Mortgage Loan Processor

4 weeks ago

Salt Lake City, United States Consumers Financial Corporation Full time

Vision

My name is Matt Stout, and I have been a Loan Originator since 1992. I am a leading originator of DSCR loans for the Airbnb community and currently handle 2-3 applications daily in 46 states. I am also closing traditional mortgage loans in over 30 states. I am currently closing 6-10 loans a month but am seeing volume increase as rates start to come back down. I am looking for someone that will allow me to focus more on reconnecting with over 30 years' worth of past clients, significantly expanding our opportunities.

 

Loan Processing Closer

Qualifications:

1.    Applicants must already have a Mortgage Loan Originator license and must obtain a Utah Loan Originator license within 120 days of being hired, unless they are already licensed in Utah.

2.    Applicants must have a minimum 2 years experience processing mortgage loans.

Job Description:

This position combines the roles of a Loan Processor and a Loan Officer Assistant to create a seamless experience for customers. It also offers the potential for additional compensation beyond traditional loan processing duties. The role involves typical loan processing tasks, with extra earnings available for creating quotes and following up on leads. This is a full-time position with the flexibility to work remotely 20 hours a week. You would set your schedule, starting as early as 7AM ending as late as 6PM MST, Monday through Friday. 

 

Compensation:

Compensation is paid on closed files as follows, either as a 1099 independent contractor or W2 employee with benefits (insurance + retirement plan):

  1. $1,150 for Loan Processing: Includes reviewing borrower documents, submitting loans, and obtaining all conditions from borrowers and third parties.
  2. 15 basis points for structuring loan options and completing "The Map." This custom quote is how I sell loans with optimal effectiveness.
  3. 35 basis points on loans closed from follow phone calls.
  4. 80% commission on any loans personally originated, minus third-party expenses.
  5. Additional pay is negotiable for other skills you may have that will benefit my ability to originate more loans. Examples include email marketing management and other marketing opportunities.


Responsibilities:

Lead Handling:

  • Leads are initially generated by Loan Originator, Matt Stout, during a 15-30 minute Zoom interview with the prospect.
  • After the interview, Matt sends an email titled "The next step towards your home loan approval," detailing the required documentation and providing a link for the borrower to upload them.

Loan Structure:

  • Once the client submits the required documents, the Processing Closer downloads, reviews, and identifies the most suitable loan programs based on the borrower's qualifications.
  • The file is then loaded into the UWM system, where a soft credit report is generated.
  • If sufficient documentation is provided, the Processing Closer proceeds to create a loan quote.

Creating Loan Scenarios ("The Map"):

  • The Processing Closer prices loan programs based on recommendations from the Loan Originator and may schedule a Zoom meeting or phone call to discuss the file before finalizing the quote.
  • "Route A" is created, representing the most logical financing option that meets the borrower's needs. This includes pricing the loan scenario, generating a fee sheet, and preparing a loan estimate.
  • The Loan Originator reviews "Route A" and, if necessary, suggests an alternative ("Route B"). The Processing Closer then follows the same steps to create "Route B."
  • The Processing Closer compiles both scenarios into a summary known as "The Map."

Delivering the Map:

  • The Loan Originator records a Loom video to review "The Map" and sends the quote to the borrower.
  • The Loan Originator follows up with the borrower until they commit to proceeding, at which point a Zoom meeting is scheduled to review and finalize the application.
  • The Loan Originator prepares the file for processing and returns it to the Processing Closer for submission to the investor.
  • The Processing Closer submits the loan to the investor, generates loan disclosures, locks the file, and completes all conditions and verifications.
  • The Processing Closer works directly with the borrower to gather any additional documents required by underwriting, coordinating with the Loan Originator on any changes to the loan terms.

Closing:

  • The Processing Closer sends the initial closing disclosure to the borrower and the Loan Originator for review.
  • The Loan Originator compares the closing disclosure with "The Map" to ensure consistency.
  • The Processing Closer obtains the final closing disclosure, and the Loan Originator reviews it again before the borrower proceeds to closing.
  • After closing, the Processing Closer ensures all documentation is correctly filed in Dropbox, obtains signed copies of all closing documents, and notifies the Loan Originator that the file has been closed out.


  • This is your chance to be part of something big The next refi boom is just around the corner, and we're leading the charge with investors and the Airbnb community. Dive into the action and join the Green Team with Matt Stout and Consumers Financial Mortgage—let’s make waves together

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