SUMMARY Under the limited direction of the assigned supervisor/manager, the Mortgage Processor 2, processes conventional single family 1-4 unit residential mortgage loan applications. The incumbent analyzes and validates the verified documentation within the loan file and ensures the loan file meets the requirements for any of the following agencies, as applicable to the program: Freddie, Fannie and/or private mortgage insurers.? The incumbent will review property appraisal reports and make recommendations to underwriting, as applicable.? The Mortgage Processor 2 will handle a high volume of data and must complete all duties with a high degree of accuracy and complete confidentiality.
ESSENTIAL DUTIES AND RESPONSIBILITES include the following.? Other duties may be assigned.
* Work in connection with the lender to discuss and review new loan files as they are assigned. Review the loan file to make certain it meets the conventional single family 1-4 unit mortgage loan criteria.
* Communicate with customers regarding loan files. Serve as a resource to the customer once the application is received in mortgage operations through loan closing.
* Analyze the credit, income and asset documentation; using the required income calculator worksheet to document W2 wage earners, retirement, social security, Schedule C, E and/or F income on 1040 tax return, as applicable.
* Ensure integrity of source and data documented in loan file follows loan program requirements and that each file complies with real estate regulatory requirements from origination to closing, making additional requirements, as necessary.
* Review real estate residential property appraisals as it pertains to the appraisal checklist.Make any necessary comments regarding the appraisal in the checklist comment section for the underwriter.
* Update LOS (Loan Origination System) and validate that all data entry is accurate.Submit file through AUS (automated underwriting system) if applicable, to have accurate findings for loan file.Follow AUS requirements and obtain any further investor requirements as a result of the findings.Follow any manual guidelines as it pertains to investor requirements as found in AllRegs and/or Selling Guide.
* Provide lender with any Preliminary Condition Requirements as required for the Underwriter to make a credit decision on the loan file.
* Issue NOI (notice of incompleteness) letter when Underwriting does not receive the necessary items in order to make a credit decision.Close file for incompleteness if requested items are not received from borrower as directed on the NOI.
* Submit completed loan application files to underwriting for approval.
* Communicate with loan production associates in regards to credit decisions and with any updates or guideline requirement questions. Update the LOS (loan origination system) with condition requirements and any information that differs from original submission.
* Run the Soft Credit Pull report and address any additional debt not shown on original credit report.Run Early Check and final AUS, if applicable, to loan program and move file back to underwriter for final approval.
* Remain cognizant to the requirements of Fannie Mae and Freddie Mac through All Regs/Selling Guides in efforts to minimize any potential loss to Arvest and repurchase requests from investors.
* Understand and comply with bank policy, laws, regulations, and the bank?s BSA/AML Program, as applicable to your job duties.This includes, but is not limited to; complete compliance training and adhere to internal procedures and controls; report any known violations of compliance policy, laws, or regulations and report any suspicious customer and/or account activity.
* Support and uphold the Arvest Mission Statement
* Maintain a high level of cooperation and rapport with all associates in order to ensure accurate and efficient operations and service.
* Formulate and communicate new ideas and suggestions that will improve profitability and efficiency for the company?s overall operation.
* Foster and promote the proper company image at all times.