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Arkansas Federal Credit Union · 3 hours ago

Mortgage Loan Processor

Little Rock, AR

Full-time

Onsite

Entry Level

1+ years exp

Arkansas Federal Credit Union is committed to providing excellent service, and they are seeking a Mortgage Loan Processor to ensure the timely and accurate processing of all loans. The role involves verifying loan documentation, coordinating with various parties, and preparing loan files for underwriting.

Banking

Comp. & Benefits

Responsibilities

Perform initial review of application to insure accuracy and setup of files in the mortgage loan operating system

Review the submitted loan to ensure that it is the best loan program for the member and their situation. If an issue is discovered, discuss the situation with the Mortgage Loan Originator to find a solution or to re-structure the loan

Order necessary verifications of employment, deposit, mortgage, and rental; order credit report and supplements; order title work, flood certificates, tax transcripts, homeowner's insurance binders, and appraisals for all loans where applicable. The Mortgage Loan Processor is responsible to ensure that these items are received in an acceptable timeframe, following up with providers when necessary

Deliver Loan Estimates, disclosures, or any other required documents when required. Confirm that the initial disclosures have been provided to the borrower by the 3rd business day after the mortgage application is received. If the disclosures have not been provided to the member at the time that it comes to processing, the processor should advise and work with the MLO to get the disclosures sent in a timely manner

Obtain copies of plans and specifications for all loans that are proposed construction

Obtain copies of the most recent 2 years of federal tax returns on all borrowers that are self-employed or who own more than 25% of a company and complete/verify the self-employed analysis

Obtain copies of paystubs, social security awards letters, retirement income statements, and W-2s when necessary. The Mortgage Loan Processor should utilize the information from these forms to calculate and verify income accordingly

Obtain copies of bank statements, 401k statements, TSP statements, and retirement statements where available to verify member/borrower has sufficient funds for closing. The Mortgage Loan Processor will also document and verify any large deposits per investor/program requirements

Review the credit report and determine if any explanation of credit inquiries is required. If necessary, the Mortgage Loan Processor will request this explanation from the member/borrower

Electronically file all verifications, credit reports, title work and appraisals as received. Documents should be reviewed for accuracy and completeness. Any new information should be updated in the mortgage loan operating system and appropriate parties advised of any changes in status of file

Prepare the loan file for underwriting by reviewing the analysis and final application according to HUD, VA and investor guidelines

Review and clear all conditions received from underwriting before preparing the loan for closing and subsequently sending to the closing area

The Mortgage Loan Processor will be the primary point of contact for the member, realtor, and all third party service providers for the duration of the loan processing, underwriting, and closing

The Mortgage Loan Processor will be in constant communication with all internal and external parties to insure all parties involved are aware of the current loan status and follow up on any outstanding requests

Must be eligible for NMLS registration and must ensure that this registration is kept up to date each renewal period

Cross-sell financial services appropriate to each member's personal financial needs

Develop a working knowledge of Credit Union service, policies, procedures and government regulations concerning mortgage lending

Perform any other related duties as required or assigned

Qualification

Mortgage loan processingLoan documentation verificationNMLS registrationData processingCommunication skills

Required

High school or GED

Specialized schooling and/or on the job education in a specific skill area; e.g. data processing, clerical/administrative, equipment operation, etc

12 to 18 months related experience and/or training, or equivalent combination of education and experience

Must be eligible for NMLS registration and must ensure that this registration is kept up to date each renewal period

Company

Arkansas Federal Credit Union

Arkansas Federal Credit Union is a member-owned financial cooperative that invests back into the Arkansas communities where our members live, work and play - all while providing a great value for our 130,000+ members.

Founded in 1956

Little Rock, AR, US

201-500 employees