The Senior Loan Administrator is responsible for processing and closing newly originated or modified loans for single family customers. This employee will be responsible for certifying and/or re-verifying critical elements of loan applications, including income, assets, credit, property valuation, title and etc., and will ensure the efficient and timely flow of documents and information between lenders, customers, loan operations, external parties and etc. Further, this position will process and close mortgage applications for 1-4 unit owner occupant and investor borrowers, for Mortgage Lending staff of the Mid-West Bank, including Cleveland and Detroit (loan types include purchase, refinance, equity, home improvement, lines of credit and/ or rehab loans); and is responsible for ensuring all loan files are appropriately documented as required by program stipulations whether they are to be held in portfolio, for participation with FNMA, FHA, Finally Home, Down Payment Plus, Tax Smart, PMI or other credit enhancement programs. Other responsibilities include ordering appraisals, title, flood certifications, preparing consumer disclosures including; TIL, HMDA, REG Z, letters of commitment, denial and etc. In addition the employee will need to update loan status for shared reporting on pending and closed loans, will provide boarding instructions to Loan Operations regarding product coding, risk ratings, DOCOMO, auto debiting, Rescue lending and etc. This employee is the integral interface between the customer, lending and loan operations staff and will serve as the “relationship manager” for the customer upon receipt of a “processing ready” application. They will also provide regular updates to borrower and lending staff regarding file status. Subject to lending volume, this employee should be competently able to process 30-50 files monthly.

ESSENTIAL DUTIES AND RESPONSIBILITIES

The senior loan administrator must establish and maintain open communication with customers and lending staff.  Customer service will be the hallmark of this employee for both internal and external customers.  Applicant must follow procedures and strictly adhere to established policies and procedures.  Requisite and supplemental training will be available on an ongoing basis.

Key Accountabilities:

• Experience in reviewing and analyzing all loan credit, income and asset documents. (1003 Application, Income (Pay stubs, W2, 1040), Full Appraisal Review, Title, Flood Certificate, Escrow details, Sales Contract, Credit Report, Asset documents (bank statements, broker statements, gift letters, retirement accounts, etc)


• Ability to review Conventional and Government mortgage loans for compliance of all applicable guidelines and ensure integrity of all data and process inputs


• Ability to validate that all Desktop Underwriter conditions are met with supporting documentation


• Ability to resolve outstanding loan conditions.


• Compliant closing of approved mortgage loans.


• Efficient flow of files from application to approval and closing


• Timely delivery of borrower disclosures


• Satisfactory development of  permanent collateral file


• Timely communication between borrower, lender and related parties


• Strong Mortgage Loan product and Program knowledge


• Strong software and processing system knowledge (Desktop Underwriter, Laser Pro, FISERV, Encompass)


• Quality Control/Fraud Prevention tactics 


• Compliance to bank’s appraisal policy


• Adherence to disclosure timelines, as per regulatory directives

Other Duties:

• Open communication and progress reporting for department supervisor


• Coordinate the initiation of deposit services to lending customers (i.e. auto debited mortgage)


• Follow up to obtain any additional closing conditions are received prior to settlement, including; signed loan applications, tax returns, IRS 4506, Settlement statements, auto debits, commitment letters etc.


• Maintain open communication with Loan Operations staff

Knowledge/Skills required:

• Knowledge of consumer loan products


• Knowledge of bank underwriting and/or compliance requirements


• The ability to read and analyze a loan file


• Knowledge of mortgage and partnership programs (Finally Home, FHLB, Tax Smart and etc).


• Good conflict resolution and problem solving skills


• Good written and verbal communications skills


• Excellent organizational skills

TYPICAL PROBLEM SOLVING:

The Senior Loan Processor will need to must apply critical thinking skills in resolving day to day challenges and competing priorities.   Loan approval integrity must be maintained, while keeping customer satisfaction “top of mind”.  Problems often involve multiple components, although requirements are standardized. Typical Example:  Borrower needs to close by month end, but awaiting satisfactory appraisal and special program approval.  Contract will be nullified, if closing date is not met.  Employee will be expected to contact manager(s), lender, customer, realtor, attorney or etc. to inform affected parties of problem or to garner a viable solution. Employee should deliver efficient and friendly customer service, even when handling distressed customers.

MINIMUM EDUCATION REQUIREMENTS

2-4 years of college and/or

MINIMUM WORK EXPERIENCE

5-10 years as volume Mortgage Processor

OTHER SKILLS AND ABILITIES

Independent, self starter who recognizing the need to work within corporate standards and guidelines

Focus on meeting customer needs

CERTIFICATES, LICENSES, REGISTRATIONS

Please submit evidence of any licenses or processing certifications earned.