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Salem Five Bank · 2 months ago

Loan Processing Manager

Salem, Massachusetts, United States

Full-time

Onsite

Mid, Senior Level

$80K/yr - $110K/yr

1+ years exp

Salem Five Bank is a growing regional financial services organization with over 160 years of history. They are seeking a Loan Processing Manager to provide oversight and support to Loan Analysts, ensuring compliance with policies while delivering excellent customer service. The role involves managing the loan processing pipeline, training staff, and maintaining relationships with third-party vendors.

BankingFinanceFinancial ServicesMortgage

Responsibilities

Provides oversight, management, training and support to the Loan Analysts to ensure all policies and procedures are followed while providing a high level of customer service to both the borrowers, loan officers and banking personnel

Monitor and manage the processing pipeline to ensure that all loans are addressed in a timely manner including efficient and timely movement of the pipeline, updated estimated closing dates, commitment dates and use of the Encompass LOS system allowing for complete transparency as to the status of all loan files

Ensures that Loan Analysts are providing a thorough review of all loan documentation and providing accurate information in order to expedite the approval of loan files in a timely manner while ensuring a high degree of quality in loan documentation

Provides training and support on a regular basis to both new and existing Loan Analysts while identifying new processes & methodologies to bring greater efficiencies to the processing role

Provide coverage and support for Loan Analysts when needed including the processing of all Salem Five employee loan files

Embrace new and emerging technologies to support operations and customers through flexibility and the ability to learn and adapt to change

Create written procedures for all functions performed by the Loan Analysts, ensure all updates to process and procedures are distributed to staff and maintained on the mortgage intranet no less than quarterly

Identify inconsistencies and/or inefficiencies with practices and/or procedures and work with management to make changes with necessary

Obtain and review all documents in the mortgage loan file to ensure completeness, accuracy and compliance with Bank/Investor guidelines

Maintain a relationship with third party vendors including but not limited to verification service provides, credit reporting agencies and mortgage insurance companies

Review and escalate all loans that require flood insurance to ensure accuracy and compliance with flood policies and procedures

Develop an ongoing knowledge of the fundamentals of mortgage underwriting, the Mortgage Company and Bank’s residential mortgage products and the basic requirements set forth by FHLMC, FNMA, FHA, VA, Rural state housing and other secondary market investors

Maintain an understanding of mortgage compliance including but not limited to FactACT, FCRA, TRID, ECOA, BSA and HMDA

Works directly with the Underwriting Manager and when necessary Mortgage Underwriters to provide feedback on both loan level issues and global underwriting matters

Pre-underwrites loans where applicable and make preliminary recommendation for lending decision and/or eligibility

Responsible for the maintenance of processing and underwriting reports as required by management

Work with the SVP of Mortgage Operations on varies projects and procedural changes to ensure accuracy, efficiency and compliance

Assumes additional responsibilities as requested

Qualification

Loan processing managementEncompass LOS systemMortgage compliance knowledgeTrainingSupportMortgage underwriting fundamentalsCustomer serviceTeam managementProblem-solving

Required

Bachelor's degree (B. A.) from four-year college or university; or one to two years related experience and/or training; or equivalent combination of education and experience