Mortgage Loan Officer Assistant |-Advanced Loan Partner

Job Description

Job Description

Are you an experienced mortgage professional who knows how to look beyond the checklist, analyze a borrower’s complete financial picture, research guidelines, and find solutions?

Mortgage Marketplace is seeking an experienced Mortgage Loan Officer Assistant / Advanced Loan Partner to work alongside our Loan Officers and help manage borrowers from initial application and preapproval through closing.

This is not an entry-level administrative assistant position. This is a high-level mortgage support role for someone with strong knowledge of credit, income, assets, mortgage guidelines, automated underwriting, loan structuring, and the overall residential lending process.

The Loan Partner will be responsible for accurately evaluating and prequalifying borrowers, preparing and managing quality preapprovals, helping structure loan options, communicating with borrowers and Realtor partners, and overseeing the success of loans throughout the committed pipeline.

You will work closely with Loan Officers, processors, underwriters, borrowers, Realtor partners, and other third parties to help loans move efficiently from application through closing while providing an exceptional client experience.

We are looking for someone who is highly experienced, resourceful, detail-oriented, proactive, and comfortable independently researching guidelines and solving problems. When an issue does need to be escalated, we expect the Loan Partner to have researched the issue and, whenever possible, come prepared with potential solutions and a recommended course of action.

If you are someone who takes ownership, communicates proactively, enjoys solving challenging mortgage scenarios, and wants to play a meaningful role in helping borrowers successfully reach the closing table, we would like to hear from you.

Compensation

Expected total annual compensation: $72,000 to $108,000

Compensation includes a base salary plus performance-based bonus opportunities. Actual compensation will depend on experience, qualifications, responsibilities, and performance.

This position may be performed remotely or in person from our Salem, Oregon office.

$72,000 - $108,000 yearly

3 Core Areas of Responsibility

Application and Borrower Qualification

Key expectations:

• Contact newly assigned borrowers and applications promptly, with an expectation of initial contact within 24 hours.

• Thoroughly review the 1003 with the borrower and ensure the application accurately reflects the borrower’s financial situation.

• Evaluate credit, income, employment, assets, liabilities, housing history, and other qualification factors.

• Identify missing, inconsistent, or potentially problematic information early in the process.

• Request the documentation necessary to properly evaluate the borrower.

• Research available loan programs, agency guidelines, investor requirements, and potential alternatives before determining that a borrower cannot be approved.

• Keep the Loan Officer and appropriate referral partners informed of significant developments.

Preapproval and Loan Structuring

Key expectations:

• Accurately prequalify and preapprove eligible borrowers.

• Run, review, and interpret automated underwriting findings, including Desktop Underwriter and Loan Product Advisor.

• Research applicable Conventional, FHA, VA, USDA, Non-QM, and investor guidelines when necessary.

• Clearly communicate preapproval parameters and next steps to borrowers.

• Prepare and manage accurate preapproval letters and supporting documentation.

• Handle borrower payment scenarios and loan structure requests.

• Identify qualification concerns, documentation issues, guideline conflicts, and other potential problems before they affect the transaction.

• Notify referring Realtor partners when a borrower has been preapproved and provide appropriate status updates.

• Expedite legitimate rush preapproval requests when necessary.

• Proactively follow up with preapproved borrowers and help keep them engaged throughout their home search.

Committed Loan Pipeline

Key expectations:

• Onboard newly accepted purchase contracts and help transition loans into disclosures and processing.

• Actively monitor the committed pipeline and identify loans requiring immediate attention.

• Work with Loan Officers, processors, underwriters, borrowers, Realtor partners, title and escrow professionals, insurance agents, and other third parties to keep transactions moving forward.

• Monitor important financing, appraisal, documentation, contingency, underwriting, closing, and funding milestones.

• Identify potential closing delays early and take appropriate action to resolve them.

• Help the team work toward maintaining a 95% or greater on-time closing standard.

• Independently research and resolve loan issues whenever reasonably possible before escalating them to the Loan Officer.

• When escalation is necessary, clearly explain the issue, the research completed, potential solutions, and your recommended course of action.

• Conduct required borrower and Realtor updates throughout the transaction.

• Review Closing Disclosures against Loan Estimates and known loan terms for accuracy when applicable.

• Conduct pre-closing communication with borrowers and confirm they understand what to expect at closing.

• Provide funding and post-closing communication as required.

• Consistently provide borrowers and referral partners with a professional, responsive, and exceptional experience.

Essential Duties

Application and Qualification

• Contact newly assigned applications within 24 hours.

• Review the complete 1003 with borrowers.

• Request required income, asset, credit, identification, property, and other supporting documentation.

• Review borrower documentation for completeness and consistency.

• Analyze income and employment according to applicable mortgage guidelines.

• Analyze assets, reserves, liabilities, credit history, and other qualification factors.

• Identify documentation or guideline concerns before submitting a file for approval.

• Research loan programs and possible alternatives before concluding that a borrower does not qualify.

• Stay current on agency, investor, and mortgage program guidelines.

• Preapproval

• Run and interpret DU and LPA findings.

• Determine appropriate documentation requirements based on AUS findings and applicable guidelines.

• Communicate preapproval terms and parameters to borrowers.

• Prepare accurate preapproval letters.

• Update preapproval letters and loan scenarios as circumstances change.

• Respond to payment, down payment, financing, and loan structure requests.

• Communicate with Realtor partners regarding borrower preapproval status when appropriate.

• Proactively follow up with preapproved borrowers.

• Flag material risks or unusual scenarios to the Loan Officer when appropriate.

• Loan Pipeline

• Review newly accepted purchase agreements and important transaction dates.

• Assist with contract onboarding and transition into processing.

• Perform regular pipeline reviews to identify loans requiring immediate attention.

• Coordinate closely with processing and underwriting.

• Track outstanding borrower documentation and loan conditions.

• Proactively communicate with borrowers and other transaction parties when information or action is needed.

• Monitor financing and contract deadlines.

• Help resolve underwriting, documentation, appraisal, title, insurance, income, asset, credit, and other loan issues.

• Provide regular borrower and Realtor updates.

• Review loan documents and disclosures for accuracy when applicable.

• Conduct pre-closing communication with borrowers.

• Confirm outstanding issues are addressed before closing whenever possible.

• Provide funding and post-closing support.

• Problem Solving and Ownership

This role requires a high degree of independent thinking and personal ownership.

We do not expect the Loan Partner to know the answer to every mortgage question immediately. We do expect the Loan Partner to know how to research the answer.

Before escalating routine loan problems to the Loan Officer, the Loan Partner should:

• Clearly identify the problem.

• Research applicable agency, investor, lender, and program guidelines.

• Explore reasonable alternatives.

• Whenever possible, identify at least two potential solutions.

• Recommend the solution they believe is most appropriate and explain why.

Our goal is for the Loan Partner to independently resolve the large majority of routine loan issues while knowing when a situation requires Loan Officer involvement.

Required

• Must currently hold an active state Mortgage Loan Originator license and be in good standing in NMLS.

• Minimum of 5 years of mortgage lending experience in processing, underwriting, origination, loan officer assistance, or a combination of these areas.

• Strong working knowledge of Conventional, FHA, VA, and USDA mortgage programs and guidelines.

• Strong understanding of mortgage credit, income, assets, liabilities, and borrower qualification.

• Experience reviewing residential mortgage applications and 1003 loan applications.

• Experience analyzing borrower documentation and identifying qualification concerns.

• Experience structuring residential mortgage loan options.

• Proficiency with Desktop Underwriter and Freddie Mac Loan Product Advisor.

• Ability to interpret automated underwriting findings and research applicable agency and investor guidelines.

• Experience using mortgage Loan Origination Systems.

• Strong verbal and written communication skills.

• Excellent organization and attention to detail.

• Strong time management skills and the ability to manage multiple priorities.

• Ability to work effectively under deadlines in a transaction-driven environment.

• Strong problem-solving and independent research skills.

• Ability to communicate professionally with borrowers, Realtors, processors, underwriters, and other transaction partners.

• Proficiency with Microsoft Office, including Outlook, Word, Excel, and related applications.

Preferred

• Experience with ARIVE or similar mortgage Loan Origination Systems.

• Experience working in the mortgage broker or wholesale lending channel.

• Experience with Non-QM, DSCR, bank statement, alternative income, HELOC, and other nontraditional mortgage products.

• Experience handling complex borrower qualification scenarios.

• Experience communicating directly with Realtor referral partners.

What Success Looks Like

• The right person for this position will:

• Take ownership instead of waiting to be told what to do next.

• Catch potential problems before they become closing emergencies.

• Communicate proactively rather than waiting for borrowers or Realtors to ask for updates.

• Know how to research mortgage guidelines instead of relying solely on memory.

• Produce accurate, well-documented preapprovals.

• Help keep the committed pipeline on track for closing.

• Protect the Loan Officer’s time by independently resolving issues within their authority and expertise.

• Know when an issue truly requires Loan Officer involvement.

• Treat every borrower and referral partner as an important relationship.

• Continually improve their mortgage knowledge and professional capabilities.

Mortgage Marketplace is an independent mortgage brokerage based in Salem, Oregon, helping homebuyers and homeowners with a broad range of residential mortgage solutions.

We work with first-time homebuyers, repeat buyers, veterans, self-employed borrowers, real estate investors, homeowners, and clients with complex financing needs.

Our product offering includes Conventional, FHA, VA, USDA, jumbo, Non-QM, DSCR, alternative income, HELOC, and other residential financing solutions.

We believe great mortgage lending requires more than moving a file from application to closing.

Our approach is built around education, communication, thoughtful loan structuring, problem-solving, accountability, and an exceptional client and referral partner experience.

We want experienced mortgage professionals who take ownership of their work, care about getting the details right, communicate proactively, and enjoy finding solutions to challenging loan scenarios.

If that describes you, we encourage you to apply.