud/misrepresentation, review fraud report, identify compliance notices from the LOS and correct to ensure compliance.
  • Follow up with Underwriting department once the turnaround time for submitted loans to the Underwriting department has elapsed.
  • Retrieve and review all PTD s conditions received from all parties (borrowers, LOs, escrows, titles, AMCs, etc.).
  • Answer call overflow.
  • Ensure Change in Circumstance (CIC) requests are completed when a valid change occurs and requests are sent to GFE Desk.
  • Review conditions within 24-48 hours of receipt. As appropriate, submit to the Underwriting department to clear.
  • Create Loan Commitment Letters and send to the borrower and all appropriate parties if necessary.
  • Follow-up on appraisal orders and retrieve appraisal reports as needed.
  • Upon receipt of the appraisal report, send copy of the report to the LO.
  • Order appraisal conditions as needed or as requested from underwriter.
  • Email appraisal reports to borrowers after underwriters have signed off the appraisal report condition.
  • Ensure proper documentation is in file prior to signing-off conditions.
  • Order, review, and upload closing protection letters to the LOS.
  • Retrieve and review condominium questionnaires, insurance policies, and other corresponding condominium documents.
  • Perform verbal (or written) verification of employment.
  • Order and retrieve subordination agreements as necessary.
  • Order and review homeowner and, if applicable, flood insurance policies. Ensure sufficient coverages and premiums are reflected accurately with the LOS.
  • Validate loan lock and coordinate with Secondary on any discrepancy/corrections.
    Order and review estimated HUD-1's for all loans.
  • Request or order and retrieve payoff demands.
  • Complete closing transmittals and submit file to the closing department with all required closing documents.
  • Notify parties of issuance of loan documents.
  • Collect PTF conditions from borrowers or coordinate with mortgage coordinator and/or LO.
  • Coordinate with funding department for any outstanding PTF conditions and cure them.
  • Contact Escrow to make sure funds and the closing packages are available at least one day prior to closing.
  • Manage loan pipeline and update all close of escrow dates and ensure the dates have not expired.
  • Submit commission checks to accounting (for brokered deals).
  • Complete the tracking screen for all brokered files. Ensure the corresponding dates are accurate and completed in a timely manner.
  • Contact lenders to make sure funds and the closing packages are available at least one day prior to closing.

Education & Experience:

  • Minimum Education Level: Bachelor s Degree
  • Minimum Years of Experience: 3-5 Years
  • Combination of Experience and Education can meet the job requirements: Yes

Computer/Systems Knowledge Requirements:

  • Microsoft Outlook: Intermediate
  • Microsoft Word: Intermediate
  • Microsoft Excel: Intermediate
  • Microsoft PowerPoint: Intermediate

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