Mortgage Loan Processor (Reverse)

The Reverse Mortgage Processor is responsible for managing the loan processing lifecycle from assignment through funding while ensuring accuracy, compliance, timely communication, and a seamless borrower experience. The Processor partners closely with Jr. Processors, Loan Officers, Underwriters, and closing partners to move loans efficiently through each milestone.

The Processor is responsible for managing an active pipeline of approximately 30–40 loans and is expected to successfully move and fund approximately 15–20 loans per month while maintaining strong organization, proactive communication, accurate documentation, and timely milestone completion.

The role requires the ability to prioritize competing deadlines, identify potential issues early, resolve processing challenges, and effectively manage loan files through processing, underwriting, closing, and funding.

Key Responsibilities

1. File Setup & Initial Review

• Create required loan processing folders, including ShareFile and Outlook organization, upon assignment.
• Initiate processor milestones within the loan origination system.
• Review Jr. Processor scrub notes and identify potential concerns, missing documentation, or areas requiring attention.
• Prepare borrower outreach strategy and discussion points.

2. Borrower & Loan Officer Communication

• Send borrower and Loan Officer introduction communication outlining next steps and expectations.
• Complete initial borrower phone outreach within 24 hours of assignment.
• Maintain consistent communication with borrowers, Loan Officers, and internal partners throughout the loan process.

3. Title Review & Processing Management

• Review title documents for accuracy and identify potential issues requiring escalation.
• Communicate title updates, appraisal expectations, and next steps to the borrower.
• Coordinate appraisal ordering through the Jr. Processor when appropriate.
• Ensure required underwriting conditions are satisfied prior to ordering appraisal when applicable.

4. Underwriting Submission & File Preparation

• Confirm minimum submission requirements and required documentation are complete.
• Identify opportunities for loan restructuring when applicable.
• Submit loan files to Underwriting.
• Maintain accurate loan status updates within loan origination systems.

5. Underwriting Condition Management

• Review and manage underwriting conditions.
• Escalate complex issues and determine appropriate solutions.
• Coordinate borrower follow-up, documentation collection, repairs, and reconsideration of value (ROV) requests when needed.
• Complete required redisclosures.
• Ensure all notes, documentation, and updates are maintained accurately within ShareFile and the loan system.

6. Appraisal Review & Coordination

• Review appraisal reports for accuracy and potential concerns.
• Escalate appraisal issues as needed.
• Provide appraisal updates and documentation to the borrower and Loan Officer.
• Coordinate appraisal delivery and underwriting review.
• Communicate next steps after receipt of underwriting conditions.

7. Clear to Close Preparation

• Confirm title clearance and completion of required loan requirements.
• Communicate loan status and estimated closing timeline to borrower and Loan Officer.
• Coordinate final steps needed to achieve Clear to Close.

8. Closing Coordination

• Schedule closing appointments.
• Balance closing disclosures/HUD documents.
• Coordinate with title companies and closing partners.
• Prepare closing calendar updates for Loan Officers.

9. Funding Preparation

• Confirm a smooth closing process.
• Verify required documents are uploaded and complete within ShareFile and loan systems.
• Prepare loan file for funding review.

10. Adverse Action Processing

• Complete required adverse actions for withdrawn, denied, or incomplete files.
• Prepare applicable notices, including Notice of Incomplete Application and Notice of Action.
• Update loan systems and maintain accurate file documentation.