Mortgage Processor

Mortgage Processor

NACA makes the dream of affordable homeownership a reality for many who have been subject to systemic racism and other factors. This includes access to NACAs Best Mortgage in America and a streamlined mortgage process. NACA works with Members (i.e., homebuyers) from the initial educational workshop, individual counseling, purchase process, and mortgage process.

The Mortgage Processor is the primary point of contact and is responsible for managing the loan from loan submission through (NACA Counselor is the point of contact from initial counseling to loan submission). The Mortgage Processor is assigned Members they are responsible during the mortgage process through closing. The NACA standard is to close loans within 22 days from the executed Purchase & Sales Contract. Extended time would be needed for delayed seller repairs or a Rehab Escrow.

Virtually every loan submitted to the lender should be closed with virtually no denials. This is because Members come to the Mortgage Processor after they have been working NACA for a significant period of time and have been NACA Qualified and Credit Access Approved with full documentation underwriting.

The Mortgage Processor is responsible for ensuring that the timelines and turn times are met. S/he directly communicates with the Member and addresses any lender conditions. This includes working with the lender, Settlement Agent, R.E. Agent, NACA Counselor, HAND, and others to ensure the timely resolution of conditions and adherence to closing timelines. These are the final steps in the Members homeownership journey consisting of Members loan approval, funds for closing, scheduling the closing, closing, and post-closing processing. To accomplish this, the Mortgage Processor is responsible for the below major items and additional responsibilities.

Responsibilities

Each Mortgage Processor would be responsible for 50+ files to provide high level Member services in completing the below and other responsibilities as determined by NACA management.

Communication

• Calls the Members the day the file was submitted to the lender introducing themselves as the Memberss primary point of contact during the mortgage process through closing. Also send text and email of what was said and provide contact information.
• Explains conditions to the Members and convey the urgency and requirement for Members to respond and submit appropriate documents within 24 hours. If Members do not respond within 24 to 48 hours, engage their NACA Counselor and R.E. Agent.
• Provide regular status updates to the Members, R.E. Realtor and NACA Counselor, including any remaining items needed to meet deadlines.
• Contact Members at least twice weekly to provide updates and more often if no Clear-to-Close within 14 days of P&S Contract or within ten days of contract close date.
• Constant communication with the Members includes returning calls, texts, and emails the same day using NACAs Zoom accounts.
• Communicates with Members, R.E. Agents, and NACA Counselor to provide updates on file status, lender review timeframe, and answer any questions or concerns by phone, text, and email.
• Monitors the Closing Inbox to address concerns including collaboration with other NACA departments.
• All communications and interactions with the Members and others are described in the file narratives.

Condition Review and Submission

Responsible for addressing the conditions issued by the lender.

• The lender provides all the conditions for the file to be Clear-to-Close (CTC) for the Mortgage Processor addresses these conditions for the file to be CTC.
• Hold the lender accountable for providing all the conditions after initial underwriting and meeting the timelines.
• Review all conditions and decline/reject conditions not required per NACA/Lender Contract. If a condition is declined, resolve the issue directly with the lender without Members involvement.
• Submit complete responses with necessary documentation addressing the conditions that fully resolve each condition without creating more conditions. All appropriate lender conditions must be addressed within 48 hours of receipt. If there are additional conditions, the review and approval cycle would be repeated. It should not need more than one cycle. The lender must address and approved the submission within three business days.
• All conditions must be addressed and submitted within two days not to exceed four days. If no Member response or is incomplete contact the NACA Counselor, R.E Agent, or others involved in the transaction to obtain the required documentation.
• The file remains in an unapproved status with no commitment letter issued until all F Conditions are addressed and a positive credit decision is made.
• Follow up with lender for status updates.
• The NACA Qualification Specialist is responsible for re-qualifying Members when material changes occur to income, assets, debt obligations, or property terms that may impact affordability and the timeline.

Appraisal Process

• Ensures timely receipt of appraisal. If not received, notify the Members and R.E. Agents.
• Reviews the appraisal to ensure it supports the loan request.
• If a Rehab Escrow, ensure there is a Subject To appraisal.

Closing Disclosure

Responsible for ensuring that the Settlement Agent and lender collaborate in a timely manner so the lender can prepare and upload the Final Closing Disclosure (CD) (i.e., final mortgage terms and costs).

Schedule Closings

Responsible for the closing process. Closings may be scheduled for a date sooner than the contracted closing date if the buyer and seller agree. The Settlement Agent contacts all the parties and coordinates the time of the closing at the NACA office. Closing at the NACA office ensures that the Member has the support necessary to address any loan terms or issues that are different than discussed at Credit Access or previously understood. The Mortgage Processor does the following.

• Prior to scheduling a closing, check the date the Initial Closing Disclosure went out to determine the earliest possible close date. When the Initial Closing Disclosure is early acknowledged (i.e., signed by the Member), the closing can be scheduled the next business day after the three-business day disclosure period. If it is not early acknowledged, three business days for delivery must be added (i.e., the business day after six business days from the date issued).
• Address late conditions after CD is issued. Typically involve title or property issues. Confirm there is an approved Final CD when the closing has been scheduled. If not, contact the lender and Settlement Agent to help resolve any outstanding issues so the lender can send out the Final CD to maintain the closing date.
• If the loan is not going to proceed with the scheduled closing date, ensure that the Members have been advised of the status and takes all steps to resolve any outstanding issues.
• Monitors communications from the lender for files have cleared to close and for files without a scheduled close date. Also monitors to solve any issues the Settlement Agent, lender or Member may bring to their attention.

Time Demands

The Mortgage Processor must be willing and able to meet the demands of the job that typically consists of 50+ hours per week. The typical working hours are 8:30 a.m. to 6:00 p.m. weekdays with additional time as NACA determines, on evenings, weekends, events, and other activities with overtime as permitted. The compensation has been set to reflect this expectation.

Compensation

The compensation is based on experience, skills, performance, and certifications. The annual salary is between $50,000 and $65,000 with overtime and bonus as stated below with total annual compensation between $60,000 to $75,000+. The candidates performance evaluation and future compensation is largely based on meeting the job responsibilities, competencies and skills stated herein.

This is a non-exempt position, with eligibility for overtime pay for hours worked over 40 in a work week. The fixed weekly salary covers all hours worked each week even though the hours may vary from week to week. Overtime is computed based on the fluctuating work week (FWW), subject to any local law requirements.

• Fixed Weekly Salary for All Hours Worked: The fixed salary is intended to compensate for all hours worked during the work week regardless of variations in the hours.
• Overtime: For all hours worked over 40 in a work week, payment will be additional overtime compensation. When overtime is owed, it will be computed by dividing the weekly salary by the number of hours worked that week, to determine the Regular Rate for the week. Additional overtime pay will then be calculated and paid by taking half of the Regular Rate and applying it to all hours worked over 40 in the week.
• Accurate Timekeeping Required: Accurately record and submit all hours worked each day and each workweek.
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NACA - Neighborhood Assistance Corporation of America