Job Order #2220

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Posted Date: 5/20/2014
Job Category:
Position Title: Loan Coordinator - Senior
Salary Range:
Location: Chicago, Illinois, USA
Desired Skills:
Name Level Experience Required
Credit No
Due Diligence No
Operations No
Perm No
Security No
Trading No
Description:

Job Title: Mortgage Loan Processor

Top 3 Skills – Must have all three

1. 2+ years of experience as a Mortgage Loan Processor within a conventional bank or mortgage group. Home Equity and other types of Loan Processing are NOT a fit.
2. Familiar with Freddie Mac and Fannie Mae documentation
3. Ability to handle approximately 55 files at a time

Manager Comments
• 6 month contract to start. There is a chance to go perm or for extension.
• Looking for someone who is organised, can handle a fast paced environment and able to multitask.
• The position will require communication with end customers as well as mortgage sales.
• One step interview on Monday/Tuesday next week. Please ensure candidates can interview on those dates.

Job Description

Under the direction of the Community Operations Leader, the Loan Processor is responsible for processing first mortgage transactions from the receipt of the file from the Community Operations Support Specialist to final Underwriting and Quality Assurance.

This role is also accountable for validating all of the credit, income, asset and supplemental information used to qualify the prospective borrower for the loan requested. The Processor is responsible for producing the 1008 with accurate figures as to qualifying ratios and either submitting the loan to LP or the underwriter for a final approval.

Furthermore, this individual must ensure all regulatory loan documents are provided to a borrower in a timely manner. The Loan Processor will schedule loan closing for all loans in their pipeline.

Knowledge and Skills
a) University or Undergraduate degree preferred
b) H.S. Diploma or equivalent required
c) Minimum of 3 years of previous experience in processing first mortgage transactions
d) Excellent communication and relationship building skills
e) Customer centric
f) Excellent organization skills and ability to manage multiple priorities
g) Knowledge of real estate lending products, regulatory compliance and secondary market guidelines (FNMA/FHLMC/FHA).
h) Computer literate and strong familiarity with credit financial analysis techniques
i) Excellent judgment, logic and reasoning
j) In-depth pipeline management experience

Key Accountabilities

Process first mortgage transactions
? Responsible for managing assigned pipeline of 50+ loan transaction on a daily basis.
? CLC Single Point of Contact to the Customer after the application has been taken and completed by the mortgage banker a.k.a. mortgage loan originator. Processor is responsible for gathering documentation to hand off complete file to Underwriting. Should borrower request changes to loan terms or have specific questions about the terms of the loan, the Processor refers borrower to the mortgage banker that originated to loan.
o Completes the Welcome Call.
o Collects the appropriate loan documentation required for the file, based on terms and conditions previously presented to the customer by the mortgage banker
o Reviews the 10 Day Letter, which is then sent to and completed by the COS.
o Confirms product requirements, loan terms, conditions and loan fees that were previously presented by the mortgage banker and agreed to by the borrower.
o Confirms that all required loan conditions have been satisfied by the borrower, as well as, various third parties (as requested by the Underwriter).
o Schedules loan closings for all deals in their pipeline.
? Ensures the file meets the requirements outlined in the QA checklist.
? Troubleshoot documentation related gaps issue that may have arisen during the loan origination process in order to submit a complete loan package upon which a lending decision can be made.
? Ensure all loans in their pipeline are properly dispositioned.
? Review submitted loan documentation in accordance BMO Harris lending policies and procedures.
? Provides assistance to the Closing Department, when required.

Risk Management
? Act in full compliance with Bank policy and external regulations to protect the Bank's assets.
? Monitor and ensure team member adhere to Mortgage Operations procedures.
? Adhere to all required lending policies, procedures and standards, including First Principles and BMO Harris’ Code of Business Conduct and Ethics.
? Act in accordance with regulatory and compliance requirements that include, but are not limited to, Anti-Money Laundering and Terrorist Financing Reporting requirements, RESPA, Fair Credit Act, FCAC consumer provision requirements, and Privacy Act provisions in accordance with Bank policies and procedures.
? Follow security and safeguarding procedures and apply appropriate due diligence in accordance with Bank policy for the prevention of loss due to fraud, robbery, counterfeiting, money laundering or defalcation.
? Maintain the confidentiality of both customer and Bank information ensuring compliance with Bank Policies & Procedures.
? Understand risks and take appropriate actions to mitigate risks as they relate to both the mitigation factors and the strengths that should be noted on the 1008 prior to submission.
? Maintain the integrity of managing personal information in the process of evaluating the potential borrower, including all documentation, and any other requirements to maintain operational integrity.



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