We are currently seeking a detail-oriented and highly organized Forward Mortgage Loan Processor to join our team. The successful candidate will play a critical role in ensuring the smooth and efficient processing of loan applications. This position requires a thorough understanding of the lending process, strong analytical skills, and the ability to work effectively in a fast-paced environment.
Benefits:
• Competitive salary
• Strong support system
• Salary increase starting on your first year of employment (based on performance)
• Monthly Performance Incentive (Only for full-time roles| based on given metrics |can range from $40 – $50)
• Health benefit ($30/month)
• No computer activity monitoring
• Training materials for upskilling provided
• Paid holiday leaves (depending on the holidays that the client observes)
• Paid sick leaves (Sick leave convertible to cash if perfect attendance)
• Paid planned leaves
• Allowance for SSS and Pag-Ibig contribution ($20/month)
Key Responsibilities:
• Gather all necessary documentation from borrowers, including income documents, bank statements, asset information, mortgage statements, homeowners’ insurance, exit strategy, and business use of proceeds.
• Complete the Lending Pad/La Jolla Capital Bank portal and perform a soft credit pull.
• Notate current mortgage loans, interest rates, and payments.
• Review the income documentation provided and make detailed notes.
• Examine bank statements or retirement accounts for reserves.
• Review the credit report, notating FICO scores, mortgage lates, past due accounts, charge-offs, and bankruptcies.
• Pull the property profile from Chicago Title.
• Examine the purchase history of the property, owner details, and title information.
• Confirm that mortgage statements align with the chain of title.
• Investigate any unreported liens not found on the credit report.
• Analyze property valuations from various online sources such as Zillow, Redfin, , and UWM.
• Document the value from each source.
• Research the property’s market status in the last 6 months and assess its location using for crime, unemployment, and population growth.
• Calculate and review the borrower’s income.
• Examine tax returns for self-employed income.
• Compute W2 and any retirement income, including Social Security, pension, and annuities.
• Complete income worksheets and input data into the Loan Origination System (LOS).
• Determine how the borrower qualifies for the loan.
• Consider income qualification, especially for exiting the loan in 12-24 months.
• Evaluate Loan to Value (LTV) for risk assessment.
• Review the borrower’s goals provided by the Relationship Manager or notes from the loan file.
• Confirm if the borrower intends to use the loan for debt consolidation or business expansion.
• Assess the borrower’s Debt to Income (DTI) after paying off debt.
• Ensure that all primary residences have a documented business purpose.
• Adjust the loan file as needed, including paying off debt or bringing the first mortgage current.
• Analyze the borrower’s DTI with their current income.
• Determine if they qualify for another HELOC to refinance the private money loan.
• Assess credit score requirements.
• If it’s a first mortgage private money loan, explore refinancing options.
• Consider factors such as self-employment, bank statement programs, deposit consistency, and expenses.
• Evaluate the borrower’s ability to qualify for a refinance with lower DTI.
• Examine the type of business operated by the borrower.
• Ad hoc tasks from the client.
Requirements & Qualifications:
• High attention to detail and strong organizational skills.
• Proficient in financial analysis and documentation review.
• Familiarity with Loan Origination Systems (LOS) and mortgage processing software.
• Excellent communication and interpersonal skills.
• Ability to work effectively in a fast-paced environment.
• Minimum of 2 years of experience in mortgage loan processing.
• Knowledge of current federal and state regulations governing mortgage lending.
• Undergo 3 days of paid training. If there’s an urgency for the role, the new hire must render an hour of paid OT before or after the shift for 3 weeks.
• Amenable to work Monday through Friday either 8 AM to 12 NN or 1 PM to 5 PM Central Standard Time.
How to apply:
Kindly fill out this form accurately: /careers/
APPLY FOR THIS JOB:
Company: MOVE Your Biz
Name: Anne Mangahas
Email: