Loan Processor

Job Description

Job Description

Loan Processor – Residential Lending

The Institution for Savings is seeking a full-time, in-office Loan Processor. The ideal candidate should be detail-oriented and highly organized to support the mortgage lending team. This role is responsible for managing residential loan files from application through closing and evaluates credit, income, assets, collateral and overall risk in accordance with the Bank's portfolio lending and applicable regulatory requirements. 

Key Responsibilities:

• Manage residential loan files from application through closing, ensuring documentation is complete, accurate and obtained within required timeframes.
• Work closely with loan originators and applicants to obtain missing information, resolve documentation issues and satisfy outstanding loan conditions.
• Prepare and deliver closed-end and open-end disclosures for loans secured by 1-to-4 family residential properties within applicable regulatory timelines.
• Order and review credit reports, flood determinations and appraisals, and identify items requiring additional documentation or analysis.
• Underwrite residential mortgage and home equity loan files by evaluating borrower credit, income, employment, assets, liabilities, collateral and repayment ability.
• Apply the Bank’s portfolio loan programs and underwriting policies, document the credit analysis and rationale, and recommend approval, conditions, counteroffer or denial within assigned authority.
• Use Freddie Mac standards as a guide, when applicable, while recognizing and applying the Bank’s portfolio-specific requirements and prudent lending practices.
• Review appraisal, title, insurance and other property-related documentation for acceptability and consistency with the approved loan terms.
• Ensure loan files comply with the Bank’s residential lending policy, HMDA requirements and other applicable laws and regulations; maintain accurate data and underwriting notes in the loan origination system.
• Coordinate with loan originators and closing personnel to confirm that approval conditions are satisfied and the file is complete and ready for closing.

Qualifications:

• Bachelor’s degree or one to two years related experience and/or training; or an equivalent combination of education and experience 
• Knowledge of residential mortgage products, credit analysis and underwriting concepts; prior underwriting experience preferred. 
• Knowledge of Freddie Mac underwriting standards is a plus; ability to learn and consistently apply the Bank's portfolio loan programs and policies is required.
• Familiar with loan origination systems and document management tools.
• Excellent attention to detail, organizational, judgement, written and verbal communication skills, with the ability to work independently and collaboratively. 

The salary range posted is one component of the Bank’s compensation package. The Bank offers an excellent benefits package including 100% paid medical, dental and vision insurance, 401(k) match up to 10%, life insurance, pet insurance, disability insurance, pension plan after 2 years of service, quarterly incentive plan, generous vacation and paid time off.

Pay Range: $27.00-$32.00 per hour 

The Institution for Savings is an Equal Opportunity Employer. Member of FDIC. Member DIF