Los Angeles, CA
Category : Banking
Location/City : CA - Los Angeles
Job Type : Full-time / Perm
Salary Range : 45000.00 - 55000.00 per year (USD Full-time / Perm)
Recruiter Name : Sean Pennel
Recruiter Email : email@example.com
Responsibilities & Duties
- Complete applications for Loan Officers when necessary or create loan files from scratch.
- Complete applications using Encompass.
- If file has not yet been completed, pull credit report when authorized by Loan Officer.
- Request financials and other loan documents from the client(s) as required; if these documents are requested, mail out the disclosure packages for the client(s).
- Follow up with client(s) within 48 hours to ensure the disclosure package is signed and returned along with the financials and requested loan documents.
- Send out Notice of Incomplete Application notice to clients if the complete package is not received.
- Schedule a tentative closing date.
- If necessary, lock loans per the LO's specifications.
- Verify investor and loan program selected and re-verify after loans are locked.
- Prepare files and submit requests for initial disclosures to the GFE Desk.
- Verify HMDA screens within the LOS to ensure completion and accuracy.
- Run the appropriate AUS (Automated Underwriting System).
- Order escrows, titles, floods, and fraud reports.
- Review files for any possible signs of fraud/misrepresentations and review fraud reports.
- Order 4506T validation reports and retrieve when completed (number of years to order depends on AUS and any product guideline overlays).
- Order all other necessary verifications (i.e. VOE if using bonus/commission income).
- Order condominiums documents (HOA certification, insurance, budgets, etc.).
- Ensure Change in Circumstance (CIC) requests are completed and sent to the GFE desk when a valid change occurs
- Denote mortgage contingency, closing of escrow, and lock expiration dates.
- Order appraisal reports from the appropriate appraisal management company.
- Submit files to Loan Processor for final review prior to submitting loan to Underwriting department for loan decision.
Approval and Closing:
- Coordinate with Loan Processor to make sure approvals are clear of conditions after they have been processed by the Underwriting department.
- Call out loan approvals once they have been issued by the Underwriting department.
- Follow up on appraisal sign-offs and mortgage contingency removal dates.
- Coordinate document signing with borrowers and escrow once documents are ready for release.
- Confirm with escrow or funding department that documents are backed for funding.
- Answer borrower questions as accurately as possible, refer to LO if unable to adequate answer questions.
- Field questions from 3rd party vendors/agents prior to closing.
- Assist Loan Processors to clear outstanding conditions when necessary.
- Contact borrowers to provide them with closing figures before scheduled closing and answer any questions they may have.
- Confirm with client(s) that any use of funds to close come from verified sources within the application.
- Follow up with borrowers to confirm successful closing and offer thanks.
- Excellent communication skills are essential for the Mortgage Coordinator. As the central component of the team, the MC must be able to competently communicate with the borrower and all parties involved in the transaction.
- Organizational skills and strong sense of urgencies are key responsibilities to the success of the MC to the POD team.
- He or she is responsible for "keeping everything together" by following up and tracking closing dates, contingency dates, lock expirations, appraisal and title orders, etc.